Perhaps our unseasonably warm fall weather has something to do with our unseasonably healthy fall real estate market. In October, year over year home sales were up 11%, and Boise Regional Realtors (BRR) expects sales will remain strong through the end of the year in both Ada and Canyon Counties.
Low inventory and high consumer demand have kept the market tilted in favor of sellers. Prices are down slightly since summer but still near record highs for our valley. Fortunately, these higher prices are healthy and not driven by market speculation like we saw in 2008. If you are considering selling your home, we would love to share moreinformation and provide a free market analysis for your property. Give us a call!
Overall, in Ada County there are only 3 weeks supply of inventory in the $160,000 to $199,999 range and only 1 month’s supply in the $200,000 to $249,999 range. That is SUPER low folks! No wonder new construction is popping up all over the Treasure Valley, with strong development in SW Boise, South Meridian, and Kuna. Also, Star is seeing a large surge of growth with closed sales up 77% from last year!
Listed below are the current Ada County market statistics for October 2016 compared to October 2015:
- Closed sales - 870 (up 11%)
- Median Sales Price - $252,000 (up 9.6%)
- Days on the Market - 43 (down 4.4%)
- Pending Transactions - 1,319 (up 7.8%)
- Inventory: 1,950 (down 12.5%)
- Months of Supply - 2.1 (down 25%)
We also wanted to show how the number of months’ supply of inventory fluctuates based on the price range. The current months’ supply condition in each price range is as follows:
- $159,999 or less - 199,999: 3 weeks
- $160,000 - 199,999: 1 month
- $200,000 - $299,999: 2 months
- $300,000 - 499,999: 2.5 months
- $500,000 - 699,999: 4 months
- $700,000 - 999,999: 6 months