AUGUST 2016 HOME SALES STATISTICS BOISE MSA

Published September 19, 2016

Resale Homes Data:
Ada County – closed 691 units in August – down by 9 units than August 2015 or down by 159 homes from July. The average sales price YTD is $254,290, up by $15,618 or an 7% over 2015 average.

Canyon County – closed 276 homes in August – down by 32 homes from August 2015. The average price was $159,353, an increase of $18,202 or 13% increase over 2015 YTD average.

Pending sales for both counties in August was 1,177 units which is an decrease of 86 units from last August. However, it is an drop of 332 units from July 2016. This is a one month drop of 22%.

Inventories in Ada County fell by 168 units in August compared to July ’16. A drop of 13%. Down 348 units or 23% compared to August 2015. Canyon County was down 92 units or 17% compared to July ’16, down by 168 units or 38% compared to August 2015.

The month of supply of homes fell sharply in both counties as the inventory took a steep drop. Ada County is at 1.82 months and 1.66 months in Canyon County. Distressed properties continues to be virtually a non-factor.

New Homes Data Data:
Ada County – 220 homes closed in August, up by 92 homes or an 72% increase in closings compared to August 2015. Ada County YTD closings are ahead of 2015 numbers by 411 homes which is an 38% increase. Ada County YTD new home price is at $332,083 which is $156 above last year’s average.

Canyon County – closed 52 homes in August, up by 12 homes or an 30% increase in closings compared to August 2015. Canyon County YTD closing are ahead of 2015 by 72 homes which is an 23% increase. Canyon County YTD new homes sales price for the year is $220,983 which is $10,600 or 5% above the 2015 average sales price.

Pending new homes sales for both counties is at 697 units in August which is an increase of 224 homes or an increase of 47% over last year.

Inventories in Ada County is down by only 2 units from last August. There is currently 455 available homes.

Canyon County inventory has jumped up by 36 units to 118 homes. The months of supply is up very slightly in Ada County and Canyon County is down slightly.

Narrative: Ada County resale closings in August are down marginally by 9 units. Canyon County is down by 32 units. Although these numbers are slight, this is the first drop in sales we have seen in 20 months in Ada County and 21 months in Canyon County. The market has been on a dead run for the last 2 years and the market at some point has to catch its collective breath. This may be small indicator of just that! Values continue to look very strong with a 7% increase in values in Ada County and 13% in Canyon County. A much more dramatic indicator of some type of a correction is in the pending sales. There are 1,177 pending resale homes for both counties. This is a one month drop of 332 homes or 22% from July ’16. We are down 86 units from last August. Ada County inventory is down by 168 units from July or 13%. However, we are down by 348 units or 23% from August 2015. Canyon County is down by 92 units from July and 168 units or 38% from last August. This accounts for the sharp decline in the months of supply. The lower inventory appears to be a good thing on one had but it also means we have fewer local buyers in the marketplace. New homes sales continue to be very robust. We closed 220 new homes in Ada County in August. This is an increase of 72% over August 2015. The Ada County YTD sales is up by 411 units from YTD 2015. Keep in mind that these numbers are provided by the Intermountain MLS. Not all new home sales are reported to the MLS! The market is actually larger than these numbers demonstrate. Canyon County closed 52 units in August which is up 12 units from last year. YTD, they have closed 392 homes. That is 72 units better than YTD 2015. The average sales price in Ada County for the year is $332,083. This is up by only $156.00 compared to last year’s average. This number is very misleading. We were running behind last year’s numbers. This is due to the absence of affordable resale homes forcing buyers into the new home arena. The influx of lower priced new homes brought the average down for a big part of the year. By years end, we will be back up substantially as all new home prices are on the rise! Canyon County average sales price for the year is $220,983. This is up by $10,600 or 5% over the 2015 average sales price. Pending sales in August for both counties was 697 homes. This is up an astounding 224 homes or 47% from August 2015. Inventory levels stay fairly static. 455 available new homes in Ada County and 118 homes in Canyon County. Ada County is at 2.51 months of supply for August and Canyon County is at 2.25 months.

If we take a macro look at the market, we have closed 9,592 new and resale homes for both counties YTD. We are up by 1,124 units or 13% ahead on the YTD numbers in 2015. We are on track to close over 14,000 homes this year in the Boise MSA. Bottom line is that we still have a very strong market. The biggest concern is the local buyers being able to stay in the marketplace with our escalating prices. We are so dependent on our out of state buyers, it raises concerns as to whether or not we can sustain this pace. However for now, there seems to be no end in sight for the immigration of families into our Valley!