4 Trends

A look back at September

1.  Pendings vs. Closings: We wrote 59% more new contracts in Ada and Canyon counties in the third quarter of ‘09 than we did in the third quarter of ‘08 but our closings were only 8% higher.  The market has improved, but for the trailing twelve months, we have only closed 55% of our pending sales compared to 72% in the twelve months ended September 30, 2008.  This is testimony to how hard it is to obtain a loan and how hard it is to close transactions on financially distressed properties.

2.  Prices down: The median price for both Counties combined for the trailing twelve months was $157,900, 16% less than the median for the twelve months ending September 2008.

3.  Financially Distressed Properties: Approximately one-third of all properties closed in Ada County and 60% in Canyon County this year were listed as financially distressed.

4.  Inventory: Inventory levels are down approximately 30% in both Counties in the last year and, based on closing activity in the last twelve months, Ada County has 8.4 months of supply on the market and Canyon county has 9.6.  A balanced market is said to have 6 months of supply. Visit our Group One Market Stats by logging into the intranet and following this link: