JULY 2016 HOME SALES STATISTICS BOISE MSA

Published August 15, 2016

Resale Homes Data:
Ada County – closed 24 units more or a 3% increase over July 2015. The average price was $252,191, up by $13,519 or 6% over July 2015.

Canyon County – only closed 6 units more or an 2% increase over July 2015. The average price was $158,660, an increase of $17,015 over the average sales in 2015.

Pending new homes sales for both counties was 1,509 units at the end of July which is an increase of 225 units or 18% over July 2015.

Inventories in Ada County was 1,344 units, down by 25 units or a decrease of 16% compared to July 2015. Canyon County was at 530 homes, down by 114 units or a decrease of 18% compared to July 2015.

The month of supply of homes is up just slightly from last month. Distressed homes in both Ada & Canyon Counties is a non-issue.

New Homes Data Data:
Ada County – 191 units closed, up by 19 homes or 11% over July 2015. The average price was $330,487, down by $1,440 from the 2015 yearly average sales price.

Canyon County – closed 58 homes, a increase of 7 units over last July. The average price was $219,938, an increase of $9,555 or 5% over July 2015.

Pending new homes sales for both counties was at 709 units at the end of July which is an increase of 213 homes or an increase of 43% over last year.

Inventories in Ada County was up by only 6 units or 1% from last July.

Canyon County is up by 43 units available or a 55% increase over last July. The months of supply was down slightly in Ada County and Canyon County was up slightly from last month.

The total of homes closed in both counties new and resale for July was 8,360 units. This is an increase of 968 units or 13% increase over YTD 2015.

Summary: The increase in July closings for resale homes was a modest 3% in Ada County and 2% in Canyon County. However averages sales prices are soaring! Ada County is up by $13,519 over the 2015 average sales price. Canyon County is up a whopping $17,015 over the 2015 average sales price. Combined Resale pending sales for both counties is up by 225 unites or 18% over July 2015. This number is astounding! This speaks well for closings in the months to come. Ada County resale home inventory was down by 250 units or 16% in July. Canyon County was down by 114 units or 18% from last July. The month of supply for resale homes was up only slightly from last month in both counties. Once again distressed homes in both counties is a non-issue! New homes closed in Ada County was up only 19 units in July compared to last year. Canyon County was up by only 7 units. The average price YTD in Ada County is $330,487. This is down by $1,440 from the 2015 average sales price. However, we made large gains from last month. Last month, the increase in new home sales for entry level homes increased dramatically. That activity lowers the overall average. By years end, the average new home sales price in Ada County will be way up. New homes prices are not going down! Canyon County YTD average sales price however was up by $9,555 from the 2015 average sales price. Pending new home sales for both counties in July stood at 709 units. This is up by an incredible 213 homes from last July. This is an 43% increase in pending sales. Ada County inventory was down by 6 units from last July with 439 homes available. Canyon County was up by 43 units to 121 available homes. The month of supply of new homes was down slightly in Ada County and up slightly in Canyon County. We have closed 8,110 new and resale homes in Ada County YTD. We are up by 968 homes compared to YTD 2015. This is an increase of 13% over last year. At this rate, we should close approximately 14,000 homes for the year. We have an incredible healthy housing market. Barring an international economic crisis we should be fine. What is helping to fuel our market is population growth! The Boise MSA area had a population in April 1, 2010 of 581,288 people. If we continue at this pace we will add an additional 64,000 residents to the area. We average about 2.75 people per household. That means, we will need to add 23,272 new dwelling to house these people. Those dwellings will be homes, apartments, condo’s, townhomes, trailers, etc. About 68% of homes in the Boise MSA are owner occupied. That means we will need to build 15,825 new homes in the next 5 years!! Our problem is finding labor and tradesman to build these homes. Our greatest risk is the rising cost of new homes stifling this potential growth.