Owner Blog: Useful information from our team to you!
The proof is out; real estate pricing and rental values have finally reached 2007 values.
Ada county has not only recovered from the great recession value depreciation that lasted for over 5 long years, but may finally be tied or exceeding property prices. We were tied for 5th place in foreclosures in 2010 and 2011, tying with much larger metropolitan areas such as Phoenix and Los Vegas. The fever is back. Our last 4 listings have sold in 3 days and the last 2 duplexes we have put offers on for clients had multiple offers or were already sold.
Average sale Prices in single family homes were $268,569 in 2007, tanked to a low of $171,300 in 2011 and are now up to $247,040 at the end of 2014. The predictions are that we are finally at 2006 values for first quarter of 2015.
Investment properties for 4 plexes were as low as $250,000 in 2011 and rising to average of $325,000 with new construction pricing up to $400,000. But, the great news is vacancy is 2.7% and predicted to remain steady despite all the apartment complexes being built as a result of the 1,675 building permits pulled in 2014 (multi-family).
Stay tuned next week for Employment statistics and average rental pricing per square foot..
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- Dorothy Hardee