January 2016 Home Sales Statistics

Published February 9, 2016

Resale Homes Data:
Ada County – 352 units closed, up by 34 homes or 11% over January 2015. The average price was $238,850, up by $17,903 or 8% over January 2015.

Canyon County – 168 units closed, up by only 5 units over January 2015. The average price was $140,087, up by $15,096 or 12% over January 2015.

Pending new homes sales for both counties was 932 units at the end of January which is a decrease of 82 homes or 8% from last January.

Inventories in Ada County was 779 units. This is down by a whopping 321 units or 29% from last January.

Canyon County is down with only 352 units. This is down by 143 units or 29% from last year. The months of supply continues to shrink with 1.25 for Ada County and 1.40 for Canyon County.

New Homes Data Data:
Ada County – 117 units closed, up by 13 homes or 13% over January 2015. The average price was $315,837, down $12,829 or 4% from last January.

Canyon County – 41 units closed, up by 15 units or 58% over January 2015. The average price was $204,496, up by $14,891 or 8% over January 2015.

Pending new homes sales for both counties was at 466 units at the end of January which is a huge increase of 104 homes or 29% from last year.

Inventories are up in Ada County to 470 homes. This is up by 81 units or 21% from last January.

Canyon County is down to 106 units available. This is down 20 homes or 16% from last year. The months of supply sits at 3.18 for Ada County and 2.35 for Canyon County.

Ada County distressed homes is down by 1.72% and Canyon County is down by 5% from last January.

Total homes closed for both counties new and resale was 678 homes which is up by 67 homes or 11% from last January.

Summary: The market continues to stay strong with short supply and high demand for both new and resale homes – this market is forcing prices northward. Ada County will soon see the day that homes under $200,000 will be just a distant memory. Buyer in the lower price points will be forced to buy a resale home in Canyon County. The new home average sales prices are already over $200,000 in Canyon County. Affordable housing will be a larger problem this time next year. With the continued exodus of families from surrounding states to Idaho, we should have another very strong year for the Single Family Housing market!