Monthly Market Reports

Group One Sotheby's International Realty February Market Report

IT'S DEJA VU ALL OVER AGAIN

Yogi Berra's famous gaff might apply to our market. So far 2019 looks a lot like 2018.  February sales for Ada County were 7% higher than they were last February but the sales totals for the first two months were almost identical.  Inventory at the end of February is down 7% compared to the end of last February.

Thank goodness for new construction, which is gaining a larger share of the market. During the first two months of last year, new construction constituted 30% of sales while this year so far it has made up 36% of the market.

Notice in the chart below how new home sales have risen for the January/February time frame from 22% five years ago to 36% this year.

 

Although the statistics show that we have 1.4 months of inventory, only 40% of the new home inventory is finished, so there are actually only 26 days of inventory ready to be occupied.  Spring is coming. Bring on the inventory!

Posted by Brad Barker at 3/7/2019 4:17:00 AM
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