February 23, 2020 at 2:17pm | 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...

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HOME PRICES REACH A RECORD MEDIAN HIGH (INVENTORY REMAINS VERY LOW) 
According to our friends over at Boise Regional Realtors®, home prices across Ada County recently hit a record high median of $363,000. Demand continues to strongly outpace supply (put simply: there simply aren't many pre-existing homes listed for sale - and certainly not enough to meet the incredible demand). In addition, a greater share of newly constructed homes are being sold (at overall higher prices) and mortgage rates remain relatively low (which works to effectively increase most buyers' purchasing power), both of these factors continue to contribute to the trend we are experiencing.  

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 hereand 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 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.

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Graphics provided by Boise Regional Realtors.
 
Summary:  Compared to the same month one year ago, total inventory (meaning the total number of both pre-existing and newly constructed homes listed for sale) across Ada County is down nearly 20%. Yet, 21.5% more homes are selling, and they are selling with a median price that has risen by 14.5%! 

If you examine just existing/resale homes (and put aside newly constructed sales), the median sales price has increased by 18.7% ($340,00), inventory is down 28.1% (yet 15.6% more homes are being sold) and they are selling in a shorter time frame than one year ago (by 4.9%).

If you then switch over to look at just the newly constructed market (and remove existing/resale homes), compared to one year ago, the median sales price is $419,440 (a year-over-year increase of 12.2%) and inventory is down by 14.9%. Overall, far more new homes are selling (+31.4%), and they are selling in just over 2 months (which is a year-over-year increase of 21%). 

If you're considering selling, this is quite obviously a great time to do so. We've recently enjoyed helping several clients sell homes they've outgrown and then helped them purchase newly constructed "Dream Homes". So many possibilities! If you're interested in exploring your options give us a call, we've love to help you take advantage of this incredible market.

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Treasure Valley Housing Markets
Average Sold Price (January 20, 2020 - February 20, 2020) 
  • Eagle:  $579,361
  • Boise:  $395,227
  • Meridian:  $389,676
  • Star:  $424,180
  • Garden City:  $310,689
    Kuna:  $311,836
  • Middleton:  $354,017
  • Nampa:  $280,109
  • Caldwell:  $264,356

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Learn More About Eagle's River Corridor 
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):


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.

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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 search today.

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