Though fall is historically characterized by a decrease in Boise housing market inventory, this September boasted more homes for sale than were available in either July or August. This phenomenon is in large part due to a 10.3% jump from August to September in newly constructed homes available for purchase. New construction options have increased so much that nearly half of the total inventory for September (887 out of 1,776 homes) were new builds. The inventory of existing homes for sale also had a surprising increase in comparison to historical statistics, rising 3.6% from August to September. This change in market conditions has both blurred the seasonality trend and extended the home buying season.
Despite this unexpected jump in inventory, buyer demand is still well above supply. This tension, which may be further progressed by our incredibly low mortgage rates, will continue to put upward pressure on prices. The median sales price for September was $349,994, up 9.7% from September 2018. To summarize:
- If you are looking to sell, low supply and high demand levels are still providing a prime environment for receiving a premium price on your property this year.
- If you are looking to buy, you may want to consider taking advantage of the currently low interest rates and the higher number of homes available to choose from.
Whether you’re on the fence about buying or selling, just curious about the market for future planning, or ready and rearing to jump in with both feet, we’d love the opportunity to meet with you! Please call or email so we can schedule a time to talk. We look forward to embarking on your next real estate journey together!
For a quick snapshot of the Boise housing market for September 2019, see Boise Regional REALTORS® housing market summary for Ada County below:
