The number of houses available for sale at the end of February was 2,619; 1% less than a month ago and 29% less than last year at this time. Currently available inventory compares to February 2006.
At the same time, the percentage of active inventory that is distressed dropped almost 1% from February to 39%. This is the first month in which the percentage has been below 40% since last spring.
In Ada County we have 5.9 months of inventory on hand…historically this number defines a “seller’s market”. The price category in shortest supply is $100,000 – $120,000; with 4 months on hand. Number of months of available inventory for everything under $250,000 is in the 5-6 month range. At the other end of the scale…there are 24 months of inventory for the $500,000 to $700,000 and 42 months of inventory for $700,000 plus.
The March median home price decreased $12,000 from February to $137,000, down 12% from March 2010. This supports the lack of inventory in the $100,000-$120,000 range, as those are the homes that were mostly sold.
New Homes median price for March 2011 was $187,000, an increase of almost 19% from March 2010.
We continue to “benefit” from inventory levels much lower than national average. With inventory this low, and not likely to increase quickly, prices should stabilize, if the number of distressed properties stays near current levels.
Median home price for existing homes continues to show large variances from month to month. We are used to gradual shifts, but swings of $10K to $15K makes it hard to see trends as clearly.
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