It likely comes as no surprise to you that strong buyer demand and low inventory continues to impact the market. The limited number of homes available is also affecting the number of closed sales, which saw a year over year decline in both Ada and Canyon Counties. This is not a reflection of lessening buyer demand but rather an outcome of ready and willing buyers who are not able to find properties to purchase or who have been rejected in multiple offer scenarios.
It is anticipated that the increase in new home construction during these warmer months will help loosen the currently tight inventory. And, we hope to see a greater number of existing homes become available for sale over the summer as well.
Listed below are the current?Ada County market statistics for April 2017?compared to April 2016:
• Closed sales - 846?(down 8.1%)
• Median Sales Price (including new construction) - $253, 250 (up 5.6% from last year and up 1.01% from last month)
• Days on the Market - 37?(down 15.9%)
• Pending Transactions - 1,827?(up 1.8%)
• Inventory: 1,681?(down 10.5%)
• Months of Supply - 2?(down 4.8%)
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: 12?days
• $160,000 - $199,999: 15 days
• $200,000 - $249,499: 1.1 months
• $250,000 - $299,999: 2.2 months
• $300,000 - 399,999: 2.6 months
• $400,000 - 499,999: 3.3 months
• $500,000 - $699,999: 6.3 months
If you’re interested in knowing more about the current state of the market, check out these informative?April 2017 ?Boise Regional Realtors Market Reports?for both Ada and Canyon Counties.?