Market data for Ada County (Boise, Meridian, Kuna, Eagle, Star) has just been released for December 2016. The stats are quite the eye opener and do a lot to reinforce what I've been saying about listing your home during the winter months.
If there's a housing crisis on the horizon, it's not going to be anything other than a lack of supply, or a lack of affordable supply. My advice; if you see the home you like, put a good offer on it quickly.
Here's the commentary from the full report:
December 2016 saw a new record for inventory in Ada County, falling below the previous record low of 1,664 from January 2013, bottoming out at 1,490 homes for sale. Canyon County’s inventory was at 808 homes in December 2016, just 57 more homes than its record low of 751 from February 2016.
These inventory numbers combine both new and existing homes for sale, but the main culprit behind this lack of inventory is specifically from existing homes for sale.
In December 2016, there were only 644 existing homes for sale in Ada County, 27.5% less than in December 2015; and in Canyon County, there were only 375 existing homes for sale in December 2016, 26.3% less than a year ago.
In contrast, inventory of new homes for sale in Ada County in December 2016 was just slightly below December 2015, down just 1.1%; and for Canyon County, new home inventory actually increased 25.5% over last year.
Two reasons for the shortage of existing inventory is that homeowners are holding back waiting until spring to list, or, they are shopping for a new home before putting theirs on the market. However, demand from homebuyers has been strong year-round for the past few years.
To illustrate, in December 2016, there was only 1.1 months supply of existing homes available in Ada County, and just 1.3 months in Canyon County. A balanced market — one that does not favor buyers or sellers — is typically between 4-6 months. Supply under 4 months tends to favor sellers, and anything over 6 months tends to favor buyers. In comparison, Ada County had 4.3 months of new home supply in December, and Canyon County had 7.3 months of supply.
CLICK HERE for the full report.