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by Jace Stolfo
on Thursday, January 27th, 2011 at 10:59am.
In terms of monthly closings, Ada County posted some huge numbers in December. There were 525 homes sales, up over 40% from a year ago and the highest for a December since '06. Helping spur all these sales were the 209 bank-owned properties & 108 short sales, accounting for 60% of the sales. Below you can see how 2010 real estate sales compared to the previous 4 years.
What makes these numbers more interesting is the fact that inventory levels are way down. In December '10, there were 24%+/- fewer homes for sale in Ada County than last year. Compared to the same time 4 years ago, there's 41%+/- fewer homes on the market.
If it weren't for the number of foreclosures, these strong sales and low inventory would be having a much different affect on the Ada County real estate market. Unfortunately, foreclosures continue coming down the pipleline.
In the national economy, consumer confidence has been rising and recently hit an 8 month high. Hopefully this increasing optimism about the future leads to more spending (with cash... not debt!) and eventual job growth.
While up slightly from the few months ago, Interest rates remain near record lows with 30-year fixed rates hovering around 4.75% in January '11.