Market Reports Canyon and Ada County Idaho...Inventory Levels

How is the Market Deborah?

I get asked this question all the time....

For those that are interested I am posting below a graph with Projected Inventory Levels for

Ada and Canyon Counties in Idaho

(Information provided by Hennessey Appraisals and Intermountain MLS )

As you can see from this graph we have much lower inventory in Existing homes this year than we did last year in both counties...

This is creating a sense of urgency in buyers....many offers are being sent back a "Please send us your highest and best offer" request.

Because of this many homes are selling for a higher price....

If buyers are wanting to buy a home they don't have a lot of time to make a decision. We still have an abundance of Short Sales and REO properties....nearly 70% over all in the Treasure Valley.

Looking back in October of 2009 we had 10.9 months of inventory in Ada County and fast forward to August of 2011...we have 5.9 months.....

In Canyon County we had 12.6 months of inventory in October 2009....today we have 5.1 months overall.

I do believe that more homes have run through the system creating a lack of inventory.....we are also hearing that a bit of the slow down could be due to new legislation passed this year in Idaho. When a Notice of Default is posted they have to send the homeowner paperwork to modify thier loans. This could be a reason why the slowdown on inventory.

Are you thinking about selling your home? Now may be the best time....with multiple offers on listed homes....and historic low interest rates buyers are ready to buy....

And the question I ask a lot of seller is.....do you want to gain equity on your current home or your next house??