March 2019 Market Report: Ada County Real Estate Market

Newly Constructed Home Sales Continue to Climb Across Ada County
According to our friends over at Boise Regional Realtors, for the past 21 consecutive months, newly constructed home sales have continued to gain more and more of the total market share across Ada County. Last month (February 2019), newly construction sales made up an incredible 38.7% of all sales (this is an increase of 10% compared to one year ago). This substantial change in market share continues to influence the overall median sales price for homes across Ada County. And while existing home sales have decreased slightly, overall sales remain high and the median sales price (for both newly constructed and existing homes) sits at $324,800 (a year-over-year increase of 10.1%). Inventory of existing homes is finally up year-over-year (for the second month in a row, after 51 months of steady declines) and buyer demand remains high. The increase in housing inventory is certainly welcome news to potential buyers. Summary: Compared to the same month one year ago (February 2018), the median sales price for existing, single-family, pre-existing homes in Ada County increased by 9.3%, while total inventory also increased by 7.4%. While overall fewer homes are selling (a small decrease of 2.4%) homes are selling 16.3% faster. And for newly constructed homes, compared to one year ago, home sales are up 13.6% and inventory is up 16.3%. The median sales price for these homes has increased slightly (by 1.3%) and they're remaining on the market for several more days than one year ago. With buyer demand still high and bidding wars commonplace, it is a great time to consider looking into newly constructed homes. We've recently had a number of wonderful experiences helping our clients move into their dream homes quickly and easily.
Treasure Valley Housing Markets
Average Sold Price (February 1, 2019 - March 14, 2019)

• Eagle: $494,313
• Meridian:  $343,774
• Boise:  $361,983
• Star:  $422,074
• Garden City:  $302,191
• Kuna:  $291,395
• Middleton: $268,938
• Nampa:  $259,333
• Caldwell:  $238,085

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