2016 Single Family Residential – Year Over Year Report
Resale Homes –
In Ada County, we closed 8,160 homes in 2016. This is the highest number of resale homes ever closed in Ada County. This demonstrates the population growth in the past 20 years and also the strong recovery from the market collapse of 2008.
Canyon County closed 3,300 resale homes in 2016. Canyon County is still lagging behind the recovery seen in Ada County. Canyon County closed 3,600 homes back in 2005, which was their best sales month ever.
New Homes –
Ada County closed 2,613 new homes in 2016. This is our strongest sales number since 2006. Our record high was in 2005, when we hit a sales high of 4,848 new homes. Canyon County closed 749 new homes in 2016. This is their highest sales number since 2007. Like Ada County, their highest sales month was in 2005 when they sold 1,880 new homes.
Total Homes Closed – Both Counties –
If we look at total of new homes sales for both Counties, we closed 3,362 New Homes in 2016. This is the highest number since 2006. However, this falls far short of the record high in 2005 of 6,728 homes closed. Resale homes closed in both counties for 2016 was 11,460. This is the highest sales number ever recorded. If we look at the total on new and resale homes closed for 2016, we closed 14,822. This is the highest number since 2006. Our record was set in 2005 when we closed a total of 17,245 homes in both counties. New homes closed in 2016 represented 23.68% of the total market. This is far short of the record high set in 1998 when new homes sales represented 42.83% of the total market.
Our absorption rate for homes closed in both counties was an average of 1,235 units per month in 2016. This is the highest number since 2006. The record was set in 2005 when our monthly average was 1,437 units closed per month.
Active Listings Year End by County –
Ada County new homes at years end is 533 homes. We are up from 445 units at the end of 2015.
Canyon County available new homes is at 207 units. This is up by 100 units from the end of 2015. We are far heavier in inventory but this is actually a good thing coming into our busiest time of the year. Also the absence of resale inventory will help move the new homes.
Ada County resale homes available at years end is 571. Canyon County is at 270 units. These are historically low numbers. We have not seen such a depleted number of available homes in over 20 years. If we look at the total number of available homes new and resale for both counties, we have only 1,581 homes for sale. If we look at the month of supply of homes for sale, we are at 1.28 months for the Boise MSA. We have not seen a number this low in over 20 years.