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Change in the Housing and Rental Markets Compared to Population and Income Growth for Ada County, 2016 to 2017
Copyright © 2018 Boise Regional REALTORS®Our Path Home Presentation — June 6, 2018 Sources: Southwest Idaho NARPM Vacancy Reports; Intermountain MLS; and, the U.S. Census Bureau
‐16.6%
8.6%
1.6%‐2.3%
2.8% 2.1%
Metric 2016 2017 YOY % Change
# of Existing Homes for Sale 644 537 ‐16.6%
Median Sales Price (Existing) $227,900 $247,500 +8.6%
Average Rental Vacancy 3.1% 3.2% +1.6%
Average Monthly Rent $1,198 $1,170 ‐2.3%
Population 444,269 456,849 +2.8%
Median Family Income (Est.) $72,861 $74,396 +2.1%
Copyright © 2018 Boise Regional REALTORS®Our Path Home Presentation — June 6, 2018
Sources: National Association of REALTORS® and U.S. Census Bureau as of March 2018; Income data for Ada County as of 2016, most current and local
Percent of Homes for Sale in the Boise MSA that are Considered Affordable at Various Income Levels
AnnualIncome
% of HomesAble to Purchase
% in Ada Countyat this Income
$500k+ 100.0%7.0%
$200k+ 93.5%
$150k+ 87.5% 7.1%
$125k+ 81.7%18.2%
$100k+ 67.3%
$50k+ 9.9% 37.2%
$25k+ 1.4% 10.6%
Copyright © 2018 Boise Regional REALTORS®Our Path Home Presentation — June 6, 2018 Source: Intermountain MLS
0.6
0.1
0.3
0.5
1.1
1.6
1.9
5.0
0.6
0.3
0.7
1.6
2.7
3.9
5.8
13.8
1.8
2.2
2.6
4.1
3.0
5.7
8.8
16.5
$159,999 or less
$160,000‐199,999
$200,000‐249,999
$250,000‐299,999
$300,000‐399,999
$400,000‐499,999
$500,000‐699,999
$700,000‐999,999
Months Supply of Existing Inventory in Ada CountyComparing October 2014, March 2017, and March 2018
MSI measures the relationship between inventory and buyer demand.
A balanced market — not favoring buyers or sellers — is typicallybetween 4.0 to 6.0 months of supply. Less than 4.0 months tends to
favor sellers, and more than 6.0 months tends to favor buyers.
Based on current demand, we need more inventorypriced below $700,000 — especially below $300,000 —
in addition to more rental options in all price points.
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it: Id
aho Statesman