$3 Billion Worth of Homes Have Sold in Ada County, Setting New Record

Ada County home sales surpassed the $3 billion-mark for the first time, based on Total Dollar Volume figures year-to-date, January 1–November 30, 2017.

Historically, the month of December adds another $100-150 million worth of sales, on average going back to 2005, so we should see Total Dollar Volume exceed $3.1 billion for all of 2017.

Year-to-date through November 2017, nearly 10,000 homes sold in Ada County, up just 2.6% compared to 2016. Breaking this down by property type illustrates the impact limited supply has had on existing home prices, as well as higher building costs on new home prices:

November 2017 Table

As shown in the chart above, existing home sales were nearly even with last year, yet total dollar volume increased by 9.2%. This means that individual home sale prices had to increase, as buyers competed for persistent, limited inventory of existing homes, which was down 13.2% compared to last year at this time.

In contrast, new home sales were up by 10.9% over last year, with a slight uptick in inventory. With a more balanced supply of new homes compared to demand, the 17.9% growth in total dollar volume mostly reflects the increased costs of land, materials, and labor that builders are including in new home prices.

Total Dollar Volume, for existing and new construction combined, has been steadily increasing since 2009. The previous high point was in 2006 when Total Dollar Volume Sold was nearly $2.7 billion. Here’s a historical look at Total Dollar Volume since 2005:

November 2017 Charts

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood — including monthly statistics for November 2017 — are now available in the monthly market report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County, and Gem County:

ADA Snapshot - November 17

GEM Snapshot - November 17

Download print quality snapshot graphics for Ada County, and Gem County.

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This report is provided Boise Regional REALTORS® (BRR). BRR is the largest local REALTOR® association in Idaho, with over 4,400 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. || The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.