In Ada County the March median home price was $186,750; up 22% from March 2012. Median home price is above $180,000 for three months running.
Single Family home sales in March were 555 in Ada County up 4.3% year over year.
Days on Market averaged 67 in March. On average a home sold in a week’s less time in March than in February.
New homes sold in March totaled 137, an increase of 49% compared to new homes sold in March of 2012. However…sales of existing homes were down 5% in March; for the third month in a row. More on improving inventory later.
Historically, March sales increase by more than 30% from February as we ramp up towards Spring. March 2013 sales increased by 19% from February 2013.
Of our total sales in March… 18% were distressed (100 total sales)….down 5% from March 2013. This is the first time that “Distressed Sales” have been less than 20% of “Total Sales” in at least five years! In March 2012, 44% of our sales were distressed. February 2012 started a noticeable decline in distressed property sales. In March 2013 41% of distressed properties were REOs (41 total sales ) and 59% were short sales (60 total sales).
This is one full year with short sales being the larger percentage of distressed properties sold. Looking for undermarket-REO deals? That boat sailed.
Pending sales at the end of March were 1,275; up 20% from February. In general, pending sales in May are the highest of the year; and June the second highest.
At the end of March, we had 12% more sales pending than at the end of March 2012.
The percentage of Pending sales in distress decreased 4% from February, totaling 19% overall. This is the first time under 20% since we started tracking this indicator three years ago.
Inventory: The number of houses available at the end of March increased 3% from February 2013 to 1,787. This is 5% less than last year at this time. Since January we have increased the number of single family homes for sale by 7%.
Available inventory increased in price points between $160,000 and $1mil+. The number of New Homes increased in the $250,000 to $300,000 price range.
In Ada County we now have less than 4 months of inventory on hand.
The price category in shortest supply is <$159,999 where we have 2 months supply.
Now here’s something really interesting…the number of Existing Homes for sale has increased by 10% from 1,108 to 1,223. At the same time the number of New Homes available has increased only 1%. With Existing Homes median price up 22% YTD it’s clear that more owners are getting their relationship with their mortgage “right side up” and electing to list their homes for sale.
In the rest of the US; according to NAR’s most recent report, new home median price for March was $252,000; up 24.9% from March 2012. For Existing homes the increase is 23%.
Distressed Active listings decreased 1% to 21% overall. Getting this last “Distressed“ indicator under 20% should happen by the end of April. We have been hovering between 33% and 36% for the last year. We remain well below the 40% levels set last spring….when we were on the increase.
Distressed Inventory 79% are Short Sales (296 homes) and 21% are REO (78 homes). This represents a slight increase in the number or REO listings; something to watch moving forward.
Multiple offers are much more prevalent even becoming the norm.
March was a very solid month. Sales are increasing as inventory grows. Median price increase is a more sustainable. Distressed activity shows improvement in all areas; back to pre-bubble days.
Everything forecasts a very strong next three months. Next weekend is NAR’s Nationwide Open House. As 2013 ACAR President Gary Salisbury observed: “this event brings national focus and attention to home ownership and it gives REALTORS concentrated access to the public to share their local market knowledge, housing issues and ownership benefits”.