2014 Numbers Are In

So readers, how did housing do in 2014? Not too bad, I would say. Let’s take a look.

Existing Home Sales in Ada County

Sales were roughly the same compared to 2013. We were down 0.52%. We sold 6,295 homes in 2014. In 2013, we sold 6,328. The cost of existing homes went up with the average price up 3.79% and the median price up 5.37%. In 2014, the median price was $193,000, average price $229,751. In 2013, median price was $183,170, average price $221,361. In a normal market, we appreciate 4%. So, we are right in line with a normal market. Feels good after a few crazy years.

New Construction Sales in Ada County

New construction took a hit in the sales department, being down 10.21% in Ada County. In 2013, we sold 1,636 new homes. In 2014, 1,469 new homes were sold.  The price of new construction went up sharply however. In 2014, the average price was up 13.53%, the median was up 12.81%. I suspect some of this price increase was based upon the cost of materials, which went up in quite a few sectors

Days On Market DOM

In addition to being asked how much is my home worth, I am often asked how long will it take to sell my home. Of course, I tell them it has to be priced right and it will sell. So let’s look at the numbers for a well priced home. For residential resale in Ada County, the average DOM was 52 days in 2014, 51 days in 2013, which coincides with the sales numbers being the same. In new construction 2014, DOM was 73 days compared to 53 days in 2013. This also matches the market sales numbers.

All in all, 2014 was a good year. Things were normal. There is something to be said for being normal.

If you would like to see how your area did or research other numbers, please visit: http://publicstats.intermountainmls.com/static/Reports/Ada/2014/2014-Ada.pdf

I thank the Local IMLS for their support in putting these numbers together for us and making them available. Here’s to 2015!  All the Best, Richie Rich

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