August was hot!
Ada County sales this August increased by 11% over last August. The average price of distressed properties increased by 19%, and the average price of non-distressed properties increased by 5.2%. Distressed sales were only 11% of total sales this August compared to 21% last August.
Despite the fast pace of sales, inventory has increased by 15% since the low point at the beginning of the year as sellers have been taking advantage of the rising prices and strong demand for Ada County properties. This activity has left us with 3.6 months of inventory, based on average monthly sales over the last twelve months.
Activity in new construction continues to account for just over 20% of the market. The average price of new home sales, at slightly over $270,000, is about 25% higher than the average price of resale homes. The new home market has 4.4 months of inventory including homes that are not yet finished.
Year to date, sales have increased 11.6% over sales for the first eight months of last year. Prices have increased 17.4%, and the proportion of distressed sales has decreased from 32.7% to 15.6% from January through August.
Want to learn more? Check out past articles: