January snowstorms and a lack of inventory contributed to keeping Treasure Valley home-shoppers inside in January. Boise Regional Realtors recorded fewer homes under contract or newly listed than in January 2016.
Ada County in January saw a year-over-year 6.5 percent decrease in home sales, with 1,037 pending sales. But that number was a 5.4 percent increase over December. Canyon County, with even more snow in January, saw an 11.3 percent increase with 426 homes under contract over December but a 1.6 percent drop compared to January 2016, according to BRR statistics.
“Between extended school closures, below-freezing temperatures, poor road conditions, and even a state of emergency in the city of Boise, many people were focused on shoveling driveways rather than seeing homes,” said Katrina Wehr, BRR’s president and managing broker at Keller Williams Realty Boise.
Just 1,425 homes were listed for sale in January, a 15.9 percent drop from the prior year and a 4.4 percent slip from December, continuing the year-long shortage of homes on the market, now down to a 2.1-month inventory in Ada and 2.7-month inventory in Canyon. BRR calculates a balanced market at four to six months supply.
Homebuyers, however, were out in force signing contracts before winter grabbed hold, resulting in bountiful January completions of sales. January saw 547 sales close in Ada County, an 18.9 percent increase over the prior year. Canyon County saw 191 homes sold, a 14.7 percent increase.
The Ada County median home price in January was $239,588, a .8 percent year-to-year increase. Canyon County home prices rose 6.6 percent to $159,900 from January to January.