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June 2019 Market Report: Ada County Real Estate Market
June 20, 2019 at 10:02am | Jonna Weber
Every month we send out an informative real estate market update. To subscribe to receive the full version of our complimentary, obligation newsletter, please click here. To check out
an excerpt from this month's newsletter, keep reading...
Low Inventory & High Buyer Demand Continue to Influence Home Prices Across Ada County the median sales price for existing homes has continued to rise and has now reached a record high of $342,990. This new record is a year-over-year increase of 12.5% and is largely due to the persistently low inventory of listed homes and heightened buyer demand. With fewer lower price-point homes on the market,
the share of higher priced homes continues to rise, which also contributes to the overall increase in median homes prices.
Summary: Compared to the same month one year ago (May 2018), the median sales price for existing homes in Ada County increased by 12.5%, and total inventory also increased by 13.9%. The increase in both price and inventory influenced
how many homes sold overall - and how quickly they sold. As it currently stands, homes continue to sell faster than they did one year ago.
And for newly constructed homes, compared to one year ago, the median sales price is up 14.7% and inventory remains high. 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.
SUPPLY VS. DEMAND - WHY INVENTORY MATTERS Our friends over at Boise Regional Realtors created the following graphic to explain how the Months Supply of Inventory (MSI) (and supply and demand) impact the real estate market.
Summary: For a market to be deemed balanced (i.e. not favoring buyers or sellers) there is typically between 4-6 months worth of supply of homes listed
for sale. In May 2019, the Months Supply of Inventory metric for Ada County was at just 1.5 months for all price
points combined, and for existing homes priced below $300,000 MSI was at one month. To balance out our market needs additional inventory of listed homes (especially existing homes below the $300,000 price point).
Treasure Valley Housing Markets Average Sold Price (May 20, 2019 - June 20, 2019)
Garden City: $374,293
We’re kicking off summer by launching a new mini series called ‘Summer Saturdays Along the Boise River’. Join us every week as we explore the various luxury communities that make up the stunning Eagle River Corridor.
Learn More About Eagle's River Corridor There is just something magical about the communities that make up Eagle's River Corridor. Our team at Jonna Weber Real Estate just love helping our clients buy, sell and tour homes in the ten neighborhoods that make up this stunning segment
of Eagle. Here's a quick snapshot of several of the ten homes that make up this dazzling sector (to view all ten neighborhoods and learn about their individual markets, click here):
To learn more about all of the neighborhoods that make up this highly coveted area, visit Eagle Idaho River Corridor. Or to download a one-sheet detailing each neighborhood's current and and cumulative activity, click here.