Dollar volume for April was up 33%! New homes sold in April increased 78% over new homes sold in April of 2011!!…and are up 56% YTD. Historically, April sales outpace March by an average of 10% or less. April 2012 sales increased by 25% over March 2012.
Nationally we know that one job is created for every two homes sold. With 2,012 sales so far in 2012 we have helped to bring 1,000 jobs to Ada County. We also know that for each homes sold there is a $60,000 cash infusion to the community; based on YTD sales we have added $120Million to our valley’s economy so far this year.
Of our total sales in April… 36% were distressed….down 6% from March 2012. In April 2011, 56% of our sales were distressed. There was an interesting reversal in the make up of distressed solds. In January 56% of distress properties were REOs and 44% were short sales. In April the ratio was 60% short sales and 40% REOs. Whether this is a short term effect or a real indication that we are clearing our the “shadow inventory” remains to be seen in coming months.
Pending sales at the end of April were 1,195; an increase of 5% from the end of March. In general pending sales in April are the highest of the year. The percentage of pending sales in distress decreased 2% from March, totaling 31% overall. We were averaging close to 50% of pendings in distress over that last five months; but have decreased steadily since January. Of Pending sales in distress, short sales outnumbered REO’s 2 to 1.
At the end of April, we had 25% more sales pending than at the end of April 2011.
April median home price was $158,777; up 19% from April 2011; and up 4% from March 2012. Median home price is up 15% since January of this year and above $150,000 for three months running. New Homes median price for April was $193,308; a decrease of 4% from April 2011.
The number of houses available increased slightly for the first time in a couple of years. At the end of April our total active inventory was 1,993 homes. This is up 6% from March and 25% less than last year at this time. Possibly the increase in median price is enabling some real move up buyer activity. Kit tells me that some of this increase is from “Soon to be built” new homes.
At the same time, the percentage of distressed active inventory dipped 3% to 30%. This is the lowest number we’ve seen in several years. 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. Of our Distressed Inventory 93% is Short Sales and only 7% is REO.
The price point with the largest increase in available properties is $200,000 to $250,000 which added 50 units in April. In Ada County we now have less than 3.4 months of inventory on hand.
The price category in shortest supply is <$119,000 with 1.7 months. In the range of $120,000 to $159,999 we have 2.7 months. All price points up to $250,000 have less than 4 month’s supply. We have benefited for nearly two years from inventory levels much lower than national average.
Multiple offers are much more prevalent; now becoming the norm.
Based on April sold data, our most desirable price point is <$120,000 at 26% of all sales; down 4% from last month. The next largest price point sold is $120,000 to $200,000 which increased by 20% from March. The biggest increase was in sales between $200,000 and $250,000; which were up 200% from January 2012.
Comparing Sales to Inventory, for key price points… @<$120,000 we sold 66% of all that we had in April; for $120,000 to $160,000 we sold 50% of all that was available; for $160,0000 to $200,000 we sold 40% of the total available.
There is no longer any doubt that, in Ada County, we are going to have a heck of a spring season…and the future is looking brighter by the day.
Reposted with permission from the Ada County Association of Realtors, Boise Idaho