FEBRUARY 2016 HOME SALES STATISTICS – BOISE MSA
Resale Homes Data:
Ada County – 432 units closed, up by 35 homes or 9% over February 2015. The average price was $244,818, up by $19,612 or 9% over February 2015.
Canyon County – 168 units closed, up by only 8 units over February 2015. The average price was $147,213, up by $17,130 or 13% over February 2015.
Pending new homes sales for both counties was up by 227 units at the end of February which is a net increase of 22% from last February.
Inventories in Ada County was 865 units. This is down by 279 units or -24% from last February.
Canyon County has only 335 available homes. This is down by 179 units or -35% from last year. The months of supply of resale homes for both Counties is up just slightly.
New Homes Data Data:
Ada County – 139 units closed, up by 35 homes or 34% over February 2015. The average price was $330,497, up by $12,487 or 4% over last February.
Canyon County – closed only 27 homes, a decrease of 9 units or -25% from last February. The average price was $242,558, an increase of $46,776 or 24% over February 2015. This is due to one large million dollar custom built home that closed.
Pending new homes sales for both counties was at 579 units at the end of February which is an increase of 210 homes or 57% from last year.
Inventories are up in Ada County to 467 homes. This is up by 82 units or 21% from last February.
Canyon County is at 120 units available. This is only up by 1 homes from last year. The months of supply is almost dead even.
Ada County distressed homes is at 6.82% of the market, down by 4.11% and Canyon County is at 13.47% of the market, down by 3.07% from last February.
The total of homes closed new and resale for both counties in February was 766 units. This is up by 69 units or an 10% increase over last February.
Summary: The market continues to be very robust in the single family housing market for the Boise MSA. Resale inventory is at historic lows and this short supply is pushing values upwards. Builders are increasing inventory to try and fill the demands of the buyers. The short supply of resale homes is pushing families into the new home arena. This is evidenced by the increase in new home pending sales which is up a whopping 57% or 210 homes from last February. We continue to see a huge influx of buyers from out of state. This will continue to feed the new home sales especially. There is no indication at this point of any immediate downturn in the market. Barring any type of a global economic collapse, we should continue to see our local housing market grow nicely. The only question that remains is when will we start seeing some push back from buyers on new home values.