Check out the latest Realtors Property Resource September 2018 report on Ada County housing and inventory, sales, local economic activity, and demographics. This report will answer all your questions about what's new in Ada County real estate:

Ada County September 2018 Market Report

ADA COUNTY HOUSING MARKET SLOWS ITS PACE … EVER SO SLIGHTLY

Key Takeaways: 

• Similar to nationwide trends in recent months, existing home sales in Ada County were down 24.0% compared to the same month last year – and down 25.2% from August 2018.

• The primary factor affecting sales is the lack of existing inventory. Existing inventory has been consistently down year-over-year for 48 months or four years. As of September 2018, inventory of existing homes in Ada County was down 19.2% compared the same month the previous year.

• Beyond inventory and sales counts, there are three other metrics we’re also watching closely to see which way the market may be moving: days on market, percent of original list price, and months supply of inventory.

• It’s a complex set of factors that will determine where the market goes in the next few months – and REALTORS® are the best-equipped partner to help sellers correctly price their homes based on real-time data, and help buyers understand where they may have room to negotiation.

 Analysis:

Speculation that the real estate market is turning is a hot topic across the country, as year-over-year existing home sales have been down or remained flat in many states over the past few months.

In Ada County, existing home sales in September 2018 were down 24.0% compared to the same month last year – and down 25.2% from August 2018. This number marks the first double-digit decline in existing home sales since February 2017 which could easily support that “market turn” discussion.

It’s important to keep in mind that there are a variety of factors affecting our sales figures, primarily the number of existing homes that are even available to purchase which has been consistently down year-over-year for 48 months, or four years. As of September 2018, inventory of existing homes in Ada County was down 19.2% compared the same month the previous year.

Beyond inventory and sales counts, there are three other metrics we’re also watching closely to see which way the market may be moving: days on market, percent of original list price, and months supply of inventory.

Days on market measures the time between when a home is listed and when it goes under contract. As of September 2018, it was at 23 days in Ada County for existing homes, up three days from August, and up five days over July. That’s providing a bit of breathing room for buyers, and potentially the opportunity to negotiate a bit on price.

The percent of original list price received measures the difference between the original listing price and the final sold price, noting any price reductions made by the seller or as negotiated with the buyer. In September, the average percent of original list price received on existing homes (with at least one day on the market) was at 98.1% — down from 99.0% in August, and 99.2% in July.

What does this mean for buyers and sellers? Buyers may feel less frantic in their home search, as market times have slowed as we move into fall and winter. And although sellers are enjoying near-record sales prices, it’s becoming increasingly important to work with your REALTOR® to price your home competitively.

That said, home prices should remain higher year-over-year, though, as the months supply of inventory metric (which measures inventory versus demand) was at just one month in September 2018, where a balanced market, not favoring buyers or sellers, is typically between 4-6 months of supply of inventory.

Whether the closed sales decline is truly an early indicator of the market moving back towards balance, there are many factors that are affecting our current housing market, including the persistent low levels of inventory, seasonality, or even affordability and interest rate concerns. It’s a complex set of factors that will determine where the market goes in the next few months – and REALTORS® are the best-equipped partner to help sellers correctly price their homes based on real-time data, and help buyers understand where they may have room to negotiation.

It’s not too late! Here are 8 things that you can still do to winterize your home – and save money in the process!

#1 – Protect Your Outdoor Faucets and Pipes from Freezing

A little frozen water can cause a lot of damage! For example, an inch of water in a basement can cost up to $15,000 to pump out and repair the damage. This risk can be prevented, particularly if you winterize outdoor faucets which are the most susceptible to freezing temperatures.

To winterize faucets and pipes, remove your garden hoses from your outdoor faucets and drain them. Then add a faucet protector to keep cold air from getting into your pipes where water can freeze. Faucet covers are inexpensive ($2-$10), and they can be found online or at home improvement stores. It is important to make sure that any exposed pipes in an unheated basement or garage are also insulated. Exposed pipes should be wrapped with foam plumbing insulation, ideally before the weather drops. Six feet of polyethylene insulation costs only a dollar or so, and installation is easy as long as you can reach the pipes!

If you have a crawl space with foundation vents, this is also a good time to make sure that the vent flaps are closed tightly in order to prevent cold air from entering the crawl space and possibly freezing pipes.

#2 – Take Steps to Prevent Ice Dams

Although icicles may be picturesque, they are a clear sign that you’ve got an ice dam. Ice dams are a buildup of ice on your gutter or roof that prevent melting snow and ice from draining off the roof. Water that backs up behind the dam can leak into a home and cause extensive damage to walls, ceilings, insulation and floors. Ice dams can be steamed off, but in the dead of winter, that will be very expensive (if you can find someone to do it), and you risk long-term damage by doing nothing.

Attic insulation is the best way to prevent ice dams since ice dams, icicles, and ice buildup on the gutters are symptoms of not enough insulation in the attic. It is important to have at least 14 inches of attic insulation.

A snow rake, which is an aluminum scraper mounted to a telescoping pole, can also be used to pull the snow off the roof. Care should be taken not to break shingles which are more brittle in the cold weather, and never use a show rake while standing on a ladder.

Another option to prevent ice dam damage is to install heat cables. These high-resistance wires mounted on the roof in a zig-zag pattern should be plugged into an outdoor GFCI receptacle. Heat cables are ideal for use in spots where ice dams regularly occur and can’t be stopped any other way. Be sure to also run the cable inside the gutter and downspout so they don’t get clogged with ice.

#3 – Clean Your Gutters

Ideally, leaves and debris should be removed from gutters in the Fall. However, if you have not done so already, make sure that your gutters are clean and that water run-off is being channeled away from the foundation.

#4 - Seal Up Drafts and Prevent Air Leaks

Cracks and gaps can be easily and inexpensively sealed with a simple tube of caulk. Not sure where to caulk? Look for visible cracks around:

• Window sills
• Baseboards

• Fireplace or dryer vents
• Any place a hole to the outside is visible

Draft-guards or rolled towels can be placed at door thresholds to stop under-door drafts, and weather stripping can be added around door frames to keep the cold air out.

#5 - Program Your Thermostat

Program your thermostat to coincide with your schedules. You will save on both utility costs and ‘wear and tear’ on your HVAC system. Programming a thermostat is generally straight-forward, and several newer thermostats on the market provide Wi-Fi connections to allow remote monitoring and operation.

If you will be away for several days, remember to set your thermostat to 55 degrees Fahrenheit so that there is continuous heating. Ask a friend or family member to check on the house to catch any problems early, and be sure to allow faucets to drip. Moving water may prevent pipes from freezing or at least it will prevent water pressure from building up.

#6 - Get a Furnace Tune-Up

Forgetting or neglecting to service your furnace can easily cut five years off the life of your system (a full third of the typical unit’s life span). A gas furnace should be serviced and inspected at least once a year, but preferably in both the spring and fall. Furnace filters should be replaced regularly (at least every three months), or as often as monthly if you have allergies, pets, or smoke cigarettes at home.

#7 - Remove Screens from Windows

In the winter, snow or ice can become trapped between the screen and window, and this trapped snow can cause damage to the sill and window frame. The weight of the snow can also bend the screen. Eliminate this potential problem by removing all window screens and storing them for the winter.

Windows without screens also let in more light which can warm a room significantly on the warmest and brightest winter days.

#8 - Switch Ceiling Fan Direction

The switch at the base of the fan should be adjusted in the winter so the blades turn clockwise redistributing warm air more efficiently. Just remember to that the direction should be counterclockwise in the summer, and clockwise in the winter!

Following these steps will not only reduce your home’s energy bills and prevent expensive repairs later, but it will provide peace of mind throughout the holiday season and into the new year!