I will be including some additional data over the next few days.
Report Highlights
- Total dollar volume sold surpassed the $2 billion-mark for the first time since 2006.
- Idaho was one of the top states for price appreciation and job growth in 2015.
- Low inventory coupled with population growth is driving prices and demand.
- Domestic migration from neighboring states—especially California—should continue in 2016.
- Affordability looks favorable despite potential mortgage rate increases.
- 2016 national real estate market met with “cautious optimism” by NAR.
2015 Residential Market Trends
2015 was another great year for real estate in Ada County. From January 1–December 31, there were 9,284 single-family homes sold, up 19.3% compared to the previous twelve month period. The growth was primarily driven by activity among existing homes, up 20.3% compared to the previous twelve month period.
The median sales price of all single-family homes continued to rise, ending the year at $229,000, up 9.0% compared to the previous twelve month period. The median sales price for existing homes was at $213,000, an increase of 10.1% over last year—and welcome news for homeowners. The median sales price for new construction increased by 4.7% to end the year at $313,900.
This combination of sales activity and price brought the total dollar volume of homes sold to $2.45 billion. This was up an impressive 28.2% compared to 2014, and an increase of 32.0% over 2013. The last time volume went above the $2 billion-mark was 2006, which had a total dollar volume sold of $2.66 billion
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