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by Jace Stolfo
on Friday, December 4th, 2009 at 12:15pm.
Ada County real estate sales in October posted the highest monthly home sales since August of 2007. There were 585 single family homes sales this year verses 399 a year ago, a 46% increase. The graph below shows the monthly home sales for Ada county over the last 12 months.
October was the 5th month in a row where the Ada County real estate sales surpassed those from a year ago. This is all very positive news. Another interesting measure to look at is the months of supply in Ada County. The graph below charts this for both new construction and existing homes for the Ada County real estate market.
As you can see, there's been as much as 16 to 18 months of supply during last winter. Compared to a year ago, October's overall supply rate was half at 5.5 months. This is the lowest supply rate since August of 2006. At the peak of the market the supply rate was 1 to 3 months. A balanced market is normally considered 5 -7.
The major problem that remains is the the number of Ada County foreclosures. As of today, 12/4/09, 30% of the homes currently on the market are listed as short sales and another 6% are listed as bank-owned [3657 total for sale, 1094 short sales, and 220 bank-owned homes].
Data Source: Boise MLS (IMLS). Information deemed reliable but not guaranteed.