Paul Wallin, Full Time Realtor

Closings in 2009 were 7% higher in Ada County and 18% higher in Canyon County than in 2008.

New contracts were 35% higher than last year in both counties but only 56% of new contracts actually closed in 2009 compared to over 70% in 2008.

35% of all Ada County closings and 58% of all Canyon County closings were financially distressed properties. About two-thirds of those were lender-owned while one-third were indicated as possible short sales.

Inventory is down in the area about 16% compared to the end of last year with 7.4 months of inventory in Ada County and 8.5 months in Canyon County – a backlog that approaches a “normal” market.

In the last three years, the median price has dropped from $230,000 to $166,000 in Ada County and from $159,000 to $109,000 in Canyon County. 88% of all closings in Ada County and 98% in Canyon County were under $300,000. The total dollar volume of residential real estate closed last year is 40% of the total dollar volume closed in 2006.

New construction has shrunk to 20% of all closings in Ada County and 13% in Canyon County.

To find out more about the market or your neighborhood please give me a call at 208-288-2976 or email me at paul@idahorealtyinfo.com.