As of July 15 2008 Meridian Idaho had over 1453 active residential listings available for sale. Of these 466 were new construction homes or less than a year old and 987 were resale homes. Since March thru June we have sold on average a little more than 135 units per month in Meridian. This means we have about an 11 month supply of homes available. In some areas of the country they can count supply in the number of years; we have less than a year. Also a bit more than 135 units per month are selling. It could be worse. Does this mean that the market has changed? No. It is still a buyers market and the consumer can be more selective about how they want to spend their money. Will it stay this way? No, it will change. When? If I had a working crystal ball I would use it for a single lottery ticket; repeatedly. Is the market near the bottom? Love the question. I believe it is near the bottom. Homes are selling and the trends seem to show that more are selling than what was selling in recent months. The Government is trying to keep the ball rolling by supporting Fannie Mae and Freddie Mac loan programs. Barron’s recently published a front page story that claimed we were at the bottom of the housing market. Time will tell. Lending institutions still need to get better at responding to short sale inquiries or they need to just move forward with the foreclosure process. Once the existing inventory of excess homes has been cleaned up; than the economy has better chance of moving forward.
Tags: Boise real estate, first time home buyers, Foreclosure, housing prices, Hud Homes, Idaho Real Estate, Meridian real estate, rent or buy, Rich Nesbit, weather
