March 2020 Market Report: Ada County Real Estate Market

MARKET UPDATE:  INVENTORY REMAINS LOW WHILE BUYER DEMAND PERSISTS
In a nutshell, across Ada County the number of homes available for sale remains incredibly low. This is accentuated by the fact that buyer demand persists. With that said, as the Coronavirus (COVID-19) situation continues to unfold we do anticipate some changes in the marketplace. If you would like to discuss your unique situation with us, we would love that - just give us a shout. Otherwise keep reading for some high-level information on our market.
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 was down 23.4%. Yet, overall slightly more homes sold ( 3%), and sold at a higher median price ( 11.3%).

If you examine just existing/resale homes (and put aside newly constructed sales), the median sales price increased by 16.2% ($342,720), inventory went down by incredible 37.6%, and they sold in just over a month.

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 was $389,900 (a year-over-year increase of 6.8%) and inventory decreased by 13.7%. Overall, far more new homes sold ( 12.4%), and they sold in just over 2 months.

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.
Treasure Valley Housing Markets
Average Sold Price (February 19, 2020 - March 19, 2020) 

• Eagle:  $627,244
• Boise:  $392,415
• Meridian:  $397,048
• Star:  $460,592
• Garden City:  $347,329
• Kuna:  $305,981
• Middleton:  $341,498
• Nampa:  $286,984
• Caldwell:  $275,037

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.

If you’re hoping to buy, keep in mind that low inventory isn’t the same 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.