Single-family home sales jumped 14.82 percent last month, but the increase in new listings kept prices in check.
1,194 homes sold in Ada County compared to 1,039 the year prior. Single-family house sales in Canyon County reached a multi-year high of 520.
After setting a record high of $307,466 in March of this year, the median home price in Ada County finished May at $305,000.
Despite home prices being relatively flat over the last four months, the price spikes we saw this winter pushed prices up 15.07 percent from twelve months ago.
Boise’s median home price of $285,000 is up 17.07 from twelve months ago. Just this March, house prices in Boise hit the $300,000 mark for the first.
Home prices in Canyon County held steady at $209,000 last month, down only slightly from the March record of $211,900.
The jump in new listings we see every year in March and April tends to put a cap on higher prices; this year was no different.
Think about it like this; we continue to see steady year-round demand from buyers, so the month to month price changes have more to do with what’s for sale at any given time than demand.
Total homes for sale increased to 1,355 in Ada and 552 in Canyon County.
With local sales typically peaking in June and days on market still at a record low of 8, expect another spike in prices in the next couple of months.
Here are three ways to be in the know.
1) For both buyers and sellers, it is essential to understand what is happening in the local market. Market reports like this one are a great place to start.
Note: I write them so you can read one and get a pretty good overview, although I recommend going back 3 to 4 months and reading forward. You will get a better feel for the trends and what to expect in the months ahead.
2) Once you have an overview, you will want to get a "mid-level" view by finding out what’s happening in the neighborhood. Specifically:
- List to Sale Price – The difference between what sellers are asking compared to what buyers are willing to pay.
- Days on Market – The time from when a home is listed on the market to when the seller accepts an offer.
- Inventory – How many properties are listed compared to how many are actually selling (the best way to determine supply and demand).
Just by knowing this information you will already be ahead of 2/3 of the competition.
3) If you are selling, or buying and have your search narrowed down to a specific property, you then should look at the comparables. A comparable is a very similar property that has recently sold. Active and pending homes are never used as comparables.
A comparable property should have the same number of beds, baths, similar square footage, and location features (does it back up to a busy road or neighborhood park?).
Lot size, the layout of the floor plan, age and the overall condition of the home are also important, but relative.
While a good real estate agent will already know this information, you should too. Real estate can be an emotional experience, knowing the facts is the best way to make a smart, informed decision.
May Boise Real Estate Market
The average price per square foot for Boise is $172, an increase of 15.44 percent compared to the same time last year. Boise housing market summary:
- Median list price - $285,000 (up 18.75%)
- Median sold price - $285,000 (up 17.28%)
- Total home sales - 527 (down from 507)
- Median days on market - 5 days (down 2 days)
- Available homes for sale - 0.98 months supply (down from 1.36)
- 30-year mortgage rates - 4.47% (up from 4.05%)
Idaho Housing Markets in May
Median sales price:
- Ada County - $305,000
- Eagle - $421,250
- Garden City - $293,000
- Kuna - $247,990
- Meridian - $307,500
- Star - $323,990
- Canyon County - $209,000
- Caldwell - $185,000
- Middleton - $236,000
- Nampa - $209,900
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NOTE: Information in this market report was obtained from the Intermountain MLS (IMLS) on June 9th, 2018. Deemed reliable but not guaranteed. All information refers to single-family homes. Current inventory is calculated on a twelve-month rolling average. We believe existing homes for sale are the best way to gauge current Boise home prices and Boise housing market conditions. New construction home prices are much more volatile and tend to exaggerate the numbers, particularly on a month to month basis.