For the past four years homes across Ada County have consistently increased in value due largely to a persistent low supply of lower-priced existing homes and strong demand. Basically demand has been (and continues) to be outpacing the supply of homes listed for sale. A greater share of newly constructed homes being sold (at overall higher prices) and relatively low mortgage rates (which works to effectively increase a buyers' purchasing power) have also contributed to this trend.
Exactly one year ago (January 2019) was the first time since October 2014 that the year-over-year number of existing homes for sale in Ada County increased, breaking the 51-month consecutive streak of year-over-year declines. But despite existing inventory increasing slightly throughout the year, it was not enough to meet demand - thus home prices continued to climb.
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 the $300k mark. 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, across Ada County 16.2% more single-family homes sold and the median sales price increased by 7.7%. Homes are typically taking about seven weeks to sell (which is a couple of weeks more than one year ago). And while total inventory increased by 9.4%, this increase isn't enough to meet the incredible demand that the market is experiencing.
And for newly constructed homes, compared to one year ago, the median sales price is $399,900 (which is consistent with last year) and inventory decreased by 8.8%. Overall, more newly constructed homes are selling ( 27.1%), and these home are staying on the market for just over 2 months (which is a significant year-over-year increase of 42.3%).
Treasure Valley Housing Markets
Average Sold Price (December 23, 2019 - January 23, 2020)
- Eagle: $537,941
- Boise: $398,976
- Meridian: $394,559
- Star: $410,047
- Garden City: $479,950
- Kuna: $325,336
- Middleton: $358,911
- Nampa: $282,664
- Caldwell: $279,755
There is just something special about the communities that make up Eagle's River Corridor. Here's a quick snapshot of two of the ten neighborhoods that make up this dazzling sector (to view all ten communities and learn about their individual markets, click here):
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 searchtoday.