Out of state homebuyers who want new homes seem to be flocking to Boise! Pending sales for new homes was astonishingly high in February–a 57% increase from the same time last year, and there is a steady stream of out of state buyers purchasing these homes. There is however, some concern over wether or not the local population will begin resisting these prices, since employee wages in the area are not keeping up with the growth of the home values. Canyon County saw a home sale average of $242,558, which is $46,776 more than February 2015 (including one million dollar custom home that closed). Ada County’s average home sale price was $330,497, up by $12,487 from the year before.
Resale home inventory is at an all-time low, shooting the value way, way up. Because of the short supply of resale home, builders are quickly adding new inventory to meet the demands of families who have been forced into the new home market.
766 homes both new and resale in both Ada and Canyon Counties closed in February, which is 69 units (or 10%) more than the same time last year.
Summary based on market reports sent by Mike Pennington.