Ada County Housing Update - Resale Only
Pre-Summer Housing Market
As the Spring market continues through May and June, we will begin to see a peak number of new resale listings hitting the market. Currently, we are at a surge Sales Activity IntensityTM level up to $1M, where 91% of homes go under contract. Additionally, we are seeing healthy sales activity up to $1.5M.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
BACK TO TOP
KEY MARKET INDICATORS MAY 2024 (APRIL RECAP)
Although the 2022 housing market has experienced a major intensity adjustment, the amount of unsold inventory is currently low in the more affordable and mid-price ranges where more than 80% of sales activity takes place. The start of the new year will be the low point for unsold inventory.
THE CURRENT HOUSING MARKET IS NOT LIKE THE GREAT RECESSION OF 2008
Months supply of inventory helps define the market as either a seller’s market, healthy market, or buyer’s market. Zero to two months of inventory is defined as a seller’s market; low inventory can cause upward pricing and multiple-offer situations. Four months of inventory and up is defined as a buyer’s market; more availability and selection cause seller price sensitivity.
Months Supply of Inventory
Source: RMLS. Data is for Resale only. © 2024 John L. Scott Real Estate
