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...
ADA COUNTY'S HIGHLY COMPETITIVE & FAST-PACED REAL ESTATE MARKET CONTINUES
The median sales price for Ada County homes has continued to rise and now sits at $409,945. This is a result of the highly competitive housing market, which is being fueled by limited supply (combined with heightened demand) and low mortgage rates.
Supply & Demand
To further illustrate our market's current supply vs. demand relationship, it is interesting to look at the Months Supply of Inventory (MSI) metric . For a market to be deemed "balanced" it typically has about 4 to 6 months of supply. In September, Ada County's MSI was at just 0.4 months, meaning, if no additional homes were listed for sale, Ada County would run out of homes to buy in under two weeks.
Low Mortgage Rates & High Rental Costs
Last month, the average 30-year fixed rate mortgage was 2.9% (a year-over-year decrease of 19.7%) . While the actual interest rate a borrower receives is based on a variety of factors, these very low rates, as well as Ada County's increasing rental costs (as reported by BoiseDev) has encouraged many people to buy opposed to rent.
If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago,
inventory plummeted by an incredible 73.2% and the median sales price increased by 17.2% (and now sits at $409,945). It's important to note that even with such low (record-breaking) inventory, more homes sold (a notable increase of 27.5%).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends noted above remain similar (but the numbers are slightly even more dramatic - or if
are considering selling - significant
If you're considering selling a home or property... let's chat!
And finally, if you look at just newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median price of $414,990 and there are substantially fewer of them available than there were one
year ago (inventory is down by 67.4%) - and yet
, 31.8% MORE are selling.
TREASURE VALLEY HOUSING MARKETS
Average Sold Price (September 15, 2020 - October 15, 2020)
- Boise: $443,461
- Eagle: $687,131
- Meridian: $444,313
- Star: $521,822
- Garden City: $340,675
- Kuna: $364,360
- Middleton: $449,947
- Nampa: $331,707
- Caldwell: $323,524
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. 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.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory.
There are options available, and rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep
reading to learn more about what's happening in Ada County's real estate market.
P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next,
simply hit the reply button to this email and tell us about them! We would love to be of service!