Realtors: Ada County Homes Selling Fast, Depleting Inventory to Near-Historic Low 

click to enlarge DAN MOYLE, CC BY 2.0
A new analysis from Boise Regional Realtors, the largest realtor association in Idaho, indicates the current inventory of homes for sale in Ada County is near a historic low, which has been driving higher home prices for months.

There were only 1,730 homes—868 existing and 862 newly constructed homes—on the market in November. The historic low point was in January 2013, when 1,664 homes were for sale in Ada County.

The median sales price for an Ada County home on the market in November was $245,000, up more than 2 percent from the prior year. Meanwhile, Ada County buyers snapped up 846 homes in November—an increase of 34.5 percent from a year ago.

BRR points to the "Months Supply of Inventory" metric used to determine demand vs. supply. While a balanced market usually includes four to six months of supply, in November, the Months Supply of Inventory for Ada County was only two months—and less than one month for existing homes priced below $250,000.

"We need existing inventory in all price points, but especially for homes below the $250,000-price point," said BRR President Carey Farmer.
click to enlarge BOISE REGIONAL REALTORS
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