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Median sales prices for homes across Ada County continue to trend upwards but at a slightly slower rate than what we've been seeing over the past year. And while the number of homes listed on the market (i.e. inventory) has increased over the past several months, it still hasn't increased enough to match the buyer demand we're continuing to see.
As you likely know, there have been some changes on the national level that may impact our real estate market. Last month, in an effort to address our country's widespread inflation (the highest in 40 years) the Federal Reserve made moves to increase interest rates. In a nutshell, higher interest rates will effectively lower buying power & slow down the lending application process. While economics and industry leaders expect the housing market to remain competitive, there will most likely be a shift from the frenzied state we experienced last year.
So what does that mean for you?
If you are contemplating selling your primary home or an investment property in the Treasure Valley, this is an opportune time to capitalize on our amazing market conditions. Our team is excited for the upcoming spring market and would love to help you get top dollar for your home or investment property. Let's chat!
And/or if you are looking to buy, our team continues to help our clients every day take advantage of their heightened buying power & find homes in our highly competitive market. Let's connect!
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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 (detailed in the top infographic): inventory increased by a notable 63.9%, the median sales price increased by 20% (coming in at $540,000) and they took a longer amount of time to go under contract (37 days opposed to 18).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics); the median sales price increased by 18.4% (coming in at $515,100), inventory increased by 79.6% & homes are sitting on the market for a longer period than they were one year ago (33 days, opposed to just 13).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $588,945 (a year-over-year increase of 28%), there are more of them available than there were one year ago (inventory is up by 54.2%) and they are staying active on the market for a longer period of time (44 days compared to 25).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics); the median sales price increased by 18.4% (coming in at $515,100), inventory increased by 79.6% & homes are sitting on the market for a longer period than they were one year ago (33 days, opposed to just 13).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $588,945 (a year-over-year increase of 28%), there are more of them available than there were one year ago (inventory is up by 54.2%) and they are staying active on the market for a longer period of time (44 days compared to 25).
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Average Sold Price (January 17, 2022 - February 17, 2022)
- Boise: $601,088
- Eagle: $1,045,730
- Meridian: $577,969
- Star: $616,121
- Garden City: $322,737
- Kuna: $507,077
- Middleton: $557,216
- Nampa: $480,939
- Caldwell: $447,816
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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 current rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for.
To subscribe to receive our full monthly market update directly, click here.
