March Numbers - A Preview

Sales jumped 48% in March compared to February (-8% to March 08). One of the biggest Feb. to March increases ever. Could this be the beginning of a gradual ramp up similar to what happened last year (without the big ugly ending of October 08)?

Maybe... Median prices are down 5% from February to $175,000 making this our most affordable housing market in more than 5 years.

Overall inventory is still declining. New construction is 812 units; down from 838 in February.

At the same time, the number of existing homes is 3317; up from 3200 in February. More sellers are recognizing that there is renewing interest and deciding to list. In March we had 10.0 months of inventory available; that's down from 14.9 last month.

Short sales and bank owned properties, "distressed" sales, accounted for more than 40% of the March transactions. "Potential Short Sale" now appears next to 18% of the active listings. REO sales are at 27%. Managing these transactions becomes more complicated daily.

ACAR will be offering the new one-day Loss Mitigation Certification course (LMC) which will equip REALTORS® with the tools to work on the complicated transactions involving foreclosures and REOs, short sales, and auctions. Watch fo the announcement of date and time.

With affordability where it is, this is an ideal time to focus on the first time buyer market. The new IHFA Tax Credit Advance, layered with numerous other programs offered by Boise, Neighborhood Housing Services and others is opening the door of ownership to more of our neighbors every day.

I was at a First time Buyer program Saturday put on by Serenity Real Estate Group. The energy and excitement are there. We just have to do what we do and the recovery will continue.