A Busy Spring Market - for Both Sellers and Buyers
In April 2018, the overall median sales price for homes in Ada County dropped by 4.5% (compared to the previous month) and now sits at $295,000. The change in the median sales price was driven by a significant increase in the number of existing homes placed on the market, which increased by a whopping 27.7% (compared to the previous month).
The slightly lower price point is not a reflection of waning buyer demand; instead, it is a natural result of having an influx of existing/resale houses hit the market. This seemingly rapid increase of homes is quite typical for the spring and summer months. The April 2018 median price for existing homes is still 15.3% higher than it was exactly one year ago.
Keep reading to glean insights into what's happening across the valley. The main takeaways: median home prices are high, demand has skyrocketed, total inventory has hit record lows and the sales cycle timeline has been drastically slashed!
Summary: Compared to last year, the median sales price for single-family homes has increased by 15.3% (while the sale cycle timeline has shortened significantly). Asking prices have risen substantially and overall monthly housing inventory has plummeted by nearly 30%! Houses between $160k to $300k are selling within two weeks!
High-Level Boise Facts
- Median list price: $274,900 (up 16.98%)
- Median sold price: $275,000 (up 17%)
- Total home sales: 438 (down from 454)
- Median days on market: 5 days (down 1 day)
- Available homes for sale: 0.87 months supply (down 29%)
- 30-year mortgage rates: 4.47% (up from 4.05%)
Treasure Valley Cities - Median Sales Price (April 2018)
- Boise: $275,000
- Eagle: $390,000
- Kuna: $230,000
- Meridian: $306,375
- Star: $335,500
- Caldwell: $189,500
- Middleton: $249,950
The current market is truly a fascinating one! There are some great opportunities for both sellers and buyers. If you would like to learn more about listing your property, I'd be happy to provide you with a complimentary comparative market analysis. Or if you're considering buying, please give me a shout! With more and more sellers listing their homes, there are many wonderful options hitting the market every day!