Boise Real Estate's High End Is Hurting
There were 920 closed sales of Ada County single-family homes on lot/acreage during the 1st quarter of 2009.
- Of those 920 closed sales, only 59 sold for more than $400,000.
- That works out to 6.4% of all closed sales.
- Conversely, 93.6% of all closed homes sold for less than $400,000.
- There are 679 available homes in MLS above $400,000 now.
- The average monthly absorption rate for $400,000+ homes was 20 homes per month during the 1st quarter of 2009.
- That works out to a 34-month (nearly three years’) supply of $400,000+ listing inventory.
Not a pretty picture if you are a $400,000+ seller.
But, pretty terrific if you are a $400,000+ buyer!
April 18th, 2009 Posted in Boise Market Stats
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By Phil Hoover on Apr 19, 2009
A tip of the hat to David Turnbull for drawing my attention to previously-erroneous stats that I have now corrected.
This post previously referred to $300k+ listings, but should have reflected $400k+ listings.
Sorry for the misteak (hee hee).