Existing Housing Inventory Hits Record Low in the Boise Region

December 2016 saw a new record for inventory in Ada County when looking at trends over the past decade, falling below the previous record low of 1,664 from January 2013, bottoming out at 1,490 homes for sale. Canyon County’s inventory was at 808 homes in December 2016, just 57 more homes than its record low of 751 from February 2016.

These inventory numbers combine both new and existing homes for sale, but the main culprit behind this lack of inventory is specifically from existing homes for sale.

In December 2016, there were only 644 existing homes for sale in Ada County, 27.5% less than in December 2015; and in Canyon County, there were only 375 existing homes for sale in December 2016, 26.3% less than a year ago.

In contrast, inventory of new homes for sale in Ada County in December 2016 was just slightly below December 2015, down just 1.1%; and for Canyon County, new home inventory actually increased 25.5% over last year.

Two reasons for the shortage of existing inventory is that homeowners are holding back waiting until spring to list, or, they are shopping for a new home before putting theirs on the market. However, demand from homebuyers has been strong year-round for the past few years.

To illustrate, in December 2016, there was only 1.1 months supply of existing homes available in Ada County, and just 1.3 months in Canyon County. A balanced market — one that does not favor buyers or sellers — is typically between 4-6 months. Supply under 4 months tends to favor sellers, and anything over 6 months tends to favor buyers. In comparison, Ada County had 4.3 months of new home supply in December, and Canyon County had 7.3 months of supply.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the December 2016 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.

BRR’s 2016 Residential Real Estate Market Report will be released next week, and it will take a comprehensive look at local real estate in 2016, discuss local supply and demand trends, demographics, and more.

Download the market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - DecemberCANYON Snapshot - December

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This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 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.