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by Jace Stolfo
on Wednesday, August 8th, 2012 at 3:45pm.
Active real estate listings in Ada County are still low for June 2012. Even though active listings have risen slightly since January 2012, inventory is still well below that of the last several years. For example, in June of 2008, there were 5,098 active listings on the Boise real estate market. In June 2009, that number fell to 3,770. June 2010 and 2011 also showed decreases, with 3,323 and 2,597 listings, respectively. In June 2012, there were only 2,054 active listings in Ada County. This is a 59% decrease since 2008.
Existing homes in Ada County still make up the majority of the listings. In fact, approximately 71% of the total listings each month are existing homes. While the inventory of homes on the real estate market in Ada County may be decreasing, the same cannot be said for home sales. Existing home sales for 2012 have drastically increased since January. Sales of existing homes in June were 78% higher than in January, and new home sales were up 89%.
The result of lower inventory/higher sales is the lowest absorption rate since such statistics were kept. In a balanced market, the absorption rate is between 5 and 7. At the end of the first half of 2012, the absorption rate for all homes sold in Ada County was 3.0.