The Treasure Valley fulfilled national expectations of being the hottest real estate market in the country – in March, at least.
Both Ada and Canyon counties boasted record-high sales prices last month, just as coronavirus concerns began to impact the Boise housing market.
In Ada County, the median single-family home sold for a record-setting of $365,645 in March. Compare it to a median price of $336,110 during the same period in 2019 and you’ll see an 8% growth in prices. Not surprising given the healthy market forecasts for the Treasure Valley.
New record-setting prices were helped by a few factors: mortgage interest rates fell to all-time lows in February, which helped buyers funds go further. Yet there were fewer homes than ever on the market – housing inventory was down to 20-year lows. Despite the limited availability, 932 homes were sold in Ada County in March, beating last year’s sales number (837) by nearly 100 homes. Even February’s healthy sales number of 725 pales in comparison.
Given these factors – limited supply and brisk sales – Ada County homes spent a median of just 15 days on the market in March, compared to 32 days in February and 24 days on the market during the March 2019 buying season. In Boise, 371 homes were sold, in comparison to last year’s 331 – and houses spent a scant six days on average on the market.
In neighboring Canyon County, the median house price rose to a record-setting $272,000 last month (and a healthy $7,000 jump from February’s median price). By comparison, the median sales price in March 2019 was $230,000, a 15% jump in the last year.
Sales were also up by a healthy margin. March saw 527 homes sold in Canyon County, up from 367 homes in February – and 389 homes in March 2019.
This perfect storm of tight inventory and strong buyer appetite helped ensure that Canyon County homes spent an average of 10 days on the market in March, when compared with 27 days the previous month.
To be clear, none of this information is surprising – it was predicted. The surprise came mid-March, when Idaho registered its first official case of coronavirus and life as we know it began to change.
What we do know is it’s to early to tell at this point how much of an impact the pandemic will have on our local markets – and for how long.
Boise Real Estate Market Summary for March 2020
- Median list price - $349,900 (+9.38%)
- Median sold price - $349,900 (+9.69%)
- Price per square foot - $207 (+10.11%)
- Total home sales - 363 (+22)
- Median days on market - 6 days (down 4 days)
- Available homes for sale - 0.98 month supply (down 0.05)
- 30-year mortgage rates - 3.45% (down 0.82)
Boise Metro Housing Markets by Area
Median sales price:
- Ada County - $365,645
- Eagle - $555,000
- Garden City - $354,000
- Kuna - $301,245
- Meridian - $376,927
- Star - $485,950
- Canyon County - $272,000
- Caldwell - $259,500
- Middleton - $294,450
- Nampa - $271,417
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.
More From Our Blog...
Real Estate Markets
Real Estate Markets
Real Estate Trends
Information in this We Know Boise market report was obtained from the Intermountain MLS (IMLS) on April 2rd, 2020. Deemed reliable but not guaranteed. City data refers to single-family homes on less than one acre, while county data includes homesites of all sizes. Current inventory is calculated on a twelve-month rolling average. Combining existing homes for sale with new construction is the best way to gauge current home prices and Boise housing market trends. New house prices are much more volatile and can create unreliable comparisons, particularly on a month to month basis.