2017 Year-End Report

Published January 13, 2018

January 12, 2018

Resale Homes –
Ada County closed 8,145 homes in 2017. This is down just slightly from 2016.
Canyon County closed 3,345 homes in 2017. This is up just slightly from 2016 by 45 homes.
Ada County average sale price for the year was $276,333. This is an increase of $21,322 or a +8% over the 2016 average price.
Canyon County average sale price was $176,355. Increase of $15,807 or +10% over the 2016 average price.
Ada County available inventory is 465 units. This is down by 115 units or a -21% from last year.
Canyon County inventory is 212 units. This is down by 58 units or -20% from last year.
Ada County current month of supply is 0.67 months. This is down from 0.98 last month.
Canyon County current month of supply is 0.77 months. This is also down from 1.09 last month.

New Homes –
Ada County closed 2,781 new homes in 2017. This is up from 2,613 units or a 6% increase from last year.
Canyon County closed 938 homes in 2017. This is up from 749 units or a 25% increase from last year.
Ada County average sale price for the year was $353,306. This is up by $20,744 or 6% increase over the 2016 average sale price.
Canyon County average sale price for the year was $238,211. This is up by $12,793 or 5% increase over the 2016 average.
Ada County available new homes is 576 units. This is up by 43 units or a 8% increase from last year.
Canyon County available new homes is 185 units. This is down by 22 units or a 11% decrease from last year.
Ada County months of supply is at 2.49 months. This is down just slightly from last month.
Canyon County months of supply is at 2.37 months. This is down from last month at 2.56 months.

Narrative –
Our real estate market continues to break all records and there appears to be no immediate end in sight. If we look at the Year Over Year Report, the most astounding number is the month of supply of homes. There has never been this dramatic of a drought for available homes. When we combine resale and new homes from both counties, we have a 1.13 month’s supply of homes.
We closed a combine total of 15,209 homes in 2017, new and resale for both counties. This is up only about 3% from last year. This number would be much larger if we had the inventory. Many of our local families are not listing their current homes and builders cannot build fast enough to keep pace with demand. The short supply of homes continues to push average prices ever higher.