As expected, the June market was fast paced and closed out with a new record high median sales price of $324,647, up 27.7% from the same time last year.  It’s important to note this figure is somewhat skewed by new construction which, due to the low inventory of existing homes, is selling at both higher prices and larger volumes than in years past.  If we just look at the median sales price for new construction,  June’s figure was $393,705.  The median resale price for existing homes, however, was only $299,900. Additionally, we saw an 8.7% increase in the number of newly constructed homes sold compared to a 5.8% DECREASE in the number of existing homes sold.  This increased volume of sales in the higher priced arena of new construction combined with the decrease in sales (due to lack of availability) in the lower priced existing homes market, definitely played a major role in pushing  that median sales price beyond the record.
The number of days a property has been on the market before it has sold also hit a new record, dropping to only 16 days.  This is down 27.3% compared to the same month last year—demonstrating that what we’re experiencing is not just a seasonal drop but rather the product of our continued housing shortage.  Although the growth in new home sales is a testimony to builders’ increased production,  the market remains unbalanced and highly competitive.  If you’re considering buying a home in this market and would like more counsel on how to best prepare, we hope you will contact us!  We have some good suggestions to help you compete while also protecting you from potentially unwise moves that can be common in our fast-moving market. 


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



  • Closed sales – 855 (down 5.6%) 

  • Median Sales Price - $299,900 (up 17.4%)

  • Days on the Market - 16 (down 27.3%) 

  • Inventory: 765 ?(down 36.9%)

  • Months of Supply: 0.9 (down 35.7%) 


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: 0.5 month

  • $160,000 - 199,999: 0.5 month

  • $200,000 - $249,499: 0.3 month

  • $250,000 - $299,999: 0.6 month

  • $300,000 - 399,999: 1 month

  • $400,000 - 499,999: 1.3 months

  • $500,000 - $699,999: 1.6 months

  • $700,000 - $999,999: 3.1 months

  • $1,000,000 or more: 8.7 months


New Construction...


  • Closed sales – 311 (up 8.7%) 

  • Median Sales Price - $393,705 (up 13.8%)

  • Days on the Market - 54 (down 21.7%)

  • Inventory: 647 ?(down 7.7%)

  • Months Supply of Inventory: 2.2 (down 42.1%)


  If you’re interested in knowing more about the current state of the market, check out these informative? July 2018 Boise Regional Realtors Market Reports for both Ada and Canyon ?counties.