The new year got off to a fast start in Ada County this January. Sales were up 15% over last January and new (pending) contracts increased 9%. Resale closings and pendings were both up 18%, reflecting rising buyer confidence, fantastic interest rates and the recognition that buying real estate in Boise right now is a bargain. New home sales also increased about 10% over last January although pendings were down 7%.
Inventory of resale homes is very low with only 2 months of supply. New home inventory of 6.1 months is down slightly, as we are getting rid of some standing finished inventory.
2015 looks like a great year in residential real estate: buyers are taking advantage of the great bargains presented by reasonable prices and low interest rates. Low inventory levels mean that sellers are able to put their homes on the market without worrying about too much competition.
Take advantage of 2015!
The charts below show current inventory and sales trends.
Market – These include homes of all ages and new construction.
Existing - This includes all homes older than 1 year and excludes new construction data.
New Construction - This includes new, to be built, and under construction homes.