I finally found time to run October MLS statistics and here’s how things look:
Current active listings = 4,482 (down from a peak of 4,766 a couple of weeks ago)
Closed Units – October 2006 = 669 @ an average sales price of $271,789
This compares to 1,114 closed units during October 2005 @ an average sales price of $247,549, resulting in a 40% decline in closed units for October year-over-year, but with a 9.1% increase in the average sales price.
Obviously, we shouldn’t expect to see our average sales price continue to rise with declining closed units.
It is apparent from these stats that our so-called “correction” is absurdly overdone.
Why is our market off 40% in closed units with an average sales price of $271,789 vs. other higher-priced market such as San Diego, San Joaquin Valley, Bay Area, etc.?
You can still get one helluva nice home here for $300k, we have 3.2% unemployment, very little crime, great weather, etc.
I think we may see a snapback in our market once we work off some of our excess inventory and people come to their senses.
Sure is a good time to be a buyer here ~ pick out half a dozen homes you like and make offers until you find someone who has to sell!
(stats are for single-family homes on lots/acreage in Ada County, taken from Intermountain MLS data)