In gathering market data for this month’s real estate update, it became evident that the news remains about identical to what we reported in September. Since we’d rather not rehash old news, this month’s update is quite short. Realtor.com reported an interesting bit of information for this month’s housing activity. Apparently, September home buying and selling across the nation exhibited the most fall activity we have seen in a decade. Local statistics support this observation as well, with the number of homes sold in Boise this September increasing 18% above last year. The Boise market did see a 4% slow down from August to September as well as a 1.0% reduction in median home price, but these decreases are normal for the season and are improved from past years. The median price for homes sold in September 2016 was actually up 7.3% from this same time last year.
One other thing I found noteworthy was the month’s inventory graph displayed below. You can clearly see a new trend that started in 2013 and continues through today. Prior to that, prices and inventory tracked rather closely. But, in recent years and especially in 2016, you will see the median sales price is trending up while inventory remains low. If more people list their homes and we get back to a more balanced market, you will see that gap between price and inventory close. But, until that happens, we will likely continue to experience price increases as supply struggles to keep up with demand.
Overall, the market is holding strong and has improved over last year. We will continue to track it as we go into the Holidays and will keep you updated!
The current Ada County market statistics for the month of September 2016 compared to September 2015 are as follows:
- Closed sales - 976 (up 18%)
- Median Sales Price - $249,995 (up 7.3%)
- Days on the Market - 43 (down 2.3%)
- Pending Transactions - 1,435 (up 15.9%)
- Inventory – 2,171 (down 9.9%)
- Months of Supply - 2.2 (down 18.5%).