In a recent article from the Ada County Association of Realtors, the sales numbers for the Boise area real estate market were very promising. This is what they said:
"Ada County Association of Realtors had their collective fingers crossed going into this July. Would the trend of month-over-month sales continue? Would the small increase in median price hold? Would the huge number of pendings (a bunch of which were short sales or REO's) actually close?
They found that the answer is "Yes" with just a couple of exceptions.
Sales are down 8% from last month, but up 5% from this same month last year. Between 2005 and 2009, the average change from June to July was a decrease of 11%. You could say from that: 'July sales outperformed the average July.' This is 2 months in a row with an increase over last year's same month. This reverses 35 months of sales decreases, which is huge.
At the same time, pending sales are continuing to go up. Last month, there were 38% more Pendings than the same month last year - now there are 51% more Pendings. Nearly all is on the Resale side, not new construction, but new construction is now about even with last year.
Short Sales are down slightly to 14% of the total sales, but up 1.4% from June (2685 short sale listings). REO (bank owned) sales are up 19%; down from the record high of 34% in February 2009. That makes 33% of the sales "distressed" this month. This is a reduction of 11% from our high of 48% "distressed" sales in February."
ACAR recognized Jere Webb for his research and insight for this article.