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Demand for Ada County Homes Drives Prices to New Record
According to our friends over at Boise Regional Realtors®
, heightened demand coupled with comparatively low inventory of homes continues to drive prices up across the valley. If you compare numbers year-over-year (November 2018 to November 2019) the number of homes
pending or under contract jumped by a whopping 20.6%. And newly constructed homes make up an incredible 32.2% of the market share.
In order for the market to regain balance, the market needs more inventory (of both existing and new construction) at all price points, but especially those below $250,000. If you've been considering a move, this would be a great time to connect
with us to discuss the current value of your home and
to see what's newly available on the market (again, the new construction market is booming). To discover what your
home is currently valued at, simply click here
and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.
Or if you're interested in browsing available homes in your local area (and take advantage of the low mortgage rates), click here
. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
Summary: Compared to the same month one year ago (November 2018), the median sales price for existing homes in Ada County increased by 12%. And while total inventory of existing homes increased by 9.7%, the increase isn't enough to meet the incredible demand that the market is experiencing. And these homes are typically selling in about a month (32 days) which is a year-over-year increase of 6.7%.
And for newly constructed homes, compared to one year ago, the median sales price increased by 13.1% and inventory decreased (by 8.1%). Overall, more newly constructed homes are selling (+12.7%), and these home are staying on the market for almost 2 months (which is a significant year-over-year increase of 39%).
Treasure Valley Housing Markets
Average Sold Price (November 19, 2019 - December 19, 2019)
- Eagle: $589,229
- Boise: $385,624
- Meridian: $382,773
- Star: $415,417
- Garden City: $399,493
- Kuna: $328,184
- Middleton: $331,626
- Nampa: $280,043
- Caldwell: $267,836
Giraffe Laugh Annual Luncheon
We greatly enjoyed attending Giraffe Laugh's luncheon last week. A portion of every sale we've made throughout 2019 has gone to this amazing non-profit. We are just so grateful to all of our clients who have helped us support this incredible organization.
If you aren't familiar with Giraffe Laugh, you can read all about their mission and vision here
Interested in staying informed of changes in our local real estate market?
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