Will the Refinance Bubble Ever End in Elmore County?

Comparing February 2012 to February 2013, the Refinance bubble remains strong in the midst of a growing Resale market. Last year in February, only 8 recordings for Existing Home Sales were in place. This February, there were 16 Resale recordings, double of last year. In addition, last February there were 46 Refinances recorded.  Amazingly, this year that number went up to 52 recordings. The percentage of Refinances declined amid a growing field of Home Sales, but the actual count of recordings continued to escalate. 

We see a trend of growth in Elmore County. In February, the number of available listings fell to 192 from 226 a year ago. The supply is drying up as more homes sell.  In February of 2012, Intermountain MLS reported 10 home sales for Elmore County. This February that number increased 70% to 17 sales.  Average price went up 127% from $83,000 to $106,000. These are all good trends as our market continues to strengthen.  Intermountain MLS reports the Days On Market has crept up 9% as credit is still stingy and buyers have to jump through many hoops to get their loans.  It’s turning into a seller’s market so buyers need to get off the fence and pull the trigger on their purchase.

 

Blog submitted by Scott Roberts, Vice President and General Manager, Mountain Home, Idaho

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