Each New Year brings with it a promise and hope for new and better things. The real estate market is no exception, and we look for glimmers of hope from December's stats as well as the trends over the entire past year. December showed some minor down turns in both numbers of houses sold and overall prices, although this is historically the case in December. Yet the year-end stats really show a much better story. 2011 total sales in Ada County were up 7% from the previous year. This is the first year-over-year increase in a several years, without influence of the home buyer tax credit. The percentage of sales and pending sales considered "distressed" (short sales or foreclosures), has remained below 50% for the past 8 months. Even though December's median price of $149,300 is up from December 2010, the overall year's median price is down 6.9% from 2010. However, this is a huge improvement from one year ago when prices had dropped 20% since January 2010! The biggest change has been in numbers of homes on the market. It has decreased throughout 2011 to where our current inventory has fallen below the "equilibrium" market; we are now in a "shortage". In Ada County, we have 4.2 months' inventory on hand. Historically this number defines a strong "seller's market". For homes under $119,000, the supply is only 2.5 months! We have been below the national average of inventory levels all year. For more information on current market stats for Ada County, feel free to go to http://acarwatercooler.com/2012/01/12/december which gives all the info on the year-end market. As always, it is wonderful to end this column reporting that interest rates remain at record low levels. Combining that with great prices and great mortgages which can include renovation money, it continues to be a fabulous time to buy!
Location Characteristics: Boise, the City of Trees, is a beautiful city located at the foot of the Boise Mountains, foothills of the Rockies. Fabulous outdoor recreation, including skiing, hiking, fishing, hunting, boating, white water rafting and more, are all within very easy reach. Located along the Boise River, the area offers a wonderful life style full of opportunities.
If you would like more information about our Boise community, please email me with your questions or request my interesting and informative Boise Relocation package. You can also visit my website at www.PaulaSternHomes.com.
About Paula K. Stern:
"In Tune with Your Needs" is more than just a motto for Paula Stern, it’s a way of business and a way of life. Trained as a professional violinist, her excellent listening skills enable her to really understanding her clients’ dreams and needs. Whether it’s as a concert violinist with the Boise Philharmonic or as one of the Boise area’s premier real estate professionals, Paula Stern combines creativity, care and attention to detail to create beautiful results. When you work with Paula on your home purchase or sale, you can rest assured every need will be taken care of. She listens carefully to understand what really matters most to you throughout your move. For Paula, staying in tune with the needs of her clients is her top priority, and it’s her level of personalized service that sets her apart from the crowd. Give her a call today and see how being "In Tune with Your Needs" makes the ultimate difference for you and your family.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
