It seems like every month our message is the same—housing inventory is LOW.  We don't mean to sound redundant, but inventory has been down for the last 25 consecutive months, leading to what some have called an "inventory crisis."  In Ada County, this trend began in October of 2014 when the supply was represented by 1,702 available homes and 3.2 months of inventory.  During that month, demand was represented by 628 pending buyer contracts.  From there, the supply and demand scale continued to slide in favor of sellers.  By July 2017, the number of available homes decreased by 27% and months supply of inventory to 1.4 months, while buyer demand increased 71%.  As we have said prior, a balanced market is 4 to 6 months of available inventory.  So we are well away from being balanced.  But don't be alarmed!  Buying a home is still possible if you have your ducks in a row prior to finding a property and are willing to act fast once you find it.  It's really important to get prequalified by a lender and to have earnest money and down payment funds available before you even start the house hunt.  We have several other tips on how to get a home in this tight market that we’d be happy to share.  Please give us a call or send us an email!  If you're thinking of listing, we’d be happy to chat more about that as well.  Even in this hot market, there are mistakes sellers make that cost a good deal of time and money.  Let us show you how to avoid those pitfalls and best protect your investment! 


Below are the current Ada County market statistics for July 2017 compared to July 2016:
·Closed sales – 1,055 (down 1.4%)
·Median Sales Price (including new construction) - $271,000 (up 11.4%)
·Days on the Market - 30 (down 9.1%)
·Pending Transactions - 1,828 (up 11.5%)
·Inventory: 1,966 (down 10.5%)
·Months of Supply – 1.7 (down 15%) 
 
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: 0.9 months 
.$160,000 - 199,999: 0.7 months
·$200,000 - $249,499: 1.2 months
·$250,000 - $299,999: 1.8 months 
·$300,000 - 399,999: 1.8 months 
·$400,000 - 499,999: 2.2 months 
·$500,000 - $699,999: 3.1 months 
.$700,000 - $999,999: 5.8 months 
 
If you’re interested in knowing more about the current state of the market, check out these informative July 2017 Boise Regional Realtors Market Reports for both Ada and Canyon Counties.