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August 2020 Market Report: Ada County Real Estate Market
August 13, 2020 at 10:42am | 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...
ADA COUNTY REAL ESTATE MARKET HITS NEW RECORDS Last month, across Ada County the median sales price and the number of closed sales and pending transactions hit new record highs - while total inventory (i.e. the number of homes available for sale) hit a record low.
While there are a number of variables that impact home prices in every market, the bottom line comes down to simple supply vs. demand. With demand so high and supply so low, homes across the valley are being listed at - and then sold for - higher
prices. While we've had low inventory for years, the ongoing COVID-19 pandemic has undeniably put additional pressure on our market's supply/demand relationship.
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.
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 56.8% and the median sales price increased by 11.7% (and now sits at $390,000). It's important to note
that even with such low (record-breaking) inventory, more homes sold (a notable increase of 22%).
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 62.7%! Keep in mind that last year at this time we thought inventory was low - and now it's significantly lower. If you are considering selling a home or property... let's chat!
And finally, if you look at just newly constructed homes, the overall trend remains pretty consistent. New homes are selling for a median price of $425,625 and there are substantially fewer of them available than there were one year ago
(inventory is down an incredible 50.3%) - and yet, 40.6% MORE are selling.
Treasure Valley Housing Markets Average Sold Price (July 13, 2020 - August 13, 2020)
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 yourhome 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.