September 2018 Market Report: Ada County Real Estate Market

Ada County Home Prices Continue to Rise
According to our friends over at Boise Regional Realtors, the median sales price for existing and newly constructed homes in Ada County just reached a new record of $334,400 (which is an incredible increase of 20.3%, compared to one year ago). The price increase we are seeing for pre-existing properties is being driven by historically low inventory and skyrocketing demand. Couple that with the fact that the median cost of newly constructed homes is also on the rise (which is primarily due to rising construction costs) and you can see why prices overall have been consistently increasing. It's a GREAT time to sell! We've never seen a better 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 20.3%, while total days on the market decreased by 21.2%. Meanwhile, total inventory is 13.8% lower than it was one year ago, and homes between $160k - $300k are currently selling within three weeks. And for newly constructed homes, compared to one year ago, the median sales price has increased to $386,470 (an increase of 8.6%), while total days on the market has decreased by nearly 23.2%! Inventory is low and these homes are selling FAST (21% faster than they were just one year ago). Treasure Valley Housing Markets   
Median Sales Price (August 1, 2018 - August 31, 2018)  Who's Moving to Idaho!?
According to the Idaho Department of Labor, last December Idaho's population was 1.72 million and grew at a rate of 2.2% from mid-2016 to mid-2017. This was the fastest growth rate in the nation and three times faster than the  national average of 0.7%! So, you might be wondering just where all of these people are coming from? According to U.S. Census Bureau 2016 American Community Survey, which is currently the most recent data available, here's the breakdown of people moving to Idaho:

• 21% from California
• 12% from Washington
• 9.5% from foreign countries
• 9% from Utah
• 5% from Arizona

Do you know anyone moving from any of these great areas? Send them our way, we would love to help them "Find THEIR Idaho"! 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 to start your home search today.