Ada County’s inventory for homes for sale has dwindled to a near-record low, pushing the market in favor of sellers.
Just 1,730 homes were listed for sale in Ada County in November, 66 more than the record low set in January 2013, Boise Regional Realtors said in a news release. The inventory was down nearly 10 percent compared with November 2015. Used-home inventory was down nearly 18 percent.
The county’s year-over-year median sales price increased 2.1 percent to $245,000 in November after falling from $252,000 the previous month, according to the Intermountain Multiple Listing Service.
Builders have not kept up with demand. New-home construction inventory was down 0.2 percent compared with November 2015 as the shortage of used homes pushed buyers to new ones.
The inventory also shrank in Canyon County, though it has not approached record lows. There were 903 homes listed in Canyon County in November, down 5.3 percent from the previous year. The county’s median price rose 8.2 percent to $159,100.
Real estate professionals consider a four- to six-month supply of homes — meaning the length of time it would take to sell all current listings — to be a balanced market, in which inventory favors neither buyers nor sellers. The Treasure Valley is an extreme seller’s market. Ada County had a two-month supply of homes in November. Canyon County had a 2.6-month supply.