Wondering what local buyers and sellers in our local market are currently experiencing? Check out Kim's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.
The Ada County Market at a Glance:
- Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices. This has had a cooling effect on the demand for housing which has caused a slight increase in inventory, reduction in home prices and an increase in days on market. As a result, home price growth and sales have slowed.
- Mortgage rates dipped a bit and we saw an increase in buyer activity in the past few weeks.
- Buyer sentiment shows we are seeing more opportunities for buyers due to better pricing and sellers are having to make repairs and concessions to get their homes sold.
- Seller sentiment shows that some sellers are still on the fence about selling. While sellers who price their homes well are selling in a shorter amount of time.
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 128.2%, the median sales price increased by 19.2% (coming in at $589,990), they took a longer amount of time
to go under contract (an average of 21 days)- and fewer homes overall sold (down by 33.8%).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price decreased by 4.6% (coming in at $549,000), inventory increased by 114% & homes took almost twice as long as they did a year ago to go under contract (21 days opposed to 11).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $671,530 (a year-over-year increase of 20.3%) and there are more of them are available (inventory is up by 160.1%), and fewer sold (172 compared to 253).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price decreased by 4.6% (coming in at $549,000), inventory increased by 114% & homes took almost twice as long as they did a year ago to go under contract (21 days opposed to 11).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $671,530 (a year-over-year increase of 20.3%) and there are more of them are available (inventory is up by 160.1%), and fewer sold (172 compared to 253).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (July 18, 2022 - August 18, 2022)
- Boise: $607,448
- Eagle: $1,044,417
- Meridian: $612,849
- Star: $697,248
- Garden City: $536,987
- Kuna: $561,870
- Middleton: $619,210
- Nampa: $480,992
- Caldwell: $472,713
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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.
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