Idaho (Boise MSA) Market Report – November

We’ve had a mixed bag of news this month. Good news, the inventory of resale homes in Ada County has dropped, down 273 units, 17% from October. Inventory in Canyon County is also down by 31 units.

More good news, sales prices are up for both existing homes and new construction from last year. The average sales price of an existing home in Ada County was up this month by 16% from November, 2012. Canyon County average resale home price is up by 29% from November 2012. The average sales price of new construction in Ada County is up 12%, and Canyon County is up 16%.

Total homes closed year to date is 9726 units.

The number of homes sold does seem to be slowing down since May of this year. The number of existing homes closed in Ada county was down for the 4th straight month. August saw 198 resale homes closed, while November saw 167. However, compared to the same time period in 2012, the number of home sales has increased. For new homes, Ada County saw it’s fifth straight month of decline in closings.

We can speculate that some sellers have pulled their listings until spring, skipping the historically slow holiday season. The slowing sales pace since May, has no doubt discouraged some sellers. However, year over year, sales are still strong. Values continue to climb dramatically, but one wonders when we will see push back from the public. Recent numbers may be an indicator of some affordability issues. Inventory for both new and resale homes is very manageable. Cracking the 10,000 units sold mark will be a real milestone, that number hasn’t been seen since 2006.

Courtesy of Mike Pennington, John L. Scott

 

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