As snow melted and temperatures warmed, more buyers emerged. Pending sales in Ada County went up 25.7% from January to February but remained lower than February 2016 sales, due to the lack of inventory. Housing inventory was down 16% from the same time last year.
Although the low inventory problem remains, the number of homes listed went up by 4% over January. As we get closer to spring and as sellers continue to realize the advantages of listing under current market conditions, we are seeing more homes pop up for sale in both Ada and Canyon Counties. This increase is part of the normal annual real estate cycle but seems to have occurred earlier than in years past. Punxsutawney Phil’s shadow may have said spring will be late, but real estate market optimism seems to have arrived early!
The median home price in Ada County rose, once again, and is currently at $256,600. This is somewhat driven by the rising price of new construction. If we remove new construction statistics, the median price for an existing home is $220,900. Recently, the Federal Housing Finance Agency reported Boise home prices have been higher than previous peaks in the market, which puts us in the same category as Denver, San Francisco, and Nashville as "fully recovered" from the recession.
We expect the market will remain strong through spring and summer.
Listed below are the current Ada County market statistics for February 2017 compared to February 2016:
- Closed sales - 504 (down 12.5%)
- Median Sales Price - $256,600 (up 9.2%)
- Days on the Market - 58 (up 3.6%)
- Pending Transactions - 1,303 (down 5.5%)
- Inventory: 1,484 (down 16.1%)
- Months of Supply - 2.6 (down 18.8%)
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: 15 days
- $160,000 - 199,999: 18 days
- $200,000 - $249,499: 2 months, 3 days
- $250,000 - $299,999: 2 months, 9 days
- $300,000 - 499,999: 3 months, 7 days
- $500,000 - 699,999: 5 months, 2 days
- $700,000 - $999,999: none
If you’re interested in knowing more about the current state of the market, check out these informative February 2017 Boise Regional Realtors Market Reports for both Ada and Canyon Counties.