Same month sales – meaning sales this February compared to sales last February – are down once again, continuing the trend started last month. And it’s all due to lack of inventory.
As you can see from the chart below, Ada County housing inventory at the end of last February was more than three times the amount of inventory at the end of this February, thereby limiting buyers’ choices, increasing competition among buyers, and causing prices to increase more dramatically (the median sold price increased 14.8% over the last 12 months).
Another unusual recent trend that has continued is that the price per square foot of existing (resale) properties has exceeded the price per square foot of new homes, $211 compared to $205. We don’t remember this happening before. This could create the opportunity to sell your 2500 square foot home and buy a 2500 square foot new home for a lower price!
Be sure to contact your Group One Sotheby’s International Realty agent to help you guide your decisions in this most unusual market.