There were 2,268 homes (single family detached with less than 2 acres of land, condominiums and townhomes) sold in Ada County during the first quarter this year. That's a decrease of 1%, such a small factor that a few days' difference in paperwork could explain. Transactions in escrow (pendings) were 9% lower than they were at the end of March last year, which may signal a slight drop in sales in the spring market. There were 1,475 properties on the market at the end of March, an increase of 24% over the same date last year, which seems unusual given buyers' complaints about our lack of inventory.
New homes accounted for 36% of total first-quarter sales, a considerable increase from a few years ago, but finished new home inventory is only 19% of our total inventory, giving us 29 days of move-in ready homes on the market.
Builders and developers are helping to create the inventory we need and the more affordable choices they are able to give buyers, the more rapidly our market can absorb the inventory.
The good news for buyers is there are more homes on the market to choose from and it looks like builders are willing to provide more inventory. Sellers continue to be in a great position with very little competition.