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.