Boise Real Estate: July Market Analysis
Here are my random musings on the three previous posts about July market activity:
- Positive: Meridian’s average/median sales prices are stable vs. a year ago’s numbers.
- Positive: Eagle’s listing inventory is down to only 318 homes (was 574 in July, 2008).
- Positive: Eagle’s vacant listings are down to 33% (vs. more than 50% for the rest of the county).
- Positive: Ada County’s average sales price declined only 1.9% year-over-year.
- Negative: Ada County and Meridian listing inventory has increased (not what we want to see in Summer).
- Negative: 57.1% of Meridian’s listing inventory is vacant.
- Negative: We sold fewer homes this July vs. last July despite lower prices and lower interest rates.
Observations:
- Market activity has slowed since the end of the federal tax credits, but the market has not collapsed.
- We are surely somewhere near “the bottom” (prices will not go to zero!)
- I remain concerned about our economy, jobs, and the possibility of a double-dip recession.
- It is stunning to see some homes in Eagle selling for half the price per square foot of just 3-4 years ago.
- Interest rates at 50-year lows, combined with today’s attractive prices, are what’s driving this market.
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