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!
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%).
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
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.