As those who follow our monthly market recap can see, home prices have been going up month over month for the entire year.  A big contributor to these strong housing prices is historically low inventory.  In November, we had 1,730 homes available for sale in Ada County, just 66 more homes than the recorded low in January 2013.  Couple this with greater buyer demand, and one can see why the rules of economics are playing out in pushing prices upward.  With so few existing homes available, new construction is feeling the pressure of buyer demand and struggling to keep up.

 Since activity is often higher in the spring and summer months, it is a common perspective among sellers that it’s better to wait until spring to list.  This is generally true, but it is also equally true that spring brings more listings and greater competition among sellers as well.   With the increased number of buyers looking to purchase a home and the slim selection available, we are not seeing the traditional slow down in market activity that is common in winter months.  Prices are strong now. Buyers are looking now.  So, if now is what works best for you to list, know that now is a great time.  There is no right or wrong time to sell!  In particular, our current market desperately needs homes below the $299,900 price point.  We have less than two months of inventory in this range and only 2 WEEKS of inventory for homes priced lower than $160,000.  From the looks of things, it appears it will remain a strong seller's market going into 2017.

Listed below are the current Ada County market statistics for November 2016 compared to November 2015:

  • Closed sales - 846 (up 34.5%)
  • Median Sales Price - $245,000 (up 2.1%)
  • Days on the Market - 52 (up 8.3%)
  • Pending Transactions - 1,168 (up 1.4%)
  • Inventory: 1,730 (down 9.8%)
  • Months of Supply - 2.0 (down 23.1%)

We also wanted to show how the number of months’ supply of inventory fluctuates based on the price range.  The current months’ supply condition in each price range is as follows:

  • $159,999 or less: 2 weeks
  • $160,000 - 199,999: 1 month
  • $200,000 - $299,999: 1.8 months
  • $300,000 - 399,999: 2.4 months
  • $400,000 - 599,999: 2.9 months
  • $500,000 - 699,999: 3 months
  • $700,000 - 999,999: 7.2 months