Strong December Caps Off A Remarkable 2019 For Boise Real Estate
The Boise real estate market was in overdrive in December finishing the year with strong sales volume growth and new record high prices. There were 902 total closed sales in Ada County up 17% from 2018, while sales of new construction surged 30% and represented 37.9% of all closings. Inventory, which had been stabilizing somewhat, was down 14.5% and the months of available inventory dropped to a razor thin 1.6 months. Oddly and somewhat inexplicably, the average days on market jumped up to 52 days a 40.5% increase from a year ago. And in Canyon County, inventory was actually up 21.4% but the months of available inventory remains very low at 1.9 months.
Prices rose by double digits across the board for the 2nd month in a row reversing what had been a gradual softening in price increases for the majority of 2019. In December the average price per square foot in the Boise real estate market was $191 (+11.0%), a new record high, while the average sales price also reached a new record of $404K, up 11.6%. New construction recorded similar price increases as did the Canyon County market.
Looking at year end numbers for volume and inventory it is interesting to see that overall volume in Ada County was actually down slightly for the year (-0.3%). If you back out new construction, which showed a solid increase of 14.6%, the number of pre-existing homes sold in the Boise market in 2019 dropped 6.9%. Canyon County fared better with overall sales up 5.2% while new construction was up almost 40% (+39.4). Current homeowners continue to be stingy about listing even as the prospect of a good return due to higher prices provides temptation. However, many have come to the realization that their options for finding a replacement home they can afford are more and more limited so there is little incentive to sell.
SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR DECEMBER 2019 AND 2018 Vs 2019
*Does not include manufactured homes **see detailed graphs below for more information.
|Type||# Sold||% +/-||% of Total Sold||# For Sale||% +/-||% of Total For Sale||$/SF||% +/-||Average Sold Price||% +/-||Days on Market||% +/-||Months Inventory|
|Total Homes Sold||Ada||% Change||Canyon||% Change|
|New Construction Sold||Ada||% Change||Canyon||% Change|
|Average Months of Inventory||Ada||% Change||Canyon||% Change|
For those interested in what the future holds both for the Boise real estate market and the Idaho economy in general I invite you to join Windermere in welcoming our chief economist, Matthew Gardner, to Boise on Thursday January 30 at 10:00am at JUMP for Matthew Gardner’s 2020 Idaho Economic & Housing Forecast. Please follow the link for more information and to reserve a space. There is no cost but we would appreciate you registering on the EventBrite site so we can estimate our expected attendance. If you aren’t able to register please come anyway. Although this event has been very well attended in the past, I am sure we can accommodate all that are interested. Please feel free to contact me with your questions and comments and here’s to a thriving 2020 for all of us!
Windermere Real Estate/Boise Valley
1412 W Idaho St.
Boise, ID 83702