The following is an excerpt from our monthly market update, to sign up to receive the full update directly, click here.
Wondering what local buyers and sellers in our local market are
currently experiencing? Check out Jonna's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.
Here's a quick high-level breakdown for local buyers and sellers:
- An increase in Canceled and Expired listings
- Housing inventory continues to rise
- Sellers are accepting lower offers and increasingly offering buyer concessions
- Sellers are looking for skilled listing agents who have experienced market changes
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 192.9%, the median sales price increased by 12.8% (coming in at $592,090), they took a slightly longer amount of time to go under contract (but still took just 15 days) - and fewer homes overall sold (down by 19.9%).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price increased by 11.5% (coming in at $570,000), inventory increased by 179.4% & homes took a longer amount of time to go under contract (but still took just 14 days).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $690,000 (a year-over-year increase of 24.9%) and there are more of them available than there were one year ago (inventory is up by a whopping 219.7%).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (June 14, 2022 - July 14, 2022)
- Boise: $641,977
- Eagle: $1,052,387
- Meridian: $699,619
- Star: $636,831
- Garden City: $482,739
- Kuna: $531,593
- Middleton: $612,338
- Nampa: $478,410
- Caldwell: $462,264
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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. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
>>> To sign up to receive our full monthly market update directly, click here. <<<
