Ada County Housing Update - Resale Only
INVENTORY TIGHTENS UP OVER THE HOLIDAYS
Real estate has a seasonal trend. Each winter, we see a dramatic decrease in the number of new resale listings during the holiday season with the first of the year as the low point for unsold inventory. Additionally, a low number of new listings come on the market until we reach March, and the intensity for new listings going under contract will increase one to two levels of hotness starting at the beginning of the year.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
BACK TO TOP
KEY MARKET INDICATORS DECEMBER 2023 (NOVEMBER RECAP)
Although the 2022 housing market has experienced a major intensity adjustment, the amount of unsold inventory is currently low in the more affordable and mid-price ranges where more than 80% of sales activity takes place. The start of the new year will be the low point for unsold inventory.
THE CURRENT HOUSING MARKET IS NOT LIKE THE GREAT RECESSION OF 2008
As forecasted by economists, interest rates have lowered. When rates decrease, there is a positive affordability increase which attracts more home buyers into the market. This creates higher intensity for new resale listings as the number of buyers in the market will outweigh the new inventory over the next several months, especially in the more affordable and mid-price ranges.
HOME MORTGAGE INTEREST RATES ARE LOWER THAN LAST MONTH!
Source: RMLS. Data is for Resale only. © 2023 John L. Scott Real Estate
