October 2007 Market Statistics for Ada & Canyon Counties

Report: According to the Intermountain MLS, there are 2055 active residential listings (excluding land & income property). In the past 30 days, there have been 448 pending, 2410 expired and 686 sold properties. The average sales price was $424,274, it took an average of 67 days to sell, with an average list price/sales price ratio 94%.

Further: In Ada county $249,900 is the median price range with 482 active listings on the market. In Canyon county $154,000 is the median price range with 376 active listings on the market. In Ada county, the highest number of sales took place between $169,900-231,893. In Canyon county, the highest number of sales took place at $145,000.

It Means: The numbers are looking better; however, it is a common practice for agents to cancel listings and list them again to make them look new. Unfortunately, the computer isn't smart enough yet to calculate this in the reports, so they are a little skewed. The days on the market isn't accurate. ie: if an agent cancels the listing every 30 days for 7 months and it finally sells...the days on the market for the sale could be less than 30 days when it actually took 210.

A more accurate way to look at the reports is the active listings and sales ratios. If it took 30 days to sell 686 listings and there are 2055 active listings on the market, then we can calculate a minimum of 3 months inventory on the market. This number is better than it has been for a while!

If you have an active listing that is near the median price range, that means there are more homes in that price range than any other ie: more competition. Price, location and condition need to be better than the average to sell. If you have a property that is near the highest number of sales for your area, you are most likely to sell in the time you desire. In either case, you will more than likely take less than full price by an average of 4%.

I Predict: It will remain a buyer market for a while, so now is the time to BUY! The market will stabilize and remain steady in 2008.