Want to sell your home? Bring it on!
Want to sell your home? Bring it on!
2011 continued the trend in Ada County of increased sales and reduced inventory. 2011 ended with about 5% more residential units sold than in 2010 and about 14% more than in 2009. The chart below shows sales of residential units over the last ten years, with a peak in 2005. Unit sales in 2011 were slightly higher than in 2002, with the trend going up.
Inventory is down 31% from the end of last year and down a whopping 65% from the high in 2007.
The Relationship Between Inventory Level and Prices
Inventory is at such a low point, with only 3.5 months of supply, that prices should be forced up. It’s interesting to look at the chart below, which shows the relationship between inventory, the pace of sales and the effect of both on prices. When inventory was below 6 months, from 2002 through 2006, prices increased steadily. When the number of units sold began began to slack in 2006, inventory rose above 6 months' supply and prices began to drop.
Price Movement in the Last Two Years
Lending further support to the expectation of rising prices, the chart below tracks the average price of homes sold in Ada County over the last 8 quarters. With inventory low, prices have begun to creep up.
Distressed? Not So Much!
Distressed closings have decreased from 53% of total closings in the 4th quarter of 2010 to 43% in the 4th quarter of 2011.
Based on 4th quarter sales, there is only one month’s supply of bank-owned properties compared to 5.7 months of short sales and 4.6 months of non-distressed properties.
What to Look For in 2012
Between 2003 and 2004, when the supply of inventory was at the current level of 3.5 months, the average price of home sales increased ten percent. With similar market conditions now, it makes sense that we may see similar price increases in 2012.
The lack of inventory also creates an opportunity for builders and developers to fill the void. Also, many homeowners who feel they are “under water” may be able to sell their homes for more than they think they can.
Market Statistics
Click on the links below to download the latest Market Statistics.
Legend
Market - These include homes of all ages and new construction.
Existing - This includes all homes older than 1 year and excludes new construction data.
New Construction - This includes new, to be built, and under construction homes.
Ada County Area Map
Canyon County Area Map
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Market |
Existing |
New Const |
| Ada County |
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| North Boise, 100 |
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| Northeast Boise, 200 |
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| Southeast Boise, 300 |
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| Boise Bench, 400 |
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| Southwest Boise, 500 |
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| SW Boise/Meridian, 550 |
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| West Boise, 600 |
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| West Boise/Meridian, 650 |
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| Garden City, 700 |
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| NW Boise/Garden City, 800 |
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| Eagle, 900 |
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| Star/Meridian, 950 |
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| Southeast Meridian, 1000 |
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| Southwest Meridian, 1010 |
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| Northeast Meridian, 1020 |
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| Northwest Meridian, 1030 |
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| Kuna, 1100 |
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Market |
Existing |
New Const |
| Canyon County |
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| Nampa (83687), 1250 |
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| Nampa (83686), 1260 |
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| Melba, 1265 |
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| Nampa (83651), 1270 |
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| NW Freeway, 1275 |
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| SW Freeway, 1280 |
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| Middleton, 1285 |
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| Canyon Other, 1290 |
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| Parma, 1292 |
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| Wilder, 1293 |
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| Greenleaf, 1294 |
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| * If these links do not work, please visit the Group One shared drives and go to the Market Statistics folder. |