In many ways, our Boise housing market update may sound a bit like a broken record. Just as we’ve reported in previous months, prices continue to increase. August brought in a new record high median sales price of $400,000. This is up 2.6% from last month and up 12.7% from August of last year.
As has been the case for the past several months, this swift upward movement in home prices can be attributed primarily to low supply and high demand. The supply of available homes for sale in our area remains ridiculously low, hitting a new record of only 0.4 months of inventory. This means if demand remained the same and everyone stopped listing homes today, it would only take 12 DAYS for all the available inventory to be completely sold out!
Our agents, buyers, and sellers are feeling the pressure of this imbalance. We have buyers in all price ranges, even those looking for properties above $1 million, who have yet to make an offer on a home where they aren’t in competition with multiple (often upwards of 10) other offers. And, most of our sellers are having to sort through not just one or two offers, but recently as many as 18! We are seeing buyers who are willing to do almost anything, including waiving their home inspections and agreeing to pay way above appraised values, to gain a competitive edge.
We know this fast-paced, competitive market can make the idea of buying a home seem daunting to those who may be considering it. Possibly, it’s overwhelming to those looking to sell as well. And, it can be! But, we’re here to help. We are well versed in wading through difficult waters with our clients, helping buyers put together competitive offers while also maintaining important protections, and assisting sellers in navigating multiple offers and negotiating favorable terms. We’d love the opportunity to serve you and believe we can provide encouragement, peace, and wisdom throughout the process!
For a quick snapshot of the Boise housing market for August 2020, see Boise Regional REALTORS® housing market summary for Ada County below: