JUNE 2016 HOME SALES STATISTICS – BOISE MSA

Published July 13, 2016

Resale Homes Data:
Ada County – 894 units closed, up by 39 homes or 5% over June 2015. The average price was $250,915, up by $12,243 or 5% over June 2015.

Canyon County – 341 units closed, up by 47 units or 16% over June 2015. The average price was $154,485, up by $21,251 or 15% over June 2015.

Pending new homes sales for both counties has averaged 1,434 units per month YTD. This is an increase of 239 units or 20% over the monthly average in 2015.

Inventories in Ada County was 1,255 units, down by 282 units or a decrease of 18% compared to June 2015. Canyon County was at 512 homes, down by 125 units or a decrease of 20% compared to June 2015.

The month of supply of homes has risen slightly. Distressed homes in Ada County is at 3.59% of the total available home. Canyon County is at 5.08%.

New Homes Data Data:
Ada County – 234 units closed, up by 73 homes or 45% over June 2015. The average price was $327,489, down by $4,438 or 1% over last June.

Canyon County – closed 54 homes, a increase of 8 units over last June. The average price was $218,541, an increase of $8,158 or 4% over June 2015.

Pending new homes sales for both counties was at 698 units at the end of June which is an increase of 205 homes or an increase of 42% over last year.

Inventories are up in Ada County to 481 homes. This is up by 63 units or 15% from last June.

Canyon County is at 117 units available. This is up by 30 units or a 34% increase over June 2015. The months of supply of new homes in Ada County is 2.86 and down only very slightly in Canyon County at 2.23 months of supply.

The total of homes closed in both counties new and resale for June was 6,979 units. Closed 1,012 more units over the same time period in 2015. This is an increase of 17% over YTD 2015.

Summary: The Boise MSA housing market continues to gain strength in surprising fashion. We can attribute this success primarily to the mass increase of new residents to the area. The Boise area continues to be a haven for people escaping the problems in other states. Home sales in general continue to jump in both counties. Resale home values in Ada County have jumped 5% and 15% in Canyon County so far this year. Resale pending numbers are up an astonishing 239 unites or 20% per month from 2015. Available homes remains low with a 1.94 month supply in Ada County and 1.95 for Canyon County. Resale distressed homes is at 3.59% in Ada County and 5.08% in Canyon County. The drop from last month was due to the increase of available homes compared to May 2016. New homes closed in Ada County for June was 234 units. This is an increase of 73 units or 45% over June 2015. We can attribute this to the absence of affordable homes in Ada County thus moving Buyers to the new home arena. This also is the reason for the drop in the average sales price of a new home in Ada County for the year compared to 2015. The average sales price of a new home in Ada County YTD is $327,489. With the increase of sales in the affordable new home market, the net result is the drop in the average sales price. New Home prices are not coming down!! Canyon County realized an increase in their average sales price to $28,541 YTD. This is up by $8,158 or 4% from the yearly average in 2015. This however is a much smaller market with 54 units closed in June. Pending new homes sales in June both both counties was 698 units. This is a huge increase of 205 units or 42% from June 2015. Again the availability of affordable resale homes pushes buyer to the new homes. Available new homes in Ada County is 481 units. This is up by 63 units or 15% from last June. Canyon County has 117 units available. This is up by 30 units or 34% from last June. The month of supply for Ada County stands at 2.66 months down from 3.14 months in May. Canyon County is at 2.23 months down very slightly from May. If we look at the number of homes closed YTD, new and resale for both counties, we closed 6,729 units. This compares to 5,967 YTD 2015. This is an increase of 1,012 units or 17% over the same time period in 2015. This is a huge increase and it seems a little hard to believe we can sustain this pace. Then again we have not yet seen any slowdown in the immigration of new families to our area!!