August Market Report

August14Single family home sales in August 2014 were 737 in Ada County, a decrease of 12% compared to July 2013. YTD total sales are down 4% compared to this time last year; 5,265 homes sold compared to 5,508.

In August, sales of homes priced above $160,000 showed increases in every price category. The reason our overall sales are down is because sales of homes in the five categories priced below $159,999 are down anywhere from 15% ($120,000 to $159,999) to 200% (70,000 to $89,999).

Average Days on Market in August were 53; six more days than last month. In August 2013, Days on Market was 52.

New homes sold in August totaled 115; down 25% from last year; down 25% from July.

Existing home sales were 622; down 8% from August 2013.

Historically August sales increase from July levels. Last year the increase was 8%. This year there was a decrease of 11%.

In August our Year-to-Date sales momentum slowed. July and August 2013 were really strong months; stronger than this year.

Pending sales at the end of August were 911; down 8% from August 2013. Pending sales have trailed behind previous year’s pending sales for thirteen consecutive months.

August median home price was $218,990; up 9.5% from August 2013. Our YTD median price is $209,900; up 8% over last year.

New Homes median price for August was $309,550; up 11% from August 2013. For Existing homes the increase is 8% to $204,449.

The number of houses available for sale at the end of August increased 2% from July 2014 to 2,962. This is 20% more than last year at this time.

There was a consistent percentage of growth in all price categories for August; with the exception of homes priced above $250,000 which showed very little, if any growth.

The price point with the largest increase month-over-month is $120,000 – $160,000 at 7%. The next highest is $300,000 – $400,000 with 3%.

In Ada County we now have 3.8 months of inventory on hand, essentially unchanged from the end of July.

The price categories in shortest supply are $100,000 to $119,000 which has 1.9 months; and $120,000 – $159,000 which has 2.5 months.

From $160,000 to $400,000 we have 4 months; up slightly from last month.

Of sales in August, the two price points that held on to their summer pace were $200,000 – $250,000 and $250,000 to $300,000.

So…what’s next?

Our Sumer sales tried hard, but couldn’t keep up with last year’s torrid pace. There was a slow down during the last four months of 2013. Our expectation is that the final four months of 2014 will be stronger.

We have more inventory coming online in the <$160,000 which will release some pent up demand among first time buyers.

Median price is strong and getting stronger.

September 12, 2014 by Marc Lebowitz, Ada County Association of Realtors

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