Inventory decreased slightly, leaving us with only 3.2 months of residential properties based on average monthly demand over the last twelve months.
The chart below shows how inventory levels have decreased over the last twelve months.
Average and median prices have firmed up since the first quarter of last year, leveling off over the last nine months. With the Spring selling season upon us and low inventory levels, it’s reasonable to assume there will be more upward adjustment in prices than there will be in unit sales.
Distressed property closings accounted for 43% of all closings this February, which was down from 59% last February. There are less than 100 bank-owned properties on the market right now in Ada County.