MAY 2016 HOME SALES STATISTICS – BOISE MSA

Published June 14, 2016

Resale Homes Data:
Ada County – YTD sales is 2,923 homes, YTD 2015 sales was 2,693 homes, an increase of 230 more units or a 9% increase over last year. The average sales price YTD is $247,205, up by $8,553 or 4% over May 2015.

Canyon County – YTD sales is 1,231 homes, an increase of 107 homes or a 10% increase over last year. The average price YTD is $152,901, up by $111,750 or 8% over May 2015.

Pending new homes sales for both counties YTD is up by 221 units or 18% over the same time period in 2015.

Inventories in Ada County was 1,167 units, down by 332 units or a decrease of 22% compared to May 2015. Canyon County was at 426 homes, down by 200 units or a decrease of 32% compared to May 2015.

The month of supply of homes is up just slightly from last month. Distressed homes in Ada County is at 4.28% of the total available home. Canyon County is a 5.87%.

New Homes Data:
Ada County – 838 units closed for the year, up by 227 units or 37% over same time in 2015. The average price was $325125, down by $6,802 or -2% from year end 2015.

Canyon County – closed 228 homes for the year, a increase of 45 homes or 25% compared to the same time period in 2015. The average price was $215,221, an increase of $4,838 or 2% over the average sales price for 2015.

Pending new homes sales for both counties was at 731 units, our monthly average for the year stands at 631 units which is an increase of 180 homes or an increase of 40% over last year.

Inventories are up in Ada County to 498 homes. This is up by 80 units or 19% from last May.

Canyon County is at 109 units available. This is up by 22 units or a 25% increase over May 2015. The months of supply is up just slightly in Ada County and dead even in Canyon County compared to last month.

The total of homes closed in both counties new and resale YTD was 5,456 units. This is up by 845 units or 18% over May 2015.

Summary: We have an amazingly strong housing in the Boise MSA. It is so strong that some of us may find it unnerving! We simply need to keep an eye on pending sales and inventory levels. Once pending’s begin to slip inventory levels will jump dramatically.
Resale home sales are up by 9% for the year in Ada County. Canyon County is up by 10%. The average sales price in Ada County is $247,205. This is up by 4% over the yearly average in 2015. Canyon County is at $152,901. This is up by 8% or $11,750 over the yearly average. Pending sales for both counties is at 1,723 units in May. The monthly average for 2016 is 1,416.60 units. 2015 monthly average was 1,195 units. We are up by 221 units or 18% per month. Ada County inventory at the end of May was 1,167 units. This is down by 332 homes or a 22% decrease compared to May 2015. Canyon County is down 200 units or 32%. The month of supply is up slightly. These numbers will reset next month. We adjust our absorption count each quarter. Distressed homes is shrinking into obscurity! We have closed 5,456 homes new and resale at the end of May. This is up by 845 units or 18% over the same time period in 2015. Very strong growth in sales. With regards to the new home market in Ada County has closed 838 homes for the year. This is an increase of 227 units or 37% from the same time period in 2015. Canyon County is up by 45 units or 25%. The average sales price in Ada County for a new homes is $323,125. This is down from the 2015 yearly average by $6,802 or 2%. The reason for this is simple. The increase in new home sales for Ada County comes primarily in the more affordable homes dropping our average. This will most likely correct by years end or before. Canyon County new home average sales price for the year is $215,221. This is up by $4,838 or 2% over the 2015 average. Pending new home monthly sales are up by 180 units or 40% over 2015. This is an incredible number! Ada County new home inventory is at 498 units and Canyon County is at 109 unites. These numbers slowly keep creeping up. The month of supply is about the same for both counties. All market indicators seem to be very good. However, builders will need to be the ones most sensitive to the pending sales numbers. We can get pretty giddy over the 40% increase in pending sales but most of us are painfully aware that this number can change almost overnight.