A large number of willing and able buyers, a low number of existing homes for sale, and the rising cost of new construction have driven Boise home prices to record highs this summer. Ada County’s median home price is currently $273,950, which is 8.7% above prices this time last year and 15% above prices last month. Although prices have been increasing quite drastically, experts anticipate them to stabilize over the next year as builder output increases and more homeowners find themselves in positions to sell their current homes. This will provide the inventory needed to meet current buyer demand.
It is important to note these price increases represent a healthy market recovery rather than a concerning bubble about to burst. The current increase in buyer demand is based on housing needs of legitimate, qualified buyers. This is very different from the 2008 crash, when high demand was falsely inflated by market speculation and the issuing of loans to inadequately qualified buyers.
As we move into the last months of summer, we expect things to remain especially busy. If you are curious to know what your house is worth in this extremely strong seller’s market, we’d be happy to give you a free market analysis. Or, if you’re looking to buy, we’d love to meet and share more on how we can help you face the challenges of today’s low inventory. If you’re interested in either, please email Katie@TripleCordRealEstate.com.
Listed below are the current Ada County market statistics for June 2017 compared to June 2016:
·Closed sales – 1,182 (up 1.3%)
·Median Sales Price (including new construction) - $273,950 (up 8.7%)
·Days on the Market - 33 (down 13.2%)
·Pending Transactions - 1,854 (up 7.5%)
·Inventory: 1,913?(down 9.6%)
·Months of Supply – 1.7 (down 15%)
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: 0.8 months
. $160,000 - 199,999: 0.6 months
· $200,000 - $249,499: 0.7 months
· $250,000 - $299,999: 1.3 months
· $300,000 - 399,999: 1.8 months
· $400,000 - 499,999: 2.4 months
· $500,000 - $699,999: 2.9 months
$700,000 - $999,999: 6.9 months
If you’re interested in knowing more about the current state of the market, check out these informative June 2017 Boise Regional Realtors Market Reports for both Ada and Canyon Counties.