The story of our current real estate market remains much the same as reported in previous months—buyer demand is high and housing supply is low. This situation continues to cause upward pressure on prices and resulted in a new record high median sales price of $279,900 for Ada County in January.
Last month, pending sales, which are a good measure of home buyer demand, were up 32.7% from last year, even though inventory was down 14.9%. In fact, even with this mild winter helping boost new construction, there are more pending sales than there are homes available. This is further confirmation that the housing demand is growing rapidly as our city is growing rapidly as well. Since population growth will likely continue, we simply need more inventory to help us return to a more balanced market.
There is greater inventory in the higher price ranges. So, if you are looking to move up, now may be a great time. Here are some benefits to consider:
1) You would likely be able to sell your current home rather quickly for a good price!
2) Housing prices will continue rise. So, you could get in on a lower price for your next home than you will be able to in the future.
3) Interest rates are moving up. So, you could capitalize on a lower interest rate now than you would be able to in the future.
4) You would make a home available for one of the many entry-level buyers who are desperately seeking to find and purchase a property in this competitive market.
5) You would make a buyer’s real estate agent happy by providing a potential home for their sweet clients!
6) You would make your agent happy by giving them the opportunity to walk through the challenging, but also rewarding, process of selling and buying a new home!
If you would like to know more, we would love to meet! It may not be the right timing, but it you are considering buying and/or selling, we always enjoy the opportunity to talk with people about the process and inform them of their options.
Below are the current Ada County market statistics for January 2017 compared to January 2018:
Closed sales – 605 (up 10.6%)
Median Sales Price (including new construction) - $279,900 (up 16.6%)
Days on the Market - 41 (down 19.6%)
Pending Transactions - 1,376 ?(up 32.7%)
Inventory: 1,213 ?(down 14.9%)
Months of Supply – 1.7 ?(down 19%)
We also wanted to show how the number of months supply of inventory fluctuates based on the price range.??The current month’s supply condition in each price range is as follows:
$159,999 or less: 0.2 months.
$160,000 - 199,999: 0.2 months
$200,000 - $249,499: 0.6 months
$250,000 - $299,999: 1.6 months
$300,000 - 399,999: 2.3 months
$400,000 - 499,999: 3.3 months
$500,000 - $699,999: 2.7 months
$700,000 - $999,999: 3.4 months
If you’re interested in knowing more about the current state of the market, check out these informative? January 2018 Boise Regional Realtors Market Reports for both Ada and Canyon ?counties.