More 2014 Sales Data for Treasure Valley, Boise Idaho Area

Resale
Ada Co. closed +50 units over Oct. 2013 with 508 total units. That is an 11% increase over Oct. 2013
Canyon Co. closed 44 more units than last Oct. with 230 units closed. This is a 24% increase over Oct. 2013
The average sales price of a resale home in Ada Co. was $219,579. This is an $8,689 increase or 4% over the average sales price in 2013.
The average sales price of a resale home in Canyon Co. was $129,719. This is an $10,163 increase or 9% over the average sales price in2013.
Ada Co. available home inventory dropped to 1568 units. This is down 232 units from Sept. and down 81 units from Oct. 2013
Canyon Co. available home inventory dropped to 706 units. This is down 73 units from Sept. and down 2 units from Oct. 2013
Total pending sales for both counties was 857 units. This is down 83 units from Sept. and 23 units from Oct. 2013.
The month of supply for Ada Co. is 2.60 and Canyon Co. is 2.81.
The Distressed property numbers are down to 163 units in Ada Co. That is a 41 unit decrease from September. Canyon Co. is down by 25 units from September.
The total number on homes closed in October was 901 units. That is down 25 units from Sept. but up 77 units over October 2013.
Windmill
New Homes
Ada Co. new homes closed for Oct. was 129 units. That is a decrease of 12 units from Oct. 2013 and an increase of 5 units over Sept. 2014. Our YTD numbers compared to 2013 YTD numbers are down 234 units or 16%.
Canyon Co. new homes closed for Oct. was 34 units. That is a decrease 0f 10 units from Sept. and down 5 units from Oct. 2013.
The Ada Co. average sales price was $315,753 in Oct. That is an increase of $36,889 or 13% over the average sales price of 2013.
Canyon Co. average sales price was $205,632 in Oct. That is an increase of $14,498 or 8% over the average sales price in 2013.
Ada Co. new home inventory in Oct. was 437 units. That is an increase of 52 units over Oct. 2013.
Canyon Co. inventory in Oct. was 135 units. That is an increase of 17 units over Oct. 2013.
Total new homes pending in Oct. was 321 units. That is up 6 units from Sept. and down 42 units from Oct. 2013.
The month of supply for Ada Co. is at 3.09 in Ada Co. and 3.00 for Canyon Co.

Narrative
We are on track to beat the total number of homes closed in both counties for 2014 over 2013. However that be a very modest increase. The total volume of sales for resale homes is up while the new homes counter-part is down. This can be attributed in great part to the increase in the average sales price. Resale home prices in Ada Co. have jumped $8,869 over the 2013 average while the new home average sales price has jumped $36,889 over the 2013 average. This creates a real challenge for consumers. This is clearly reflected in the decrease of new homes closed YTD. We are down by 234 units compared to 2013. Canyon Co. is actually up in sales YTD by 26 units. Here the average sales price is only up by $14,498 compared to the $36,889 number in Ada Co. Some new home buyers that cannot afford a home in Ada Co. will simply move into the Canyon Co. market. I think this evident in the market numbers.
The better news is that resale inventory’s are down very sharply from last month. We are down 232 units in Ada and 73 units in Canyon. That is 305 fewer resale homes to choose from. New home inventories have stayed about the same. The total number of distressed homes fell of also in both counties. If this trend continues, and we have a normal boost in sales early 2015, the new home communities will benefit from the reduced resale inventories.
The market still remains fairly healthy and I think we can expect modest gains in the overall growth and value. What we will continue to see is shifting in the consumers buying habits. Ada. Co. vs. Canyon Co. and Resale vs. New homes. It will be interesting to watch the market and the consumers choices moving forward!

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