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!