MARCH 2016 HOME SALES STATISTICS – BOISE MSA

Published April 21, 2016

Resale Homes Data:
Ada County – 605 units closed, up by 53 homes or 10% increase. The average price was $248,454, up by $8,664 or 4% over March 2015.

Canyon County – 293 units closed, up by 53 units over March 2015 or 22% increase. The average price was $155,571, up by $19,823 or 14% over March 2015.

Pending new homes sales for both counties was 1,506 units at the end of March which is a net increase of 173 homes or 13% from last March.

Inventories in Ada County was down to 921 available units. This is a decrease of 355 homes or -28% from last March.

Canyon County has only 319 available homes. This is decline on 226 units or -41% from last year. The months of supply of resale homes for Ada County is at 1.45 months of supply and Canyon County is at 1.24.

New Homes Data Data:
Ada County – 185 units closed, up by 47 homes or 34% over March 2015. The average sales price for the first quarter of 2016 is $321,085, down by about $10,000 over the 2015 average price.

Canyon County – closed 48 homes, a increase of 19 units or 66% over March 2015. The average price was $201,981, an increase of about $6,000 over the 2015 average sales price.

Pending new homes sales for both counties was at 643 homes at the end of March which is an increase of 213 homes or 50% over last year.

Inventories are up in Ada County to 467 homes. This is up by 53 units or 13% from last March.

Canyon County is at 112 units available. This is 2 units drop from last year. The months of supply in Ada County sits at 2.95 and Canyon County is at 2.36. Once again we adjusted our quarterly absorption rate.

Summary: We are in one of the hottest markets we have seen in many years. On the resale side, we are reaching a real critical point in the business. We have more buyers than we have homes. We have just over a month supply of homes. We have multiple offers on affordable homes. This is driving some buyers to the new home market. That is really helping the builders at the lower end of the market. This will also explain why the average sales price of a new home is down even though prices are up. We are selling many more affordable new homes which brings down the average new home sales price. The demand for homes is way up and the inventory continues to fall. Not long ago, the gap between the resale & new average sales price in Ada County was about $100k. Today that gap has shrunk to about $68k. High demand and extremely low resale inventory is really pushing up resale home values. Pending are up by 13% for both counties with resale homes. New home pending are up by an incredible 50%. With the continued influx of out of state buyers there does not seem to be a cooling trend in our immediate future!