Ada and Canyon County Active Listings as of August 19th, 2011
Inventory for Ada and Canyon County real estate is down 4.3% overall from June to July. This is in large part due to the lack of inventory being replaced as it is selling.
3,967 – Active Listings - down 176 (-4.3%) from July 2011
2,432 – Non-Distressed - down 120 (-4.7%) from July 2011
1,239 – Short Sales - down 34 (-2.7%) from July 2011
296 – Bank Owned, Auction, HUD Home or REO - down 22 (-12%) from July 2011
Ada & Canyon County July 2011 Closed and Pending Sales
Closings were up 8% in the month of June which is great news that some of the Boise short sales are actually closing. I’m really excited to see the number of non-distressed closings to increase over 23% month over month in June. Believe it or not, there are equity seller’s that are actually selling their homes in this market without foreclosing or short selling. As I said in last months stats, look for June REO closings to be down, due to the lack of replenishment of REO inventory. I don’t know whether that is good news or bad news at this point. If my theory is right, REO listings being down due to recent laws and regulations, we could be dealing with significant back log in ada and canyon county bank owned real estate
. Even if there is a back log, the current market has a very strong appetite for $300,000 and under real estate, which is the majority of foreclosures. Frankly, we could use the additional inventory at this point. You can see that June pending’s are down sharp in large part due to the lack of inventory.
944 Closings – down 99 (-9.5%) from June 2011
441 Non-Distressed –
down 17 (-3.7%) from June 2011
343 Bank Owned, Auction, HUD Home or REO - down 64 (-15.7%) from June 2011
160 Short Sales – down 18 (-10%) from June 2011
513 Pending - down 191 (-27%) from June 2011
240 Non-Distressed –
down 78 (-25%) from June 2011
196 Bank Owned, Auction, HUD Home or REO - down 56 (-22%) from June 2011
77 Short Sales - down 57 (-43%) from June 2011
Short Sales -
One thing to note about June pending’s is that short sales are up more than 19% from May. If you haven’t heard, the short sale process is significantly easier today than it has ever been. Bank’s have streamlined the process for a couple of reasons. It is much cheaper for a bank to short sale a home than it is to foreclose on that same home. The foreclosure process costs the bank a lot of time and money. The other reason that banks are eager to short sale properties and not let them foreclose is because someone who is short selling a home is much less likely to damage the home they are living in. This not only keeps the bank from having to take less money on a foreclosed home that is tore apart, it also helps keep market values higher in a real estate market where banks own many homes. Have questions about the short sale process or want to know if it would be appropriate for your situation? Call or e-mail me today.
Have any questions or comments about the June statistics for Ada and Canyon County real estate? Please leave a comment or contact me directly.
Have a wonderful day!
Boise Real Estate Agent