Canyon County Home Prices Hit New High, Breaking a Ten Year Record
Posted by Lisa Kohl on Saturday, April 8th, 2017 at 12:20pm
The median price of single-family homes sold in Canyon County in March jumped 12.90 percent over the year to a new record of $175,000. The previous record was set in January of 2007 when home values hit $170,000.
In March of last year, the median Canyon County home price was $155,000.
No matter how you look at it, area home prices are up dramatically. While we have definitely seen a pickup in inventory, we are still much closer to record lows than any type of balanced market.
In Canyon County, the median days on market are 26. In other words, the amount of time between when the property is listed on the market until it goes pending is just under four weeks. Typically it takes an additional 30 to 45 days for the transaction to actually close. The home values we see now are for homes that were listed for sale in late January to early February. Months before the busiest time of the year for real estate sales.
In the Treasure Valley, the Spring market typically starts in March and peaks between April and June. The question at the moment is not when will price increases stop but when will they simply slow down.
We continue to see high demand for housing as low mortgage rates, stable employment, and continued population growth continue to be positive factors. Include sky-high rents and a short supply of new homes, and we have a recipe for higher home prices.
The number of homes for sale was up in March 2017 over February, typical for this time of year.
Higher home prices in Canyon County are continuing the trend we have seen over the previous year. As property values increase in the higher priced areas of Boise and Meridian, homebuyers are seeking out more affordable areas. In 2016 Boise home values rose 8.76% and Meridian 5.31%. During the same period, Nampa prices rose 11.89%, and Caldwell rose 13.59% respectively.
For some perspective, home prices in King County, WA (Seattle) hit a record $600,000 last month. Local real estate brokers report, homebuyers are bidding 20 percent above the list price in some high demand neighborhoods.
The first quarter of 2017 is starting the year off with a bang.
Local Real Estate Markets in March
Ada County
- Median Sold Price $250,599
- Median Days on Market 21
- Total Sold 828
Boise, ID
- Median List Price $230,000
- Median Sold Price $233,000
- Days on Market 13
- Total Sold 463
Eagle, ID
- Median List Price $369,900
- Median Sold Price $365,000
- Days on Market 68
- Total Sold 55
Kuna, ID
- Median List Price $199,900
- Median Sale Price $205,000
- Days on Market 9
- Total Sold 47
Meridian, ID
- Median List Price $272,450
- Median Sold Price $270,000
- Days on Market 38
- Total Sold 263
Star, ID
- Median List Price $292,450
- Median Sale Price $293,450
- Days on Market 22
- Total Sold 28
Canyon County
- Median Sale Price $175,000
- Median Days on Market 29
- Total Sold 361
Caldwell, ID
- Median List Price $152,940
- Median Sold Price $153,000
- Days on Market 14
- Total Sold 89
Middleton, ID
- Median List Price $214,900
- Median Sold Price $216,555
- Days on Market 32
- Total Sold 31
Nampa, ID
- Median List Price $172,495
- Median Sold Price $173,195
- Days on Market 19
- Total Sold 190
Lisa Kohl
Treasure Valley Realtor Lisa Kohl loves what she does. It shows in her attitude, in her work, and in the many reviews written by her past clients. Lisa carefully studies the local housing market to give her clients the edge when buying or selling a home in Idaho. We Know Boise is a full-service real estate team that combines our LOCAL expertise with traditional know-how to create exceptional results for each of our clients.
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