July brought continued great news for home sellers in the Treasure Valley: record-high home prices in both Ada and Canyon Counties, combined with record-low inventory, is making home buying in these markets more competitive than your favorite extreme sport.

While we are seeing the strongest seller’s market ever recorded in the Treasure Valley, there is a silver lining for home buyers. Thirty-year mortgage rates continue to hit new lows, most recently 2.88%, offsetting some of the record high selling prices we’re seeing.

Let’s take a closer look at the numbers before we jump into what is driving this current market:

• The biggest gains we’re seeing is in Canyon County, which hit a median sales price of $300,000 for the first time ever,

New listings took a nosedive across the Treasure Valley in June, driving home prices up and setting new sales records in Boise, Ada County, and Canyon County.

Despite the continuing pandemic, demand for homes has not lessened – it has grown – as sellers postponing listings, and new construction delays are now compounding an already critical lack of supply in the valley.

To get a better idea of just how sudden and dramatic the change was, let’s look at the numbers:

• In Ada County, available listings plunged from 1,353 in May to 985 in June – a more than 27% drop. When compared with last year’s available listings (1,715), we see a 42.6% decline. For context, we haven’t seen so few listings on the market in any June since the ‘90s housing

COVID-19 required stay-at-home orders did little to slow the Treasure Valley's real estate market in May as demand rose.

In Ada County, the median home price rose to $362,00, up 5.6% from the year prior. The time it takes for the typical home to sell remained unchanged at 11 days. In addition, the available supply of homes on the market declined to 1,353 – a drop of more than 200 new listings compared to last year. This means that available inventory is down to a 1.48 months supply in the county.

As is typical for this time of year, we had more available inventory in May than the previous two months. That said, there are now fewer homes for sale than any month of last year except December (a slow month for new listings despite soaring demand).

We may be in the midst of a once-a-century global pandemic, but you’d never guess it by looking at local housing data.

Despite statewide social distancing rules and nationwide uncertainty, both Ada and Canyon counties reported new record-high home prices for the month of April.

This is encouraging news for potential sellers who hit the “pause” button on listing their homes over the past few months. The housing market is still strong in the Treasure Valley – in some ways, perhaps even stronger than usual, thanks to our unique, local circumstances.

Urgency among homebuyers

There are a number of factors that play into the sales records we’re currently seeing. Over the past year, tight inventory in the Treasure Valley – around 1.5 months – has

It may feel like months have passed since Idaho Governor Brad Little issued a March 25 statewide “stay at home” order to slow the spread of the coronavirus, or COVID-19, in our state. While we safely weather out the pandemic in relative seclusion, many potential buyers and sellers are wondering: what impact will this have on the Boise real estate market?

The short answer is: it’s too soon to tell, but we can look at history to get an idea of how stable the market will perform in the coming months and years. The important thing to keep in mind is that homes are still being listed, they’re still pending, and most importantly, they’re still selling – even in this new era of video-chat home tours and social distancing.

What the Treasure Valley

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

Boise home price increases lead the nation; mortgage costs plummet.

It's official. When compared to the top 100 U.S. metro areas, Boise was the fastest appreciating city in the nation in the fourth quarter of 2019. According to the same report from the Federal Housing Finance Agency, Idaho was also the fastest appreciating state in the county. What's more, both Boise and the state have held these titles for three consecutive quarters now.

It's no surprise that we're seeing housing records shattered throughout the Treasure Valley. In February, Canyon County home prices hit a new record, as did prices in Nampa, Eagle and Boise.

The median price of a house sold in Canyon County in February was $264,990, which is up 16.74 percent or close to

If January is any indicator, 2020 will not be the year of the Treasure Valley home buyer.

With five new price records, 2019 marked the eighth consecutive year home prices have risen in the Boise Metro area. The first month of 2020 is showing a continuation of that trend with upward appreciation entering its ninth year.

The median single-family home price finished the month of January at $354,900 in Boise, up 20.31 percent from the year prior.

Over the last 12 months, house prices in Ada County rose 15.33 percent to a record $363,000. In 2011, the median home price was just $145,000.

For Treasure Valley home shoppers, there is little to choose from. The total supply of homes for sale in Boise dropped to an anemic 0.73 months. At 1.17 and

Miss the bidding wars of 2018? Based on current trends we may be headed for the hottest Boise real estate market in two years.

The Boise median single-family home price jumped $42,600 to $335,000 in the month of December, finishing out the year of 2019 with a 14.57 percent increase.

In Ada County and Canyon County, the cost for the typical home rose 8.02 percent and 13.08 percent, respectively.

While every city in the Treasure Valley is seeing higher prices, the lowest priced markets continue to appreciate the fastest. “Luxury” markets are seeing the smallest year-over-year price gains with Eagle up a relatively paltry 3.73 percent.

Compared to last year, total homes sales rose 18.76 percent in Ada County and 26.11 percent in Canyon

As I write this, home prices are hitting new record highs as the Boise real estate market leads the nation in appreciation.

In the past year, Boise home prices have risen 11 percent while the supply of homes for sale has declined by 10 percent.

What will the new year bring?

By definition, a forecast is an opinion about future events. Even so, I’ve made a point to focus on the facts and current trends that are already in effect, avoiding any wild speculation. Read on for an insider take on the Treasure Valley housing market in the months to come.

Boise Home Prices Will Continue Rising

Today, one in six listings are seeing multiple offers. By spring, we expect that number to jump to one in three.

Driven by low interest rates and a