Home sales are trending upwards in Boise, especially in the resale market, which increased 39% for Ada County and 50% for Canyon County since last month. The resale inventory is dwindling however, as buyers are particularly interested in resale. Total pending sales for resale homes is at 1,333 units, 20% higher than one year ago. The amount of distressed homes on the market is down 51% in Ada County and 50% in Canyon County from March 2014, an astounding decrease that may be attributed to the general home price increase in Boise. The price of a new home in Ada County is $98,000 more than a resale home. In Canyon County, a new home is about $60,000 more than a resale home.
There was a slight decrease in new home sales in Canyon County, but this is forecasted to be a simple bump in the road. Overall, the Boise housing market is going up, up and up! Total homes closed YTD in both counties new and resale was 2267. This is an increase of 295 units or 15% over the same period last year.
Summary based on market reports sent by Mike Pennington.