Monthly Market Reports

GROUP ONE SOTHEBY'S INTERNATIONAL REALTY MAY MARKET REPORT

MAY MARKET SPROUTS CONTINUED GROWTH

What would it be like if we had more inventory?

May's sales were 16% higher than last May's sales despite inventory being 30% lower than it was a year ago.  Pending contracts at the end of the month were also 6% higher than they were a year ago.

The average price of sold properties continues to rise above historic highs. The average price of sold properties in Ada County was $314,262, 13% higher than the average price a year ago. The average sold price of new homes in the last 12 months was $375,413, 12% above the average price for the previous 12 months. The average price of a resale home was $294,292, 13% above the average for the previous 12 months.

What a perfect opportunity for builders and developers!  Of the 631 new homes listed as available, only 159 are finished and 154 not even started.  That means there is only a 23-day supply of homes, both resale and new, ready to occupy.

The chart below shows the breakdown of inventory at the end of May.

 

Posted by Brad Barker at 6/6/2018 1:03:00 AM
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