Boise Regional Realtors reported these three main takeaways in regard to this month’s market analysis:

 

-          The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.

 

-          Local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

 

-          In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory.

 

Though the market remains strong and swift moving, every house and every person’s situation is still unique.  If you’re considering making a move in real estate, we hope you will give us a call so we can assist you in properly navigating the waters of the current market and how it might play into your particular situation.  We have a great deal of resources and information to assist you in making the best decisions for YOU when buying and selling!

 

 

Below are the current Ada County market statistics for July 2018 compared to July 2017:

Existing/Resale...

 

  • Closed sales – 823 (down 8.5%) 
  • Median Sales Price - $309,200 (up 19%)
  • Days on the Market - 20 (down 23.1%) 
  • Inventory: 843 (down 17.8%)
  • Months of Supply: 1.1 (down 21.4%) 
  •  

 

We also wanted to show how the number of months supply of inventory fluctuates based on the price range.  The current month’s existing supply condition in each price range is as follows: 

 

  • $159,999 or less: 1.4 month
  • $160,000 - 199,999: 0.6 month
  • $200,000 - $249,499: 0.6 month
  • $250,000 - $299,999: 0.7 month
  • $300,000 - 399,999: 1.1 months
  • $400,000 - 499,999: 1.1 months
  • $500,000 - $699,999: 1.7 months
  • $700,000 - $999,999: 2.4 months
  • $1,000,000 or more: 6.2 months

 

 

New Construction...

 

  • Closed sales – 301 (up 20.9%) 
  • Median Sales Price - $386,470 (up 8.6%)
  • Days on the Market - 43 (down 23.2%)
  • Inventory: 790 (up 8.7%)
  • Months Supply of Inventory: 2.7 (down 15.6%)

 

  • $159,999 or less: 0
  • $160,000 - 199,999: 0
  • $200,000 - $249,499: 2.1 months
  • $250,000 - $299,999: 2.3 months
  • $300,000 - 399,999: 3.2 months
  • $400,000 - 499,999: 2.8 months
  • $500,000 - $699,999: 1.9 months
  • $700,000 - $999,999: 4 months
  • $1,000,000 or more: 0

 

  If you’re interested in knowing more about the current state of the market, check out this informative August 2018 Boise Regional Realtors Market Report.