Dec. 20, 2017
This year, the total dollar volume for home sales in Ada County will pass the $3 BILLION mark for the first time! Total dollar volume has been increasing since 2009, with the previous peak at $2.7 billion in 2006. Nearly 10,000 homes have sold this year to date, up 2.6% from last year. Although the number of existing home sales is nearly identical to last year’s numbers, the total dollar volume for sold properties in this category increased by 9.2%. This increase in dollar volume, despite an unchanged number of sales, is indicative of the higher prices being spurred on by buyer competition over limited inventory. The number of existing homes for sale is down 13.2% from last year. Inventory for new construction, however, is up 1% from 2016, and home sales in this category are up 10.9%. Builder production is helping to ease the squeeze of our low inventory situation. But, even with this help, prices on new homes are also continuing to increase due to buyer demand and higher costs for land, materials, and labor.
Here is a historic view of dollar volumes sold each year since 2005:
Although fewer buyers are looking in the winter months, there are usually even fewer listings. This is great for sellers because they can sell with less competition from other listings while still having a good chance of getting a strong offer from buyers competing for what few homes are available. If you want to know more about the today’s market conditions, get an idea of what your home is currently worth, or discuss options for buying in the winter, please contact us! We would love to meet with you in person or chat on the phone!
Below are the current Ada County market statistics for November 2017 compared to November 2016:
- Closed sales – 839 (down o.7%)
- Median Sales Price (including new construction) - $269,900 (up 10.2%)
- Days on the Market - 38 (down 17.4%)
- Pending Transactions - 1,383 (up 18.4%)
- Inventory: 1,623 (down 6.2%)
- Months of Supply – 1.8 (down 10%)
We also wanted to show how the number of months supply of inventory fluctuates based on the price range. The current month’s supply condition in each price range is as follows:
- $159,999 or less: 0.4 months.
- $160,000 - 199,999: 0.4 months
- $200,000 - $249,499: 0.9 months
- $250,000 - $299,999: 2.1 months
- $300,000 - 399,999: 2.4 months
- $400,000 - 499,999: 2.5 months
- $500,000 - $699,999: 7.3 months
- $700,000 - $999,999: 7.3 months
If you’re interested in knowing more about the current state of the market, check out these informative November 2017 Boise Regional Realtors Market Reports for both Ada and Canyon counties.