Helped by a 67% increase in inventory compared to the end of April, May saw a 12% increase in the number of properties sold in Ada County over last May. That happened even though inventory at the end of the month was less than half of the inventory at the end of last May.
Even better news is that most of the increase in inventory was caused by an increase in the availability of existing, not new, homes. Those can't be manufactured; an increase in the inventory of existing homes depends upon the willingness of owners to part with their properties and move on.
During the past year of high demand and low inventory, average home prices sold in Ada County have increased by 21%; good for existing owners, but challenging for buyers. What a great time for sellers of existing homes! The price per square foot for existing homes sold in the past year was $229, roughly 6% higher than the price per square foot for new homes (at $216). Is this a once-in-a-lifetime opportunity for those who own homes in Ada County?
It might be.
To find out what your home might sell for, contact your Group One Sotheby's Realtor.