I decided that instead of posting the usual graphs following the month’s end, I would just pull a bunch of various evaluating-the-market metrics. So . . .
466 fewer normal sales, 10 more shorts, and 166 more bank-
owned properties
Shorts - 17.0% to 16.3
Bank-owned - 29.3% to 28.2%
Short - $75.01 / 75.41
Bank-owned - $79.18 / $72.72
Shorts =98%
Bank-owned = 99%
The total of homes sold in Ada County Jan-Jun 2010 vs Jan-Jun 2011 = 3297 / 3008 That’s . . .
8.8% fewer total sales, and466 fewer normal sales, 10 more shorts, and 166 more bank-
owned properties
For June, year-over-year, the distribution of those sales among the three types is almost unchanged:
Normal - 53.6% to 55.5%Shorts - 17.0% to 16.3
Bank-owned - 29.3% to 28.2%
The average price of a single family home in Ada County last June was $180,807, this June it was $177,253. We are back to where home prices were in the Fall of 2003 – the point at which home prices left their long-term appreciation rate of 3% to 5% per year, to begin their inflating-the-bubble ascention.
The sold price per square foot, by type, for last year vs this year (to-date) was:
Normal - 100.10 / $93.62Short - $75.01 / 75.41
Bank-owned - $79.18 / $72.72
Inventory has steadily declined. Comparing the average monthly active listings for Ada County, for the first halves of 2010 and 2011 shows how much: ‘10 = 3088, ‘11= 2277. For contrast, the average monthly active listings for 2007 were 4667!
So, the supply/demand equation is favoring is tighter now than it was in 2007. Then, the average monthly ratio of homes sold to homes listed was 12%. So far this year, that same metric is 21% That’s why the six month average for the ratio of the sold price to the asking price looks like this:
Normal = 98%Shorts =98%
Bank-owned = 99%
The raging deals are priced as raging deals, they’re not negotiated to raging deals. Home prices are low, rates are low, and breadth of choice is restricted. Two out of three still make buying NOW a winner.
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