First, a word about how we compile market statistics.  There are quite a few transactions that report $0 for a sales price.  We eliminate those because they would otherwise skew our results.  For that reason, the statistics we report might be slightly different from those you read elsewhere.

  

The residential real estate market appears to be gaining strength, but it’s a mixed bag.  The number of pending transactions – or transactions in escrow – is higher than at any point since July 2007.  However, in the last three years, the median price of closings for the trailing twelve months in Ada County decreased from $225,000 to $185,000, a drop of 18%%.  In Canyon County, the median for that same period decreased from $155,000 to $126,990, a drop of 19%.

  

86% of all closings during the first six months in Ada County were under $300,000 and 63% were under $200,000.  In Canyon County, 89% were under $200,000.

  

The percentage of closed properties in financial distress increased.  39% of all closings from January 1 through June 30 in Ada County were listed as either possible short sales or lender-owned properties compared to 57% of all transactions in Canyon County.

  

In the first six months of 2006, new homes accounted for 38% of all Ada County closings but that percentage decreased to 19% for the same period this year.  In Canyon County for the same six-month periods, the percentage of new construction decreased from 31% to 16%.

  

The inventory in both Ada and Canyon Counties has decreased by about 19% over the past year and new construction accounts for approximately half that amount.