ADA and CANYON HOME SALES VOLUME
Sales volume is a stat that is often over looked but needs to be examined. For example, tracking sales volume helped us figure out in 2009 and 2010 that, even though home sales were increasing across the valley, home prices would likely still fall because the total volume of the dollars sold wasn’t increasing–even with the extra home sales. Likewise, while the sales volume year-to-date in Ada County is currently up 21.1% in dollars sold compared to the same time period in 2011, home sales are up just 7.8%. This gap helps back up the rise we have seen in home prices in the county. For more on this, check out the chart below from hennesseyappraisals.com
Another point I like to make about sales volume is for real estate agents. It is important to note that we are close to 2008 numbers in dollars sold, which is good. 2008 was a decent year except for the 4th quarter in the Boise market; therefore, agents who are expecting some huge rush in their real estate business should stop waiting, it already happened, we are already back to normal levels of home sales. If your business hasn’t increased then you need re-evaluate what you are doing.
Mike Turner is a Real Estate Agent based in Boise, Idaho, host of the Boise Real Estate Radio Show, and owner of Front Street Brokers, a firm specializing in luxury home sales and investments