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Ada County Housing Mix Doesn’t Match Buyer Demands
Posted by Heinrich Wiebe in Fizbomap, For Sale by Owner, News, Tips on March 23rd, 2007
I want to show more proof that the market mix is all messed up. Buyer demand is out of whack when matched up to the available inventory mix. I’m supported with data from the MLS and have illustrated below with a handy chart.
Here’s what you see…
RED bars show what’s for sale, as of today for all of Ada County. The range represents the market distribution as a percentage of the total number for sale. The percentages are spread out over $25,000 increments.
GREEN bars show what the market has been buying since 1/1/2007. Again, the range represents the market distribution as a presentage of the total number SOLD.
You can easily see that the market is buying at the lower end of the market price as compared to what is for sale.
EXAMPLE A: As of today, 13% of homes for sale in Ada County are priced under $200,000. In contrast, 40% of all purchases made since 1/1/2007 were under $200,000.
EXAMPLE B: Homes for sale in Ada County priced above $350,000, make up 41% of the market. Compare that to 19% percent of all buyers that purchased above $350,000 since 1/1/2007.
Are you seeing the issue? Home buyer abilities and willingness to buy what the market is offering is out of check. Our prediction is sellers will continue to pour onto the market and the number of homes for sale will continue to climb. There simply aren’t enough buyers that can match the existing home prices demanded by sellers.
My opinion is much of the market is over priced related to current buyer demands.
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