The following is an excerpt from our monthly marketing update. To subscribe to receive the full version, please click here.
Ada County Housing Market Slows Slightly - October 2018
According to our friends over at
Boise Regional Realtors, existing home sales in Ada County dropped 24% last month (compared to the
same month one year ago). This marks the first double-digit decline in existing home sales since February 2017, which has sparked some speculation that the real estate market is turning.
To adequately address this question, it is important to recognize that the primary factor affecting overall home sales is a simple lack of inventory. Homes across the Treasure Valley simply aren't being listed at a typical, "balanced" rate. As such,
overall home sales are down (comparatively) because there just aren't as many homes on the market.
With inventory so low and median sales price high, it remains a GREAT time to sell! If you're contemplating selling your home or investment property - or perhaps you're just wondering what it's currently valued at - we'd be happy to provide you a
no-obligation,
complimentary home or investment property evaluation.
Or if you're looking for a new home, fear not! Interest rates are still at historic lows and there are still some great opportunities hitting the market every day (particularly in the newly constructed arena). To browse available homes in your local
area,
please click here.
------------------------------
Summary: Compared to one year ago, the median sales price for existing, single-family homes in Ada County increased
by 16.7%, while total days on the market decreased by 6.3%. Meanwhile, total inventory is 7.9% lower than it was one year ago, and homes between $160k - $300k are selling within days!
And for newly constructed homes, compared to one year ago, the median sales price has increased to $367,900 (an increase of 5.3%), while total days on the market has decreased by 7.8%. Inventory is low and these homes are still selling quite quickly.
------------------------------
Treasure Valley Housing Markets
Median Sales Price (September 1, 2018 - September 30, 2018)
- Eagle: $462,790
- Meridian: $327,000
- Boise: $299,900
- Star: $324,000
- Garden City: $229,900
- Kuna: $259,495
- Nampa: $218,195
- Caldwell: $208,000
------------------------------
Summary: When viewed together, the above charts (provided by
Boise Regional Realtors) offer a great, comprehensive visual representation of our current
market. While overall closed sales and inventory have decreased, our median sales price remains high. These three factors will continue to work together to influence market changes.
------------------------------
The above is a quick excerpt from our monthly market update. To subscribe to receive our
full , complimentary monthly report,
please click here.
