September 2019 Market Report

ADA COUNTY HOMEBUYERS HAD MORE OPTIONS IN SEPTEMBER

Key Takeaways:

  • Additional new construction inventory and a slight boost in existing inventory gave buyers more options in September than any month in 2019 so far, extending the homebuying season into the fall.
  • Despite this increase in inventory, demand is still outpacing supply and the median sales price was $349,994 in September, up 9.7% from the year before but down 1.4% from August 2019.
  • With more inventory available and low interest rates, fall may be a great time to buy for those who are ready to make a move.

Analysis:
Housing supply or inventory typically peaks in the summer months and then drops to lower numbers in the fall and winter. However, since 2017, the highest number of available homes for sale has been in September, rather than July or August, extending the homebuying season.

Comparing Monthly Inventory to the Median Sales Price in Ada County

This shift can be attributed in large part to a 10.3% increase of new construction inventory in September 2019 compared to August 2019. New construction listings made up nearly half of the total inventory in September with 887 homes available for sale at the end of the month. Existing inventory increased 3.6% from the month prior with 889 homes available for purchase. As a result, these market conditions have started to blur the seasonality trend in the last few years.

However, despite this increase in inventory, demand is still outpacing supply. The median sales price was $349,994 in September, up 9.7% from September 2019, but down 1.4% from August. However, the higher home prices are being tempered by low mortgage rates, with the average 30-year fixed-rate mortgage at 3.64% on Thursday, September 26, 2019, according to Freddie Mac.

Interest Rates in September 2019 continued to decline

Overall, more housing supply is needed at all price points and those considering selling could still fetch a premium price for their home this year. And if you’re looking to buy, now is a great time to take advantage of low rates and you’ll have more options when house shopping with the added inventory. However, there’s really no ‘perfect time’ to buy or sell a home — it is more important that you consider what works for you and your finances.

 

SEPTEMBER 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Housing inventory was up in Elmore County with 90 homes available for purchase at the end of September, an increase of 18.4% from August. However, inventory is still down year-over-year with a decrease of 15.1% from September 2018, continuing the now 56 consecutive months of year-over-year declines in inventory.

Sales were also up in Elmore County, with 52 homes sold in September, an increase of 4.0% from the month before, and a 40.5% increase year-over-year. 55 homes went under contract, or “pending”, in September, a decrease of 5.2% from the month before and a 20.3% decrease year-over-year.

The median sales price reached a record high of $188,225 — an increase of 23.0% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven by home buyer demand and persistently low inventory.

To better understand the impact of demand and supply, we use the Months Supply of Inventory (MSI) metric. This compares pending sales (or homes under contract) which measures buyer demand and inventory (or homes for sale) which measures supply. In September 2019, there were 1.6 months of supply available. A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply.

While demand is still outpacing supply in the area, the small bump in inventory this month provides buyers with more options when looking for a home to purchase. If you are looking to buy, work with your REALTOR® to explore some of the new options now available in your area.

 

SEPTEMBER 2019 GEM COUNTY HOUSING MARKET UPDATE

As of September 2019, the median sales price for Gem County was at $239,260, an increase of 21.4% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 22 homes sales in September, down 38.9% from September 2018, and down 35.3% from last month. This left 64 homes available for sale at the end of the month, down 5.9% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.2 months in September 2019, up from 1.6 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Inventory was down compared to last year, but we did see a 23% increase from the month prior. This is encouraging since the Gem County housing market needs more inventory to help bring the market back into balance and give buyers more options when searching for a home. If you’re considering selling, now would be a great time to talk to your REALTOR® about your options.

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

Ada County September 2019 SnapshotMembers can access Canyon County Stats via the Market Report EmailElmore County September 2019 SnapshotGem County September 2019 Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

August 2019 Market Report

ADA COUNTY HOME PRICES REACH NEW BUT EXPECTED HIGH POINT IN AUGUST

Key Takeaways:

  • The median sales price was at $355,000 in August 2019, up 6.6% over the same month last year.
  • We’ve seen a new record high median sales prices for Ada County every August since 2016 — driven by higher list prices and faster market times in the summer.
  • The existing housing supply is being outpaced by demand, which increases in the summer months, driving prices up. The increased share of new construction sales is also a factor in the higher overall median sales price.

Analysis:

Home prices were up 6.6% from last year in Ada County, hitting a record median sales price of $355,000 in August 2019. This high point continues the trend we’ve seen since 2016 with new record highs each August.

It typically takes one to two months for a home to close after it goes under contract, so many of the homes that closed in August likely went under contract at the end of June, July, or even early August. Analyzing market data going back to 2016 shows that homes are listed at the highest prices of the year during these months, and have some of the fastest market times, resulting in the highest sales prices of the year.

It’s not a surprise the list prices build through the summer, considering the warmer weather makes it easier for homeowners to prep their property to sell, and many buyers are hoping to get into a new home prior to school starting. Then this year, that seasonal cycle was compounded by another year-over-year decline in the supply of home compared to the increase in demand, resulting in another August with a record high median sales price.

The overall median sales price was also pushed up by a high number of new home sales — which accounted for 30.1% of all home sales in August 2019, up 14.4% year-over-year. New home prices are typically higher due to the cost of land, materials, and labor, so a higher share of new home sales has a big impact on the overall median sales price each month.

Thinking about purchasing a home? Whether prices remain high or dip down, REALTORS® are the best-equipped partner to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Home sales activity was up in Elmore County in August with 50 closed home sales and 69 homes going under contract, or “pending” — increases of 6.4% and 16.9% respectively, from the year before. However, inventory levels dropped again, marking 55 consecutive months of year-over-year declines. There were 76 homes available for purchase at the end of the month, down nearly 25% from August 2018.

The median sales price reached $179,975 — an increase of 17.6% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven by home buyer demand and persistently low inventory.

To better understand the impact of demand and supply, we use the Months Supply of Inventory (MSI) metric. This compares pending sales (or homes under contract) which measures buyer demand and inventory (or homes for sale) which measures supply. In August 2018, there were  1.7 months of supply available. A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply.

Whether you’re interested in buying or selling in Elmore County, it’s important to do your homework and find trusted partners to work with. REALTORS® are best-equipped to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 GEM COUNTY HOUSING MARKET UPDATE

There were 34 homes sales in Gem County in August, down 20.9% from August 2018, but up 61.9% from last month. Pending sales were also down, with 50 homes pending in August, down 5.7% from a year ago. This left 52 homes available for sale at the end of the month, down 27.8% year-over-year.

The median sales price for Gem County reached $231,885, an increase of 19.1% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low supply versus demand.

Speaking of supply versus demand, the Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). In August 2019, there were 1.7 months supply of inventory in Gem County, down 10.5% from August 2018. A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

When it comes to rising home prices in Gem County, the function of supply and demand is truly the biggest factor. If you’re considering selling, now would be a great time to talk to your REALTOR® about your options.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Aug 19Canyon Snapshot - Aug 19 (Check your email)-01Elmore Snapshot - Aug 19Gem Snapshot - Aug 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

July 2019 Market Report

MEDIAN SALES PRICE OF ADA COUNTY HOMES DROPS (SLIGHTLY) IN JULY

Key Takeaways:

  • The median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.
  • One reason we’re seeing month-to-month price fluctuations is changes to the “mix” of existing home sales by price range.
  • The year-over-year price gains continue to be driven by more demand than supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Analysis:

In July, there were 1,136 closed home sales and 1,741 homes that went under contract, or “pending”. Both closed sales and pending metrics were up compared to July of 2018, 2.4% and 2.5% year-over-year, respectively. Despite an uptick in sales activity, the median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.

Why the fluctuations in price? One reason is that as the share of existing sales by price range changes on a month by month basis, it results in a new “mix” of existing home sales and impacts the overall median sales price.

Share of Existing Sales by Price Range in Ada County, 2019 YTD

From June to July, the share of home sales in the $160,000 – 199,999 price range increased slightly from 2.1% – 2.5%, and the share of existing home sales in the $500,000-699,999 price range decreased from 11.4%- 10.0%. Also, during this time period, the share of existing home sales in the $1,000,000 or more price range dropped from 1.3% to 0.5%. While the number of higher-dollar home sales is usually low compared to the total number of homes sold, the impact these higher priced sales have on the overall median sales price can be significant.

The current “mix” of home sales is only made possible by the inventory that is available for purchase. We’ve seen increased inventory levels each month since April, with 1,755 homes available for sale at the end of July 2019, an increase of 9.2% from July of 2018. This additional inventory was welcome news as the metro area continues to experience persistently low inventory compared to demand.

While this helps explain the month-to-month decrease, the year-over-year price gains continue to be driven by more demand than supply. One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Despite the increase, July’s MSI is still well below the 4-6 month range that would indicate balanced market. As long as inventory remains far below demand from home buyers, we expect that prices will stay elevated with some month-to-month fluctuations based on the mix of sales and individual prices.


JULY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Elmore County home sales that closed in July flew off the market at record speed, spending only an average of 13 days on the market before going under contract. This was 45.8% faster than in July 2018 when the average days on market was 24.

The median sales price also set a record at $178,225; an increase of 16.5% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Sales activity was also up in Elmore County in July with 59 closed home sales and 69 homes going under contract, or “pending” — increases of 31.1% and 21.1% respectively, from the year before.

There was a slight uptick in the number of homes available for purchase at the end of the month, 74 in July compared to 69 in June. Despite this increase, July marked 54 months of consecutive year-over-year declines in inventory. Months Supply of Inventory in Elmore County was at 1.8 months — down 28.0% from the same month last year.

The Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.


JULY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of July 2019, the median sales price for Gem County was at $222,125, an increase of 15.5% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 21 homes sales in July, down 34.4% from July 2018, and but up 16.7% from last month. Pending sales were also up, with 66 homes pending in July, up 1.5% from a year ago. This left 56 homes available for sale at the end of the month, down 26.3% year-over-year but up 12.0% from June 2019.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.1 months in July 2019, down from 2.9 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Sellers are enjoying record high prices in Gem County. If you’re considering a move, talk to your REALTOR® to learn more about the options available to you.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

July 2019 Ada County SnapshotEmail cassie@boirealtors.com for Canyon County Market StatsJuly 2019 Elmore County SnapshotJuly 2019 Gem County Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

2019 Housing Summits

2019 Ada County Housing Summit                            2019 Elmore County Housing Summit                        2019 Gem County Housing Summit

BRR hosted Housing Summits in Ada and Elmore County in July, and will host the Gem County Housing Summit in August. If you’re interested in attending the Gem County Housing Summit, click here to register. There is no cost for members.

Looking for the Mid-Year Residential Real Estate Updates? Here are the download links:

 

BRR’s new Guide to Civic Engagement was also announced at the 2019 Housing Summits. Learn more about how to get involved on our website and download the handout today!

Guide to Civic Engagement pg 1              Guide to Civic Engagement pg 2

 

EVENT PHOTO GALLERIES

Ada County Housing Summit  | Elmore County Housing Summit | Gem County Housing Summit

June 2019 Market Report

RECORD ADA COUNTY HOME PRICES TEMPERED BY LOW MORTGAGE RATES

Key Takeaways:

  • The median sales price for Ada County reached a new record of $354,405 in June 2019. This was up 10.0% over the same month last year.
  • Ada County home prices continue to be driven by a decreasing supply of lower-priced existing homes compared to demand, new homes selling at overall higher prices due to rising construction costs, as well as increased purchasing power due to low mortgage rates.

Analysis:

Home prices have continued to climb in Ada County, reaching a record median sales price of $354,405 in June 2019. This was up 10.0% over the same month last year. The median sales price for both existing and new homes were also at record highs in June, at $339,945, and $419,040 respectively. While we can’t point to any one factor for the hike in prices, we have identified three reasons we’re seeing these types of numbers in Ada County.

There continues to be a shortage of housing, particularly in the lower price points. This has caused the share of higher-priced home sales to continue to rise, further driving up the median sales price for the existing segment, as well as the market overall. The uptick in existing inventory of 13.2% year-over-year in June was no match for the fact that we’ve seen demand consistently outpace supply for the last several years, as indicated by the fact that the Months Supply of Inventory (or MSI) was 1.1 months in the existing segment. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

As we’ve noted previously, the rise in new construction home prices is due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences. A recent report from the National Association of REALTORS® (NAR) says that, “Job openings in construction in May 2019 outpaced the number of workers looking for construction jobs.” This shortage of workers has hampered housing starts nationwide and has an impact on the type of product and at what price point builders are able to build.

Yes, prices are up, but low mortgage rates are helpful for buyers and may also be influencing what homes buyers purchase and at what price point. Since lower rates equates to lower monthly payments, buyers may be selecting a more expensive home that still fits their budget. Low mortgage rates also fuel demand for housing, as those who have been waiting for rates to drop to start shopping for homes.

FRED Mortgage Rates

We’ll be taking an in-depth look at these trends and additional data for Ada County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics, challenges, and a comparison of today’s market and our previous peak in 2007.

 

JUNE 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for homes in Elmore County reached $169,744; an increase of 10.9% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Speaking of low inventory, June marked 53 months of consecutive year-over-year declines in inventory — leaving 69 homes on the market at the end of the month, down 17.9% from June 2018. The Months Supply of Inventory (or MSI) in Elmore County dropped to 1.3 months — down 23.5% from the same month last year.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

There were 51 closed sales in Elmore County last month — up 27.5% from the same month last year. Homes that closed in June spent an average of 47 days on the market before going under contract, 62.1% slower than in June 2018 when the average days on market was 29.

We’ll be taking an in-depth look at these trends and additional data for Elmore County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics and the unique circumstances of the area’s housing market.

 

JUNE 2019 GEM COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for Gem County was at $214,000, an increase of 11.3% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 18 homes sales in June, down 18.2% from June 2018, and down 52.6% from last month. However, there were 56 pending sales, up 7.7% from a year ago, so we’ll likely see those sales close in the next month or two. This left 50 homes available for sale at the end of the month, down 31.5% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.3 months in June 2019, down from 2.3 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Although home sales were down a bit, the homes that are selling are selling fast. The homes that sold in June spent an average of 18 days on the market before going under contract, so buyers need to be prepared to move quickly when shopping for home in Gem County.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - June 19Canyon County Members Only

Elmore Snapshot - Jun 19Gem Snapshot - June 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

 

May 2019 Market Report

SUPPLY AND DEMAND DYNAMICS CONTINUE TO
DRIVE HOME PRICES UP IN ADA COUNTY

Key Takeaways:

  • The existing home median sales price reached a new high at $329,000, up 14.7% from May 2018. Local home prices are being driven by the persistently low inventory of existing homes compared to demand.
  • Due to the lack of inventory of homes for sale at the lower price points, the share of higher-priced home sales continued to rise, further driving up the median price for the segment, as well as the market overall.
  • The median sales price for Ada County reached a new record of $342,990 in May 2019, for existing and new homes combined. This was up 12.5% over the same month last year.

Analysis:

The median sales price of existing/resale homes in Ada County reached a new high of $329,000 in May 2019, up 14.7% from May 2018. As noted in previous market reports, local home prices are being driven by the persistently low inventory of existing homes compared to demand.

One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. In May 2019, the Months Supply of Inventory metric for Ada County was at just 1.5 months for all price points combined, and for existing homes priced below $300,000 MSI was at one month.

Our market needs additional inventory, especially existing homes below the $300,000 price point. Homeowners may have more equity than ever as home prices have risen, and those who have considered a move should to contact a REALTOR® to understand their options for selling and buying.

Ada County Existing MSI Chart

Because there are fewer homes available at the lower price points, the share of home sales above $300,000 continued to rise – at 61.3% of all existing homes sales in May 2019. As a result, as more existing homes sell at higher price points, it further drives up the median price for the segment, as well as the market overall.

To that point, the median sales price in Ada County, for existing and new homes combined, reached a new record of $342,990 in May 2019, up 12.5% year-over-year.

For those looking to purchase a home in Ada County, don’t lose hope. We’re still at the beginning of the summer selling season so there will be more homes coming online soon. Get your financing in order and work with your REALTOR® to write a competitive offer so that you’re ready when you find your next home.

 

MAY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for homes in Elmore County reached $168,900; an increase of 11.5% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

The number of closed sales in Elmore County also increased to 47 last month — up 67.9% from April, but still down 4.1% from the same month last year.

The Months Supply of Inventory (or MSI) in Elmore County increased to 1.8 months — up 20.0% from the same month last year. However, despite the increase in MSI, there were only 68 homes still on the market in Elmore County at the end of May, down 19.0% from May 2018.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

The increase in median home price and closed sales is encouraging news for those looking to sell their home in Elmore County. Work with your REALTOR® to take advantage of the current market and get the most out of your current property. And for those looking to buy a home, keep an eye out! Conditions like this could lead to more homes becoming available in your market.

 

MAY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for Gem County was at $213,750, an increase of 11.1% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

There were 38 homes sales in May, up 15.2% from May 2018, and up 40.7% from last month. This left 51 homes available for sale at the end of the month, down 12.1% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.4 months in May 2019.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Prices will most likely continue to grow and homes will continue to sell quickly, making this market more competitive. Working with a REALTOR® is the best way to find a home you like and gives you your best chance at securing it in markets like this.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - May 19Canyon County Members Only

Elmore Snapshot - May 19Gem Snapshot - May 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

 

April 2019 Market Report

MORE INVENTORY IN ADA COUNTY HELPED MODERATE HOME PRICES IN APRIL; PLUS, WHY NEW HOMES ARE COMPARATIVELY LESS EXPENSIVE TODAY THAN IN 2007

Key Takeaways:

  • An increase in total inventory and a slight decrease in the share of new home sales last month helped hold home prices steady between March and April.
  • Comparisons to 2007 are typical when median prices go above $300,000, but in doing so, one must adjust prices for inflation.
  • Adjusting for inflation, new homes today are comparatively less expensive than in 2007 when prices were driven by speculation. Current new home prices are impacted by land, labor, and material costs, as well as the low number of “move-in ready” options,  compared to demand.

Analysis:

 The median sales price of existing homes in Ada County was at $308,450 in April 2019, up 12.2% over April 2018 but down slightly from March 2019. The median sales price for new construction was at $369,000, nearly even with last year but down 2.3% from March 2019.

This put the overall median sales price at $331,990 (for existing and new construction activity combined) an increase of 12.5% year-over-year and down just 1.0% from the previous month.

As we’ve reported previously, new construction sales have been gaining more and more of the total market share in Ada County. “Since new homes generally sell for more than existing homes, this segment continues to have a greater impact on the overall median sales price,” said Phil Mount, 2019 President of Boise Regional REALTORS®.

But while the share of new home sales remained high (36.3% of all sales in April) it was just below the share of new home sales in March, which helped moderate the new and overall median prices a bit.

In addition, an increase in total inventory helped hold prices steady month-over-month across all segments. There were 1,525 homes listed as “active” in the multiple listing service, up 22.9% year-over-year and up 12.8% from the previous month. 756 of those listings were new homes ― 269 were move-in ready, 417 were under construction, and 70 were listed as “to be built.”

When median prices go above the $300,000-mark, we’re often asked to compare our current situation with 2007, when the market peaked before the recession. However, when looking at prices that are more than a decade old, we must adjust for inflation.

For example, the median sales price of existing homes previously peaked in 2007 at $227,900. Looking at actual dollars, the median sales price in April 2019 was 35.3% higher than that previous peak. However, adjusting for inflation, that 2007 price would be equivalent to $280,885 in today’s dollars for a comparative increase of 9.8%.

The median sales price of new homes previously peaked in 2007 at $312,575. Looking at actual dollars, the median sales price in April 2019 was 18.1% higher than the 2007 peak. However, adjusting for inflation, that 2007 price would be equivalent to $385,247 in today’s dollars for a comparative decrease of 4.2%.

The theory of supply-and-demand would suggest that the adjusted price decrease for new homes since 2007 should have been caused by more inventory, but that was not the case.

At the 2007 peak, there were 1,355 new homes for sale compared to 756 in April 2019. Instead of prices being based on supply-and-demand, they were being driven by speculation.

Today, new home prices are being driven mostly by higher land, labor, and material costs, as well as a low level of move-in ready inventory,  compared to demand.

Over the next few months, we will be updating our research on affordability, population, wages, inventory, in-migration trends, and more, to provide additional context on our current housing market and how it compares to past market cycles. Please watch for our Mid-Year Market Report in early Q3-2019.

 NOTE: Adjusted prices calculated online at www.usinflationcalculator.com using Consumer Price Index (CPI) and inflation data from the U.S. Labor Department’s Bureau of Labor Statistics.


AVAILABLE INVENTORY INCREASES IN ELMORE COUNTY

In April 2019, the Months Supply of Inventory in Elmore County increased to 1.4 months — up 7.7% from the same month last year — ending 6 consecutive months of decline in inventory in the area.

The Months Supply of Inventory metric (or MSI) measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

The median sales price for homes in Elmore County reached $168,500 in April 2019, an increase of 11.2% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

Although inventory and home prices increased in April, there were only 28 closed sales in Elmore County, down 37.8% from April 2018.

This month’s increase in inventory is encouraging news for those looking to buy in Elmore County. Work with your REALTOR® to take advantage of the increase in options and see if something new has become available that is right for you.

 

MEDIAN HOME PRICES RISE IN GEM COUNTY

As of April 2019, the median sales price for Gem County was $211,500, an increase of 10.0% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

Twenty-seven homes sold in Gem County in April 2019, up 12.5% from March 2019, but down 27.0% from April of last year. This left 37 new and existing/resale homes available for sale at the end of the month, down 15.9% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.2 months in April 2019.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

With buyer demand this high, prices will most likely continue to grow and homes will continue to sell quickly. In competitive markets such as this one, it becomes critical to work with your REALTOR® to find the right home and be prepared to make an offer as soon as you find a home you like.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

April 2019 Ada County Market SnapshotApril 2019 Elmore County Market SnapshotApril 2019 Gem County Market Snapshot

 

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Annie Exline, Communications Specialist for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

March 2019 Market Report

 NEW CONSTRUCTION HOME SALES AND MEDIAN HOME PRICES CONTINUE TO CLIMB IN ADA COUNTY

Key Takeaways:

  •  New construction sales are gaining more and more of the market share and continuing to influence the overall median sales price.
  • In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points.
  • An increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

New Construction’s Impact on the Overall Market
As reported last month, new construction sales are gaining more and more of the total market share in Ada County. Since new homes generally sell for more than existing homes, new home sales continue to have a greater impact on the overall median sales price. In February 2019, new construction sales made up 38.7% of all home sales in Ada County. In March 2019, that share increased to 39.8% resulting in an overall median sales price of $335,000, an increase of 8.4% year-over-year and a record high for Ada County.

Existing Home Prices Up Due to Lack of Lower-Priced Inventory
In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points. This pushed the median sales price for existing homes in Ada County to $309,900 in March 2019, an increase of 6.9% year-over-year and a record high for the county.

While we have seen gains in the number of existing homes for sale over the past few months, the additional inventory and resulting sales have primarily been in the upper-end of the market:

Change in Sales Price vs Number of Closed Sales

As with new construction’s impact on the overall market, the increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

Where do Condo and Townhomes Fit In?
Traditionally BRR has not reported on the condo/townhome segment, due to the very small market share it represents (less than 10% of the sales and inventory). However, the smaller footprint and shared land costs provide an average list price that’s about 8-9% less than that of single-family homes. While there are not as many condos or townhomes to look at, and there may be costs beyond the purchase price, such as homeowners’ association fees, these could be an option for some buyers.

We’re seeing some shifting dynamics in our local market with the increase in new construction sales and higher-priced existing home sales. However, this doesn’t mean that there still are not affordable options for those who are looking. Now is the time to talk to your REALTOR® about your options.

 

HOME SALES AND PRICES CONTINUE TO RISE IN ELMORE COUNTY

The median sales price for homes in Elmore County reached $167,500 in March 2019, an increase of 13.9% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

This price increase was due in part to more homes being sold at overall higher price points. In March, there were 45 closed sales in Elmore County, up 15.4% from March 2018.

Additionally, buyer demand has continued to outpace supply, putting even more pressure on home prices. In March 2019, the Months Supply of Inventory in Elmore County was at just 0.8 months —  down 60.0% from the same month last year.

The Months Supply of Inventory metric (or MSI) measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

We will continue to monitor how the new construction segment impacts the median sales price, but for those looking to buy or sell, talking to a REALTOR® is the best way to get information about market trends specific to your situation.

 

HOME SALES AND PRICES UP IN GEM COUNTY

In March 2019, 24 homes sold in Gem County, up 33.0% from March 2018. This left 39 new and existing/resale homes available for sale at the end of the month, down 4.9% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.9 months in March 2019.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Based on the rolling median data between March 2018 and March 2019, the median sales price for Gem County was $204,250, an increase of 6.2% over the same period last year. We use a rolling 12-month median sales price, to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

As buyer demand continues to grow, so too will the price of homes in Gem County. If you are considering a move—whether buying or selling— talk to a REALTOR® as they can help you determine what’s right for you

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Mar 19March 2019 Elmore County SnapshotMarch 2019 Gem County Snapshot

 

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Annie Exline, Communications Specialist for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

February 2019 Market Report

SHARE OF NEW CONSTRUCTION HOME SALES
CONTINUES ITS CLIMB IN ADA COUNTY

Key Takeaways:

  • New construction sales are gaining more and more of the market share and continuing to influence the overall median sales price.
  • While sales of new construction homes have been up year-over-year for the last 21 consecutive months, sales of existing homes have now been down for the last nine consecutive months.
  • Even though existing inventory is up year-over-year for the second month in a row (after 51 months of declines) this decrease in existing/resale homes sales shouldn’t come as a surprise, as the number of closed sales that are even possible has been limited due to the fact we’ve had fewer and fewer existing homes to sell each month compared to buyer demand.

As we’ve noted before, the Ada County housing market has been shifting to a new norm with new construction sales gaining more and more of the total market share. In February 2019, new construction sales made up 38.7% of all sales, a 10.0% increase from a year ago.

Feb 19 Market Report Existing vs New Contruction Sales

These changes in segment market share continue to influence the overall median sales price for homes in Ada County. In February, the median sales price was $324,800, up 10.1% from the year before. New construction is typically priced higher primarily due to increasing land, materials, and labor costs.

While sales of new construction homes have been up year-over-year for the last 21 consecutive months, sales of existing homes have now been down for the last nine consecutive months. Even though existing inventory is up year-over-year for the second month in a row (after 51 months of declines) this decrease in existing/resale homes sales shouldn’t come as a surprise, as the number of closed sales that are even possible has been limited due to the fact we’ve had fewer and fewer existing homes to sell each month compared to buyer demand.

As we mentioned, existing inventory was up in February 7.4% compared to last year, but how did this uptick in inventory impact price? Since home prices are being driven by housing supply versus buyer demand, one would expect the price to drop some as inventory increases, however, we aren’t seeing that dynamic quite yet in this case as the median price for existing homes was $295,000, a 9.3% increase compared to February 2018. This could be because the homes that closed in February likely went under contract 60-90 days prior, when existing inventory was still declining, or could be an indicator of the mix of price points of the inventory available at that time. If existing inventory continues to increase as we head into the spring months, we could start seeing a shift in the median sales price for existing/resale homes.

We’re seeing some shifting dynamics in our local market with the increase in new construction sales. However, this doesn’t mean that there still isn’t abundant demand for existing houses. If you’ve been thinking about listing your home, now would be a great time to talk to your REALTOR® about your options as we head into the spring selling season.


HOME SALES AND PRICES ARE UP IN
ELMORE COUNTY 
COMPARED TO A YEAR AGO

Home sales were up 45.5% from February 2018 in Elmore County, with 32 homes being sold this month. The median sales price for homes also rose to $167,000, an increase of 14.0% based on data between March 2018 and February 2019.

Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

Buyer demand is outpacing supply, causing home prices to rise in Elmore County, as shown through the low Months Supply of Inventory (or MSI) this month. The relationship between pending sales (which measures buyer demand), and inventory (which measures supply), is reported as MSI.

There were 56 homes under contract in February 2019, down 5.1% from February 2018, which left 42 homes available for sale at the end of February, down 40% from the same month last year. This meant that Elmore County’s MSI was 1.0 this month, down 50.0% from the same month last year.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Demand for houses is outpacing supply in Elmore County, so prices are rising. Those looking to buy this spring need to be prepared to make quick decisions and work with their REALTOR® to make competitive offers.

 

HOME PRICES DRIVEN BY DEMAND IN GEM COUNTY

In February 2019, there were 48 homes under contract in Gem County, up 2.1% from February 2018. Interestingly, of those 48 pending sales, 12 were new construction, an increase of 100% over the year before. That left 47 new and existing/resale homes available for sale at the end of February, no change from the same month last year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.4 months in February 2019.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Because buyer demand is outpacing supply, as shown through the low MSI calculation, home prices are rising in Gem County. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

Based on data between February 2018 and February 2019, the median sales price for Gem County was $199,450, an increase of 7.8% over the same period last year.

While we didn’t see any new construction sales in February, pending sales for that segment were way up. As new construction sales increase in Gem County and throughout the Treasure Valley, we’ll be keeping an eye on how that impacts the median sales price in the coming months.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

  Ada County February SnapshotElmore County February SnapshotGem County February Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).

January 2019 Market Report

EXISTING HOUSING SUPPLY UP IN JANUARY
AFTER 51 CONSECUTIVE MONTHS OF DECLINES

Key Takeaways:

  • January 2019 was the first time since October 2014 that the year-over-year number of existing homes for sale in Ada County increased, rather than decreased, up 5.9% from January 2018.
  • Despite this uptick in existing inventory, closed sales were down 6.3% year-over-year. The number of closed sales that are even possible was limited due to the fact we’ve had fewer and fewer existing homes to sell each month compared to buyer demand.
  • This additional inventory impacted the months supply of existing/resale inventory in Ada County, which was at 1.2 months in January, for all price points combined, up from 0.9 months as of January and was higher than we saw in any month in 2018 except for one.

Analysis:

Did the new year bring with it a new trend in the housing market for Ada County? While one month of existing inventory increases can’t be considered a trend, January 2019 was the first time since October 2014 that the number of existing homes for sale in Ada County was higher than the same month the previous year — up 5.9% compared to January 2018. We’re hopeful that this year-over-year increase is the start of inventory coming back into balance, however, we still have quite a ways to go before that happens.

Any increase in housing inventory is welcome news to those who’ve been looking to buy. If you’ve been considering a move, now would be a great time to talk to your REALTOR® about what’s newly available.

Despite this recent uptick in existing inventory, overall closed sales were down 6.3% year-over-year. Looking at the existing/resale segment specifically, sales were down 18.6% from a year ago. The number of closed sales that are even possible has been limited due to the fact we’ve had fewer and fewer existing homes to sell each month compared to buyer demand for over four years. The logic is simple — buyers haven’t been able to buy homes that aren’t for sale.

Speaking of buyer demand, the “Months Supply of Inventory” metric is a way to measure the relationship between inventory and buyer demand. This metric takes the number of homes for sale (inventory) divided by the average number of closed sales by month for the preceding twelve months. The resulting number can be described as the number of months it would take to sell through all the available supply assuming no other homes came on the market.

As of January 2019, the months supply of existing/resale inventory in Ada County was at 1.2 months, for all price points combined, up from 0.9 months in January 2018, when looking year-over-year, as well as December 2018 looking month-to-month. Still a far cry from the 4-6 months of supply that is considered “balanced,” but a small step in that direction. We will continue to monitor these metrics to see if the trend continues into spring.

 

HOME SALES AND PRICES UP IN ELMORE COUNTY IN JANUARY

In January 2019, 44 homes sold in Elmore County, up 12.8% over last year. This left 42 homes available for sale at the end of the month — a decrease of 41.7% year-over-year. Like other areas in southwest Idaho, and nationwide, Elmore County has seen a dwindling supply of existing/resale homes for sale in recent years.

Looking at sales over the past 12 months, the median price for homes that sold through January 2019 was $166,600 — up 17.3% over the same period last year.

Due to the smaller number of sales in the county, the 12-month average is a helpful way of analyzing area price trends, as it adjusts for any months in which a very high- or low-priced home sold that would otherwise be inconsistent with the general market.

Apparently, the colder temps haven’t deterred buyers in Elmore County. Thinking about selling? Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.

 

GEM COUNTY HOME SALES DOWN IN JANUARY

In January 2019, 13 homes sold in Gem County, down 27.8% from last year. This left 44 homes available for sale at the end of the month — a decrease of 6.4% year-over-year. This drop in sales could be due in part to seasonality, and the fact that Gem County has had persistently low existing/resale inventory for the last several years.

What does that mean for home sales in the coming months? Homes under contract, also called “pending sales,” are properties with an accepted offer that should close within 30-90 days. Pending sales were also down year-over-year in January by 4.8%, but up from the previous month by 33.3%, so February and March will likely bring more sales than what we saw in the first month of 2019.

Looking at sales over the past 12 months, the median price for homes that sold through January 2019 was $198,225 — up 10.4% over the same period last year.

Due to the smaller number of sales in the county, the 12-month average is a helpful way of analyzing area price trends, as it adjusts for any months in which a very high- or low-priced home sold that would otherwise be inconsistent with the general market.

Although home sales are down a bit compared to January 2018 in Gem County, we don’t anticipate that will continue as we head into the spring market. And with prices where they are, those who are selling are getting a great value for their homes. If you think you might be ready for a move, talk your REALTOR® to find out what options are available based on your specific situation.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

 ADA Snapshot - Jan 19Elmore Snapshot - Jan 19Gem Snapshot - Jan 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. 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).