The Intermountain Multiple Listing Service (IMLS) has released its monthly update for home sales in November 2019, which looks at both residential resales and new construction sales.
Home Sales Statistics
History has shown that the Treasure Valley of Idaho is one of the hottest real estate markets in the country. Even though there was a slight dip in sales last month, demand continues to be strong for housing in the area.
Let’s take a look at the numbers starting with Ada County.
Ada County saw a 13.5% decrease in total sales between November and October. While the numbers are down between months, looking at November last year, there were six additional sales this November than last. Additionally, the total active listings were 16 fewer than last year, essentially identical year over year.
In November, Canyon County saw just under a 19% decrease from October’s sales. Looking at November of last year, there were fewer listings, but 21 more properties sold.
Exploring the data, given that we’re approaching the end of the year and are in the midst of the holiday season, it’s not surprising to see a dip in sales. Since the numbers are fairly consistent when comparing to the same month last year, there’s no cause for concern. In fact, all signs are pointing to 2020 being a banner year for home sales. Recent reports by Realtor.com and Inc. also support this expectation.
Currently, both Treasure Valley counties have inventory strains. Ada County has less than two months of inventory available, and there's just over two months of housing inventory in Canyon County. Both of these figures show that this is a seller’s market as there’s far more demand than available homes for sale. Having four to five months of inventory is considered average.
In terms of prices, the average sales price in Ada County was $405,793, a 14% increase over last November’s average price of $355,826.
For Canyon County, the area saw average home prices increase 15.63% from $249,926 last year to $289,989 this November.
The Last Word
Housing demand is going to continue being high into 2020 and beyond as more people continue moving into the Treasure Valley. Home prices are expected to continue their climb as demand will outpace supply. If you're looking to move into a new home, now's a great time buy with interest rates continuing to be low. And if you have a home to sell, you're going to have less competition.