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

This entry was posted in FAQs, General Information, Uncategorized. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>