Last month, total sales dollar volume for all of Ada County residential real estate reached a new record of $404.4 million. This is a truly impressive increase of 30.5% compared to the previous record (set June 2017 at $371.1 million).
This incredible jump in volume was driven by a 60.1% increase in the number of new homes that sold (compared to one year ago), along with an 8.7% year-over-year bump in the median sales price.
Ada County Existing Homes:
Compared to one year ago, the median sales price for existing residential homes in Ada County has increased by 16%, while total inventory has dropped a whopping 33.6%. Overall, existing homes are selling 9.5% faster than they were one year ago. And even
though inventory is substantially down, the total number of homes being sold has still managed to increase slightly (by 2%). It is one interesting and hopping market!
Ada County New Construction:
Compared to one year ago, the median sales price for newly constructed homes in Ada County has increased by 8.7%, while total inventory has dropped 19.3%. Overall, new homes are selling 13.9% faster than they were one year ago. And even though inventory
is down, the total number of homes being sold has increased dramatically by the tune of 60.1%! The jump in the total number of homes being sold along with the rising median sales price reflects the increasing costs of land, labor, and construction materials.
Boise-Specific Market Update
In Boise alone, between May 1st and May 31st, 527 homes sold with a median sales price of $285,000. Currently, the average price per square foot is $172 (this is an increase of 15.4% compared to one year ago).
Here are some high-level, year-over-year, takeaways for the Boise market:
- The median list price increased to $285,000 (up 18.8%).
- The median sold price increased to $285,000 (up 17.3%).
- Total home sales rose to 527 (up 4%).
- The median number of days on the market dropped slightly by 2 days and now stands at 5 days.
- 30-year mortgage rates increased to 4.47% (up from 4.05%).
Meridian Housing Market is Booming!
According to a recent report by the Boise Regional Realtors, Meridian was the third most expensive place to buy a house in Ada County from April 2017 to April 2018. Eagle was the most expensive, with the median sales price of a single-family home
at $451,302, followed by Star at $310,674.
The median cost of a single-family residence in Meridian during the same time period was $302,893 — a 12.9% increase from a year ago. Boise Regional Realtors President Gary Salisbury believes that home prices in Meridian have seen such an increase
because of the rising costs of materials, land acquisition and labor. The high demand for real estate, he said, is also contributing to the increase in housing costs. Keep reading...
The current market is truly a fascinating one! There are currently some great opportunities for both sellers and
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
looking for a new home, I'd love to help you with that too! With sellers increasingly listing their homes, there are some great options hitting the market every day