Fewer Homes on the Market

Two very important lines have now been crossed for our Idaho real estate market in Ada County:

1.  July 2008 was the first time since February of 2006 that there were FEWER homes for sale than a year ago at the same time!  For 28 straight months inventory was higher; but that line has been crossed and in fact there are now about 5% fewer homes for sale than one year ago.  Monthly inventory levels have declined for 3 months in a row.  Now for the big news this morning!

2.  September 2008 sales are UP more than 25% from September 2007!  That is huge!!!  For 27 straight months sales have been less than the same month a year before; but that line has now been crossed as of yesterday!  And not just by a little, in excess of 25%!  (I don't officially do my stats until the 5th since quite a few sales continue to be registered for the preceding month until that time, so the final numbers will even be higher.)

So what does this mean for you?  

There are two things happening:  

First of all there is a tremendous amount of pent up buyer demand that is about ready to break out.  

Secondly I see smart buyers getting fabulous bargains.  I have said for some time that THIS IS THE TIME TO BUY!  Now I will add this warning, clients who wait much longer will miss some of the very best deals and a great time of opportunity.

Don't believe the news that nothing is happening in real estate and that it is all bad.  Homes that are well priced and marketed professionally are selling.

Don't believe it when you hear that "everything that is selling is a 'short sale'".  Of the 491 sales registered so far for September 2008, 39 have the "possible short sale" box checked - that is 8%.  Yes, of course there may be others that didn't get correctly entered, and there are a number of bank owned properties as well that have sold; but don't let that obscure the fact that the vast majority of homes selling RIGHT NOW are normal sales - they are just selling at super bargain prices.

See the actual line crossing here!

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