In another month of records, the median single-family home price in Boise hit $299,900, essentially the $300,000 mark, for the first time ever.
In Ada County, prices jumped to $307,446, up nearly $10,000 from last month’s record. House prices in Canyon County surged past the $200,000 mark, to finish the month at $211,900. A $16,000 increase from a month prior.
The fierce Boise real estate market continues to show little sign of slowing as price increases continue to accelerate. Across the Treasure Valley, prices have increased significantly over the past year. In Boise alone, prices have risen 29 percent or nearly $67,000 since last March.
Ada County prices are up 22 percent, $55,000 over the previous 12 months, and Canyon County rose 21 percent or $37,000. These are the most significant year-over-year percent change in sales prices since 2013.
It comes as no surprise that available homes for sale remain well below the 4 to 6 months that are considered typical for a balanced market. In Boise, available inventory is at 0.87 months supply, 1.32 in Ada and 1.37 in Canyon counties. Half the houses in Boise are staying on the market for less than 6 days, with a quarter for less than 2.
Houses for sale in Ada County dropped to 1,232 from 1,537 a year ago with the typical home on the market for 12 days. Eight days less than this time last year.
Homebuyers, staying ahead of higher interest rates, began their real estate searches earlier in the year than they might otherwise have done. Combined with pent-up demand, showings and open house activity were on par with what we would typically see in May.
Keep in Mind - We see larger properties list in spring than at other times of the year (more square footage equals a higher price).
If you look at the price per square foot in Ada County, you will only see an 11.67 percent increase in values. Simply put, more large homes are selling earlier in the year than in the past.
More New Construction
Although, little has changed over the last few years to affect supply or demand. 20 plus percent price increases are not sustainable over the long term.
There are many factors that influence demand: incomes, population growth, rent cost, and interest rates, to name a few.
Supply is made up of existing homes and new construction. The number of houses currently under construction in the Treasure Valley is 44 percent higher than just two years ago.
While there is still a shortage of existing “starter homes,” there is a lot more new construction available than in the past. For move-up buyers, and even those looking below $250,000, you have more options than you have had over the last couple of years.
Save Time and Money
In the Boise Valley, the active agent count has nearly tripled over the last few years.
Every time there is a run-up in the housing market we see a significant influx of newly licensed real estate agents. The fact is, two out of three agents have little to no experience.
In this market, you need the help of a professional with a real track record. A pro who will guide you through the process step by step and a) help you find the right home and b) ensure you don’t overpay.
If you are buying and selling, it’s even more critical, as the person you hire can cost you a lot of time and money on both sides of the transaction.
March Boise Real Estate Market
The average price per square foot for Boise is $162, an increase of 13.29 percent compared to the same time last year. Boise housing market summary:
- Median list price - $299,000 (up 28.33%)
- Median sold price - $299,900 (up 28.71%)
- Total home sales - 365 (down from 419)
- Median days on market - 6 days (down 6 days)
- Available homes for sale - 0.87 months supply (down 41%)
- 30-year mortgage rates - 4.44% (up from 4.20%)
Idaho Real Estate Markets in March
Median sales price:
- Ada County - $307,446
- Eagle - $419,900
- Garden City - $209,950
- Kuna - $249,500
- Meridian - $299,900
- Star - $281,747
- Canyon County - $211,900
- Caldwell - $189,900
- Middleton - $250,000
- Nampa - $205,000
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NOTE: Information in this market report was obtained from the Intermountain MLS (IMLS) on April 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.