Pending Sales of Existing Homes Outpace Inventory in the Boise Region

Homes under contract, also called “pending sales,” are properties with an accepted offer that should close within 30-90 days. Because homes don’t typically go pending and close during the same month they’re listed, when inventory is very low, there can be more pending sales than homes available to purchase.

For the past three months in both Ada and Canyon County, pending sales of existing homes have outpaced inventory, as buyer demand continued to be strong throughout the spring market.

Ada County Inventory vs Pending Chart 052017 smaller Canyon County Inventory vs Pending Chart 052017 smaller

Taking a closer look at April 2017 in Ada County, 1,107 existing homes went under contract compared to the 891 existing homes that were available for sale. In Canyon County, 556 existing homes went under contract compared to just 401 existing homes available for sale.

Canyon County experienced this same three-month trend in February, March, and April 2016, but it reversed by May 2016. Ada County pending sales were only higher than inventory in April last year.

Low inventory has also affected closed sales figures for existing homes, with year-over-year declines in both counties. This is not a reflection of buyer demand, as seen by the pending sales figures mentioned, but more simply: buyers can’t buy homes that aren’t for sale.

While the National Association of REALTORS® (NAR) is looking to builders to help solve the inventory shortage nationwide, locally, we need additional existing inventory to come online.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the April 2017 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 Canyon County:

ADA Snapshot - April 17

CANYON Snapshot - April 17

 

 

 

 

 

 

NOTE: Monthly pending sales data is not available prior to 2011, so the instances referenced are the only times we’ve seen this occur in our data set.

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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.