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out an excerpt from this month's newsletter, keep reading...
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ADA COUNTY HOME SALES PICK UP
After two consecutive months of year-over-year declines, Ada County home sales have begun to increase, and are up 3.4% from the same month one year ago. And "Pending" sales (meaning homes that have accepted offers and can be predicted to close within 30 to 60 days) have increased by 17% year-over-year.
Pre-COVID-19, our local market was very strong. This simple fact coupled with high buyer demand and low inventory has helped our market buoy back into action. Like all industries, our local housing market may continue to be impacted by the ongoing COVID-19 situation, with that said this uptick in sales and homes under contract is a positive sign.
At Jonna Weber Real Estate, our goal continues to be to ensure that you always have access to the information and resources you need to make informed decisions about your real estate investments. If you'd like to discuss your unique situation, please feel free to give us a call.
Graphics provided by Boise Regional Realtors.
Summary: 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 44.2% and the median sales price increased by 6.3%. Overall slightly more homes sold ( 3.4%) and they remained on the market for a slightly longer period of time ( 3.2%).
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 decrease in inventory is even more dramatic - down an incredible 50.8%! Keep in mind that last year at this time we thought inventory was low - and now it's significantly lower. Low Inventory High Buyer Demand = A GREAT time to sell.
For newly constructed homes, the overall trend remains pretty consistent, with the exception of how many new homes are selling - up an impressive 20.3% from one year ago.
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Treasure Valley Housing Markets
Average Sold Price (June 16, 2020 - July 16, 2020)
- Boise: $413,708
- Eagle: $654,913
- Meridian: $408,858
- Star: $457,781
- Garden City: $350,488
- Kuna: $353,709
- Middleton: $383,362
- Nampa: $318,873
- Caldwell: $305,180
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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.
