September Market Report:
Easing Towards Winter
October 14, 2014 by Marc Lebowitz
Single family home sales in September 2014 were 651 in Ada County, a decrease of 6% compared to September 2013. YTD total sales are down 5% compared to this time last year; 5,920 homes sold compared to 6,203.
In September, sales of homes priced above $200,000 showed increases in nearly every price category. Overall sales are continue to lag because sales of homes in the five categories priced below $159,999 are down anywhere from 1% ($160,000 to $199,999) to 200% (70,000 to $89,999). The biggest trend “reversal” was in the $120,000 – $159,000 range. This category had been increasing steadily until September when it fell 15%.
Average Days on Market in September were 54; one more day than last month. In September 2013, Days on Market was 45.
New homes sold in September totaled 120; down 10% from last year; up 4% from August.
Existing home sales were 531; down 6% from September 2013.
Historically September sales decrease from August levels by an average of 10%. Last year the increase was 16%. This year there was a decrease of 12%.
Pending sales at the end of September were 930; down just 3% from September 2013. This is the smallest “decrease” in Pending sales all year (April was down 18%). This bodes well for a 4th quarter sales “rebound”.
September median home price was $205,551; up 4% from September 2013. Our YTD median price is $209,900; up 8% over last year.
New Homes median price for September was $283,5530; up 7% from September 2013. For Existing homes the increase is 3% to $191,000.
The number of houses available for sale at the end of September decreased 4% from August 2014 to 2,857. This is 11% more than last year at this time.
As is typical this time of year, inventory contracted in all price categories for September; with the exception of homes priced between $400,000 and $500,000 which grew modestly.
In Ada County we now have 3.9 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 1.7 months; and $120,000 – $159,000 which has 2.3 months.
From $200,000 to $400,000 we have 4 months available.
Of sales in September, the two price points that held on to their summer pace were $120,000 – $160,000 and $160,000 to $200,000.