It’s been a long, slow drop in Ada County, but the volume of homes on the market is getting closer and closer to what is considered a healthy level.
After peaking at 15 months of supply in February 2009, the number of homes on the market has fallen to a level that would take about 5.1 months to clear out if no more homes were added, according to an analysis of Intermountain MLS numbers done by Jay Story of Story Commercial.
“As the supply reaches the healthy region, what will happen next? Builders will build homes, and to build homes they’ll need to buy lots to do it,” Story wrote in a market report. “Now may be a good time to start looking for residential building lots as some owners are getting very tired of holding them and can’t do it for another 12 months.”
The median sold price has also dropped in the same timeframe, falling from over $170,000 in February 2009 to $149,000 currently.