April 2018 Market Report: Ada County Real Estate Market
April 26, 2018 | Jonna Weber
In another incredibly impressive month of record-setting, for the first time EVER, the median single-family home price in Ada County has surpassed the $300,000 mark! Growing an additional $10,000 from last month, the new median price (for existing and newly constructed homes) now averages out to an impressive $308,950! Meanwhile, house prices in Canyon County surged $16,000 and are now averaging out at $211,900.

A mild winter has seemingly encouraged Ada County homebuyers to shop earlier than usual, resulting in heightened purchase activity (similar to what we typically see at the end of the second quarter). Prices for existing/resale homes continue to be driven by a lack of inventory. Compared to last year at this time, there are currently 33% fewer options for buyers to choose from. Thus, it's definitely a seller's market! With that said, we are still working with many very content buyers! It's an exciting (and fast-paced) experience on both ends!

Keep reading to glean insights into what's happening across the valley. The main takeaways: median home prices have soared, demand has skyrocketed, total inventory has hit record lows and the sales cycle timeline has been drastically slashed!

Ada County Market Snapshot
Compared to March of last year, the total number of homes currently available in Ada County is down by an incredible 33%. Partner this with the fact that homes are currently selling 22.9% faster than they were a year ago and it becomes abundantly clear why this is such a great market for sellers.

The current median sales price for existing homes in Ada County is $290k (a year-over-year increase of 24.5%), while the median price for newly constructed homes is $345,870 (an increase of 11.6%).  

             

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Median Sales Price (By City)
  • Boise - $299,900
  • Meridian - $299,900
  • Eagle - $419,900
  • Garden City - $209,950
  • Kuna - $249,500
  • Caldwell - $189,900
  • Middleton - $250,000
  • Nampa - $205,000
  • Star - $281,747

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Median Sales Price (Across Ada County)
The two charts provided below serve as a great visual representation of the current market in Ada County. As you can see, the median sales price has reached an all-time high - while total inventory is at an all-time low. What a great time to sell!


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One Take on How Boise is Adjusting to Such Rapid Growth
While the growth that Boise is currently experiencing is exciting, we'd be fooling ourselves if we tried to say that our wonderful city isn't experiencing any growing pains. Just like any other major city that quickly expands, we are certainly facing some challenges.

Check this Wall Street Journal article to learn more about how some Boise-area locals are coping with rising home prices, increased traffic, changes in the job market, and more!

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Meridian is a FORCE - Currently Growing Tenfold
The growth taking place in Meridian is really quite incredible! The Community Planning Association of Southwest Idaho just announced that the once small city just reached a population of 106,410, which is more than a tenfold jump since 1990! You can read more about it on The Buzz About Boise Blog...

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We'd love to serve you or anyone you know as a partner in this exciting journey.  Contact us for a complimentary listing consultation or click here to start your home search.

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