July was a month for record setting in the Boise housing market!
The median sales price reached $390,000. (Up 4 % from June 2020 and 11.7% from June of last year)
Inventory dropped to only 743 available homes. (Down 31.5% from last month and 56.8% from last year)
The number of closed sales hit 1,402. (Up 22.2% from last month and 22.0% from last year)
The number of pending sales was 2,046. (This was about the same as last month but up 16.1% from last year)
And, months supply of inventory dropped to 0.6 months.(Down 66.7 % from last month and 33.3% from last year)
We are also seeing a rather large shift in the number of homes sold in the higher price ranges.One year ago, 36.8% of homes sold for prices below $300,000.Today, only 17.5% have sold in that range. The number of homes sold at prices above $600,000 has jumped 54.7%!
This decrease in the number of homes selling in the lower price ranges can be discouraging to first time home buyers, who may feel the market is getting too expensive to enter. If this is you, we’d love the opportunity to meet and discuss your concerns.There are still options available, and home ownership may be more possible for you than you’d think! We're not going to sugar coat it, the journey to home ownership in this crazy market is definitely challenging and not for the faint at heart. But, we would love the opportunity to guide you as you go and to help your hopes of home ownership become a reality!
No matter what your real estate needs, we’d love to assist. Please give us a call! Even if you're still quite a ways out from making a move, are just in the initial investigation stages, or are pretty certain a move won't be possible, meet with us. It's never a waste of our time to sit with you and help you determine the right next steps!
If you're interested in knowing more about the current state of the market, check out the full Boise Regional Realtors’ Market Report HERE.