As is common this time of year, we are experiencing a cooling off of home sale activity. This does not mean that prices are decreasing but rather flat lining—which, when compared to the crazy price appreciation of the summer buying season, can make it feel like we are in a market downturn. Several complex factors are affected this market change. But, seasonality, low housing inventory, and rising interest rates likely play the biggest roles.
Despite this slowdown, Boise’s market remains strong and overall price appreciation, though likely to be slower than this year, is expected to continue into 2019. This increase in home values we be driven mostly by demand, as inventory levels remain well below those of a balanced market and as the beautiful Boise area continues to attract buyers relocating from other states.
The market is complex and constantly changing, but as real estate professionals, we have a variety of tools and information to help navigate these changes in order to better equip buyers and sellers to make good real estate decisions. If you are looking to buy and/or sell within the next few years, please give us a call so we can meet with you to discuss more of the pros and cons of different timelines and strategies and to better help you prepare for the real estate path of best interest to you. We are ALWAYS happy to meet with you, even if your plans to move may not be for several years down the road.
Below are the current Ada County market statistics for September 2018 compared to September 2017:
- Closed sales – 616 (down 24%)
- Median Sales Price - $299,950 (up 17.7%)
- Days on the Market - 23 (down 14.8%)
- Inventory: 933 (down 19.2%)
- Months of Supply: 1.2 (down 7.7%)
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: 0.3 month
- $200,000 - $249,499: 0.7 month
- $250,000 - $299,999: 1.0 month
- $300,000 - 399,999: 1.2 months
- $400,000 - 499,999: 1.5 months
- $500,000 - $699,999: 1.8 months
- $700,000 - $999,999: 2.7 months