The Ada County single family home sales results for January don’t indicate any change in the market for the Boise area. Not that nothing is happening – just not much. We’re still in the off season for home sales. So, with sales activity yet to come out of its cyclical nadir, there’s not enough data to safely assume why what happened happened.
But, ahead of the display of all the usual graphs, I’ll point out a comparison of trends that may indicate our market is still on track to balancing itself out – price wise, with the two table below. Comparing total sales vs prices for Decembers and Januarys of the past three years, a trend is obvious . . .total sales are successively greater, and prices are successively lower. The market for homes is being found. In other words, the bottom of the market is nearing.
That’s about as close as we’re going to get to knowing where the bottom is. There will be no flashing light, or bell that rings at the bottom. We’ll only know it after it has occurred. We’ll only know it after it has occurred. We'll know it when we see a change in the direction of average and median prices, a jump in YOY monthly activity, maybe a slight dip in inventory, and a narrowing of the sales vs asking price ratio (maybe even a reversal).
If you would like to see more data detailing the Boise area real estate market, click this link: http://alansmith-re.info/custompage.cfm?cpid=1800 go to the Market Statistics page of my website. There, you'll find 12 more graphs/tables displaying what's happening by looking at different facets of the market.
But, ahead of the display of all the usual graphs, I’ll point out a comparison of trends that may indicate our market is still on track to balancing itself out – price wise, with the two table below. Comparing total sales vs prices for Decembers and Januarys of the past three years, a trend is obvious . . .total sales are successively greater, and prices are successively lower. The market for homes is being found. In other words, the bottom of the market is nearing.
That’s about as close as we’re going to get to knowing where the bottom is. There will be no flashing light, or bell that rings at the bottom. We’ll only know it after it has occurred. We’ll only know it after it has occurred. We'll know it when we see a change in the direction of average and median prices, a jump in YOY monthly activity, maybe a slight dip in inventory, and a narrowing of the sales vs asking price ratio (maybe even a reversal).
It is really a terrific job to find a home. It is hard to find a perfect match home. There are so many points which are consider at the time of find a home.
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