Monthly Market Reports

Smoking Hot! And the Market Isn't Bad Either

Smoking Hot! And the Market Isn't Bad Either

July left us wishing for cooler temps and more inventory.  Resale home inventory in Ada County is down 15% from last July but pending contracts were up 1%.  Months of supply (inventory vs sold) for resale in Ada County are down 20% and down 26% for new construction. 

Days on market might be part of the answer:  20% fewer days on the market for resale homes and 12% fewer days on market for new construction.  This means buyers are more prepared than ever with loan qualification in hand and research done when they go out looking.  They are knowledgeable, prepared, and ready to write offers and make decisions quickly.

Another part of the answer could be homes that don’t hit the multiple listing service (MLS).  Long a bane of the homebuyer, the “Coming Soon” may be a thing of the past thanks to new MLS rules giving equal access to all buyers.  Interestingly, Ada County resale listings for Group One Sotheby’s International Realty was up 15% in June and 7% in July over the same months in 2016, clearly bucking the trend of shrinking inventory.

If we continue to follow 2016 trends, as we have all year, we will see a continuation of strong demand vs low inventory.  While this is a hot market for sellers, buyers are obviously finding homes with overall YTD closed sales up 7% in a market that saw overall inventory down 11.5%.  

 

Posted by Brad Barker at 8/7/2017 11:31:00 PM
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