Monthly Market Reports

Group One Sotheby's International Realty June Market Report

FROM COLD TO HOT IN SIX MONTHS

The residential market in Ada County has recovered from the cold, snowy winter months.  Sales of residential units for the first six months in Ada County were almost identical to sales for the first six months of last year.  Inventory, however, was down 16% from a year ago.  Average prices increased 7% over the trailing twelve months, par for the course over the last several years.

Closings for the month of June were 4% higher than they were in June 2016 while pending contracts at the end of the month were up 6%, a good sign especially given the reduced inventory.

Resale sales were slightly down, as were pending sales. Closings in new construction for the month of June, however, increased 23% over closings for June 2016.  The opportunity is huge for new construction to help answer more of our demand for housing.

The chart below shows average prices and the number of closings for the last sixteen-and-a-half years.  The closings reflected for this year are the trailing twelve months ending at the end of June, only the second time since 2008 without an increase in the number of sales.

Although the average price increased over $100,000 since 2002, the increase averaged only 4.5% per year.

Posted by Brad Barker at 7/7/2017 12:25:00 AM
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