In this market, it has been a joy to help sellers!  We assist in preparing their home to show its best, get it listed, and then, many times, receive multiple offers on the property—allowing us to negotiate incredible prices and terms for our clients!  Assisting buyers, however, is a very different story.  Current low inventory has led to intense buyer competition and discouragement and defeat for our clients, as well as for us.  It seems the frustration is felt greatest by our local, first-time, entry level buyers.  These buyers, who are usually looking at homes under $250,000, are competing against investors and out of state buyers who also find this price range attractive and who are often able to offer prices and terms more favorable to the seller.

If this makes the prospect of buying a home seem bleak, take heart! We have been encouraged that although the search for a home often requires several tries and a few defeats, our buyers have still been able to secure properties.  We can also attest to the great joy we and our clients have felt when one of their offers is finally accepted and they are able to move into their new home!  Given that Boise is growing and demand is increasing without signs of slow down, it is projected that home prices will only continue to rise.  So, if you’re a prospective buyer and you’re able to buy, it’s likely worth it to walk the rough road of buying now.  The market may be less competitive in the future, making the road to homeownership less bumpy, but the price you will pay will likely be a great deal higher. 

If you are considering buying or selling, we would love to meet with you and share more about what you can expect and how you can best prepare.  Having accurate and up-to-date information can greatly increase your ability to navigate the potentially rough waters of our current market. 

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

Existing/Resale...

  • Closed sales – 588 (up 2.1%) 
  • Median Sales Price - $290,000 (up 24.5%)
  • Days on the Market - 27 (down 22.9%) 
  • Pending Transactions - 920 ?(down 4.7%) 
  • Inventory: 498 ?(down 33.1%) 
  • Months of Supply – 1 ?(down 37.5%)

New Construction...

  • Closed sales – 260 (up 11.6%) 
  • Median Sales Price - $345,870 (up 11.6%)
  • Days on the Market - 68 (down 15%) 
  • Pending Transactions - 871 ?(up 45.9%) 
  • Inventory: 645 ?(down 18.7%) 
  • Months of Supply – 2.7 ?(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: 0.6 month
  • $160,000 - 199,999: 1 month
  • $200,000 - $249,499: 0.3 month
  • $250,000 - $299,999: 0.5 month
  • $300,000 - 399,999: 1.1 months
  • $400,000 - 499,999: 1.6 months
  • $500,000 - $699,999: 1.9 months
  • $700,000 - $999,999: 5 months

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