Last month we discussed 5 anomalies in our current Ada County housing market:
- More units sold than we have in inventory
- Existing homes sell for about the same price per square foot as new homes
- Average time on the market is roughly the amount of time it takes to process a loan
- There is only a 15-day supply of resale homes on the market
- Pending contracts at the end of August were 181% of the average number of units for sale
At the end of September 2019, there were 1,872 housing units available for sale and 985 sold during the month, a ratio of .53 sold units to available units. That seemed to make sense. This September, there were only 583 units available at the end of the month yet 1,288 were sold during the month, a ratio of 2.2 sold to available units. How can we sell more properties than are available at any point in time? The answer is that many properties that come on the market are sold within a few days – or a few hours – of being listed.
As a result of this hot market, the average price of a residential property in Ada County (we include single family, single family on acreages, condominiums and town homes in our statistics) has jumped 12.7% in the last year.
The chart below, similar to the chart in our last report, depicts the relationship between sold and available units at the end of September for each of the last 5 years.