November Market Report- Hoping for a Nice Christmas Present!
December 11, 2014 by Marc Lebowitz · Leave a Comment
Single family home sales in November 2014 were 528 in Ada County, an decrease of 5% compared to November 2013. YTD total sales are down 3% compared to this time last year; 7,155 homes sold compared to 7,387. Reluctantly, I’m going to have to recognize that total homes sold in 2014 will not exceed the number of homes sold in 2013.
On the other hand, total dollar volume for November was $139M (up 4% over November 2013). Year-to-date dollar volume is $1.75B compared to $1.72B in 2013.
Consistent with the rest of 2014, sales of homes in November priced above $160,000 showed increases in nearly every price category.
Average Days on Market in November were 57; two fewer days than last month. In November 2013, Days on Market was 52.
New homes sold in November totaled 103; down 3% from last year.
Existing home sales were 425; down 6% from November 2013.
Historically November sales decrease from October levels by an average of 9%. This year there was an decrease of 19%; which is more consistent with the last three years.
Pending sales at the end of November were 827; even to November 2013. Pending sales are our best “forward looking” indicator. The last three months have shown a stronger “Pending Sales” picture.
November median home price was $215,319; up 5% from November 2013. Our YTD median price is $209,990; up 6% over last year.
New Homes median price for September was $295,095; up 7% from November 2013. For Existing homes the increase is 7% to $197,000.
The number of houses available for sale at the end of November decreased 13% from October 2014 to 2,591. This is even to last year.
As is typical this time of year, inventory contracted in all price categories for November.
Consistent what we’ve been observing regarding inventory, homes in the $120,000 – $160,000 shrank more than any other price point.
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 1.4 months; and $120,000 – $159,000 which has 1.9 months.
From $200,000 to $400,000 we have 2 – 4 months available.
Of sales in November, the price point that held on to it’s summer pace was $300,000 – $400,000..downs 11%.
As it looks now, in Boise and the nation, sales in 2014 will not exceed 2013 in number of homes sold. Because of the solid median price appreciation, dollar volume will be well ahead of last year.
You will start to hear the media asking: “Is the recovery over?”
The answer to that is a resounding “No.”
Maybe you were at the Real Estate Summit yesterday to hear Dr. Lawrence Yun, Chief Economist for NAR give his reason for why 2015 will be another very solid year for real estate in Ada County.