Boise Regional Realtors’ Breanna Vanstrom summarized this month’s market update with the following three points:
· July 2018 marked four consecutive months of gains in existing/resale inventory in Ada County when measured month-to-month. More inventory is the key to bring balance back to the residential real estate market.
· Looking at existing and new construction combined, the median sales price for July 2018 was at $319,000 – down just 1.7% from June 2018, but up 18.2% from July 2017.
· REALTORS® caution sellers not to assume the market has turned as the supply-demand ratio (tracked through the months’ supply of inventory metric) for homes priced under $500,000 in the existing/resale segment was still under 1.5 months — 4-6 months of supply is considered a balanced market, not favoring buyers or sellers.
Although inventory is still incredibly low, it was encouraging to see how even a slight increase in available homes could help to slow down rapid price increases. We are looking forward to the continuation of the trend and the return of a more balanced real estate market.
If you would like to discuss more about current market trends and how they may affect your home buying or selling plans, please don’t hesitate to call us! We would love to meet with you to hear your hopes and questions and help you determine how best to proceed.
Below are the current Ada County market statistics for July 2018 compared to July 2017:
- Closed sales – 830 (down 2.8%)
- Median Sales Price - $300,000 (up 17.6%)
- Days on the Market - 18 (down 10%)
- Inventory: 917 ?(down 25.9%)
- 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: 1.5 month
- $160,000 - 199,999: 0.8 month
- $200,000 - $249,499: 0.6 month
- $250,000 - $299,999: 0.6 month
- $300,000 - 399,999: 1.3 months
- $400,000 - 499,999: 1.2 months
- $500,000 - $699,999: 1.6 months
- $700,000 - $999,999: 3.1 months
- $1,000,000 or more: 5 months
- Closed sales – 279 (up 26.2%)
- Median Sales Price - $379,900 (up 12.5%)
- Days on the Market - 55 (down 16.7%)
- Inventory: 690 ?(down 5.2%)
- Months Supply of Inventory: 2.3 (down 20.7%)
If you’re interested in knowing more about the current state of the market, check out this informative? July 2018 Boise Regional Realtors Market Report.