For the first time in 70 months home inventory has fallen below the 2,000 level in Ada County. You have to go back to January of 2006 to find a time when inventory levels were lower than this! Canyon is the same with the inventory dropping below 900 for the first time since February 2006.
A16 – Ada County Residential INVENTORY
So, what does this mean? Fewer options for buyers, prices will continue to firm up. It is now a seller’s market at a very greatly adjusted pricing point. In general the prices are back to 2002 levels! But there is only a 3.1 months supply of resale homes currently on the market. New Construction is a different story. Builders are pushing ahead as much as they dare with more than a 7 months supply of homes available.
