Boise MSA 2015 Home Sales Statistics
In 2015, 12,800 single family homes closed in the Boise MSA. This is the highest number of closing since 2004. This has only been surpassed by 2005 and 2006. Monthly absorption of homes is 1,067 units for new and resale in the Boise MSA.
Ada County average sales price was $238,672, up by $16,450 or 7% over 2014.
Canyon County average sales price was $141,151, up by $4,803 or 4% over 2014.
Inventory levels for resale homes sits at historical lows – 810 units for Ada County and 387 units for Canyon County. The total average monthly of pending resale homes for both counties was 1,195 units, up by 231 units or 24% over the 2014 average.
New Home sales in Ada County for the year was up by 237 units or 16% over 2014. Canyon County was up by 28 units or 6% over 2014. The average price of a new home sold in Ada County in 2015 was $331,927, increase of $18,736 or 6% over 2014 (highest average sales price ever recorded in Ada County). The average price of a new home sold in Canyon County in 2015 was $210,383, increase of $18,130 or 9% over 2014 (also highest average sales price ever recorded in Canyon County). Inventory levels for new homes is at 446 units in Ada County, up by 43 units or 11% over Dec. 2014. Canyon County is at 106 units, down by 20 units or reduction of 16%. The month of supply for new homes in Ada County is at 3.02 and Canyon County is at 2.35.
Narrative is that we are hitting historical lows for inventory with a strong demand for housing due to a very strong Fall and fully expect to see another strong year in 2016. This should continue to put pressure on values and force the average sales prices upward. We are poised for another boom in the market. It will not look like 2005 and 2006 but we should see a far more real and stable growth. We have a lot more potential for growth in sales and values. Even though we have just surpassed the 2004 sales volume but need to take into account the population growth in the valley. If we factor in the inflation values and added population we have a huge upside for potential growth in our housing market. There has never been a better time to be in the Single Family Housing market in the Treasure Valley.