December 2014 Housing Market Report

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December 2014 Housing Market Report

January 12, 2015

by Marc Lebowitz

Single family home sales in December 2014 were 597 in Ada County, an increase of 3.5% compared to December 2013. YTD total sales are down 2.5% compared to this time last year; 7,764 homes sold compared to 7,7,964.
Total dollar volume for December was $154M (up 8% over December 2013). Year-to-date dollar volume is $1.91B compared to $1.85B in 2013.
Consistent with the rest of 2014, sales of homes in December priced above $160,000 showed increases in every price category.
Average Days on Market in December were 66; nine more days than last month. In December 2013, Days on Market was 59.
New homes sold in December totaled 129; down 5% from last year.
Existing home sales were 468; up 6% from December 2013.
Historically December sales decrease from November levels by an average of 2%. This year there was an increase of 11%.
Pending sales at the end of December were 712; up 4% compared to December 2013. Pending sales are our best “forward looking” indicator. December 2014 is the first month all year to have an increase in year-over-year “Pending Sales”….talk about a home run in the bottom of the ninth inning!
December median home price was $214,000; up 8% from December 2013. Our YTD median price is $210,000; up 6% over last year.
New Homes median price for December was $301,850; up 8% from December 2013. For Existing homes the increase is 6% to $194,600.
The number of houses available for sale at the end of December decreased 25% from November 2014 to 1,947. This is down slightly to last year.
As is typical this time of year, inventory contracted in all price categories for December.
Consistent what we’ve been observing regarding inventory, homes in the $120,000 – $160,000 shrank more than any other price point.
In Ada County we now have 3.5 months of inventory on hand, essentially unchanged from the end of July.
The price categories in shortest supply are $100,000 to $119,000 which has 1.3 months; and $120,000 – $159,000 which has 1.8 months.

From $200,000 to $400,000 we have 4 months available.

Of sales in December, the two strongest price points were $120,000 to $160,000; up 17% from November and $160,000 to $200,000; up 12%.

In the end, sales fell a little short of what we expected. We’re seeing the same picture nationwide. Because of the solid median price appreciation, dollar volume will be well ahead of last year.
Courtesty of ACAR Water Cooler