Market Insight

Sales up, Inventory down.

The market continues to show an increase in activity as new sales (pendings) of homes in Ada County were 59% higher this August than in August of 2008.  Closings were up 11% while inventories have shrunk to 75% of last year’s level.  The absorption rate, based on the last 12 months of closings, is at 8.9 months, the lowest in over two years.

Pendings in Canyon County were 61% higher than the same month last year, while inventory is 74% of  last year’s level.  The absorption rate is at 10.6 months.  90% of year-to-date closings in Ada and
Canyon Counties were below $300,000.  The median price this year in Ada County is $178,000 and in Canyon County is $119,000.  35% of all closings this year in Ada County were listed as financially distressed properties compared to 59% in Canyon County.

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