By: Marc Lebowitz, Executive Officer, ACAR (Ada County (Idaho) Association of Realtors)
2011 December sales were 477 in Ada County, a decrease of 9% over December 2010.
Total sales for 2011 are 6,299; up 7% over 2010. In July of 2011, we exceeded YTD 2010 sales for the first time in 2011. This is our first year-over-year increase, without influence of the home buyer tax credit, in a few years. This is our first time crossing the 6,000 homes sold threshold since 2007…how long ago that seems!
December sales decreased 3% from November’s 487. Historically, December sales decrease from November.
Of our total sales in December… 48% were distressed….up 1% from November 2011. In January 2011, 57% of our sales were distressed. We have seen a mild overall increase in the percentage of sales in distress. In July we were down to 42% overall and have seen the amount increase one to two points each month.
For homes sold in December, the average number of “Days on Market” was 86. This is essentially unchanged from last month. Down from 90 days last year this time and down from 93 days in January 2011.
Pending sales at the end of December were 691; a decrease of 7.5% from the end of November. This represents the smallest number of pendings in 2011. That is fairly consistent with historical data. The percentage of pending sales in distress increased 1% from November, totaling 49% overall. This is the highest number of pending sales in distress we’ve had since early spring. Even so, we are now at eight consecutive months below 50%.
At the end of December, we had 20% more sales pending than at the end of December 2010.
December median home price held at November levels. Overall median price was $149,300; up 1.2% from December 2010. For all of 2011 our median was down 6.97%. That is a significant improvement from where we were in January 2011: down 20%.
New Homes median price for December 2011 was $223,739; an 24% increase from December 2010. Year-to-date new homes median is up 15% over 2010 to $237,500.
The number of houses available continues to decrease. At the end of December our total active inventory was 1,991 homes. This is down 9% from November and 25% less than last year at this time. Our inventory has fallen below where we would call the market “in equilibrium”. We are now in a “shortage”.
At the same time, the percentage of distressed active inventory held steady at 36%. We have been hovering between 33% and 36% since May. We remain well below the 40% levels set last spring….when we were on the increase.
In Ada County we have 4.2 months of inventory on hand…historically this number defines a strong “seller’s market”. The price category in shortest supply is <$119,000 with 2.5 months. In the range of $120,000 to $159,999 we have 3.9 months. All price points up to $400,000 have less than 5 moths supply. We have benefited all year from inventory levels much lower than national average. now, however, we are starting to see some slowdown in sales as the inventory continues to fall.
Based on December sold data, our most desirable price point is $120,000 to $160,000 which made up more than 20% of total sales.
There is no longer any doubt that, in AdaCounty, we have passed our “low water” point.
The challenge to our continued recovery is available product.
Talking with our 2012 President, Kit Fitzgerald, we don’t see new homes construction being able to keep up with the demand, especially as we move toward Spring.
Financing for builders is still extremely difficult to come by. In Kits words: “Without sticks in the ground, there is no excitement. Without excitement there is no sales growth.”
Sure, we will see median price increase over the next months, but when we get to April and the pent up demand comes roaring out of winter hibernation…then what?
Another thing I learned from Kit…the desires of new home buyers have changed…about the lots they want to build on. Gone are the days when .13 acre was an acceptable lot size. Buyers now want .25 or more….and there’s very few of those anywhere inAdaCounty.
Its going to be an interesting Spring.
If I was listing and selling I’d be brushing up on my multiple offer negotiation skills and brush off those old escalation clauses….who would’ve thought?
(Reposted with permission.)

Call us with any questions you have relating to residential mortgages (208) 287-1717, we are always very happy to help. We specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.
Our primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).


The listing shows a 1,000 square foot manufactured home on a foundation, but also includes several buildings made to look like the old west, like the ones shown on the left.
It sets above Tablerock with views of the valley below. You can get downtown in ten minutes, go the trails in the foothills to hike, ride your bike down the back roads, hike down trails from Tablerock down to the valley below.

The kitchen and two dining rooms are on the other side of the fireplace. The kitchen is a large room with an island. It has painting above the cooktop and hardwood floors throughout these areas. It is a comfortable space where you could entertain clients or a large family. It opens on to the back patio area with views. There are granite counters, a baking center, commercial-grade stainless steel appliances and a large pantry
The exceptional master bath with tub and extensive use of granite, tile and an architectural glass block shower this house looks its price.
The library-office has wonderfully finished wood bookcases and cabinets and the room is large enough to allow a full sofa there for guests to sit at while discussing the business of the day.
This contemporary styled house was built by Randy Hemmer Construction, a trusted name in high-end construction for over a decade. It sets on 3.99 acres so there is separation from the neighbors and yet close enough to get to if you need help. The views were taken into account when this home was built.
The kitchen has ribbon cut mahogany cabinets, top of the line GE Monagram appliances, including double ovens, six-burner range with grill, microwave/hood, refrigerator, ice maker and dual high-efficiency Meihle dishwashers. There is an separate upright freezer and a walk-in pantry. The countertops are CaesarStone and look fantastic.
There are views from every room. Here in the family room there are built-in bookcases, a wall hung television right above the gas-log fireplace.
Sitting in the master suite in those white sofas in the sitting area you can see for miles out towards the city of Boise as well as looking down you can see the beautiful in-ground pool.
The master bath has smooth lines and CaesarStone counters and integral sinks. The shower has a tile surround and thick glass walls as well as two windows to see the view while showering.
The workout room downstairs makes you feel like you traveled to a professional gym, yet you just walked downstairs.
Can't forget about the pool! Living in the lap of luxury makes even more sense as you swim laps in your pool.
Whatever the reason, I found eleven homes this times that are not short sales, so you could reasonably expect to get an answer to an offer anywhere from 4 hours to five days. Some are bank-owned so they take longer to reply.
This is a spectacular single-story home with 5,790 square feet. The ornate security gate greets you as you pull in off Bogus Basin Road, which is the direct way to the Bogus Basin Ski Resort at the top of the foothills north of downtown.
As you arrive, you will drive down an expansive concrete driveway there for years of great service to the front of the house. As you can see, there is an more than enough driveway to park your guests' cars for the large social galas you might have at your home.
This is the first view of your home that your friends and family will see as they walk up to the front door. The arch top of the entry is mimicked in the window above the massive front doors. The front doors and the door between the house and the garage are solid wood and are 2.25" thick.
The interior of the entry looks just as nice as the exterior. You see the arch way carried into the interior and the same solid look of the front doors.
The great room is massive, both in actual size but also in volume. There is room for a pool table between what you can see of the great room and the entry way. In fact, you can see the rack for the cue sticks on the photograph above.
The wing to the east has an exercise room, which is currently being used with exercise equipment and set up for the wife's office at this time. There is a full hall bath with a large vanity, commode and roomy shower.
The master suite is large. It has the same custom ceiling detail with the crown molding, as well as another fireplace. This one has a wood-burning insert that actually is interconnected with the furnace system to send warm air through the entire house.
The master bath has expansive counters and two separate vanity units, including a sit down area for the lady to apply her make-up. In addition, there is a jetted tub and a walk-in shower.
The guest or children's bedrooms are on the opposite side of the house from the master suite.
Here's the picture of the kitchen from the informal dining area. You can see how these rooms open to each other and how there is an island with a curved breakfast bar with room for seven or so to sit.
This next photo shows the KitchenAid eight-burner cooktop and two wall ovens.
Here's a photograph or the extensive covered patio at the back of the house. The windows on the right are the master suite and the center windows are the great room and informal dining. On the far side is the formal dining room.
Some of us work on a consultative model that allows the consumer to decide if they pay us for certain activities as they happen, say $250.00 for an afternoon of showing homes. Often consumers don't like that way of business because they don't want to take on the risk.
This Jayo Construction home is built on the edge of the rim overlooking Ann Morrison Park in downtown Boise and beyond to the city lights and skyline. This view is an understatement of a million dollar view in Boise, Idaho.

When you come through the front doors, you can immediately see the intricate woodworking in the doors and wood paneled walls, and the incredible work in the ceilings above. The entry has stunning tile floors. Straight ahead, toward the back of the house, is the formal living room. It has access to one-half of a two-sided fireplace that is shared with the office on the other side of that wall.

