Real Estate Market

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

Median home prices throughout Ada County shattered records last month as the Treasure Valley real estate market continues its relentless upward trend.

Boise’s median single-family home price rose to $275,000 in February, up $19,000 from the previous all-time high set just last month.

The median house cost in Ada County soared to $297,500, an increase of $18,000 from the prior months high.

In a rare divergence, Canyon County prices climbed just $550 to $195,000, albeit also a new record.

The total number of homes in Ada County dropped to a 1.27 month supply, while inventory in Canyon County decreased to 1.38 months. As we have seen over the last four years, more homes are selling every month than new homes are being listed.

Again this

Treasure Valley home prices reached new highs in January with both Ada and Canyon counties setting new records.

Single-family median home prices jumped 16.63 percent in the Ada County to $279,900. The largest year over year increase in four years. Early bird sellers are benefiting from the lack of competition with packed open houses and multiple offers on anything under $220,000.

Prices in Canyon County leaped an astounding 21.46 percent to finish the first month of the year at $194,450. An appreciation rate we haven’t seen in since 2014.

The median price of a single-family home in Boise grew 13.93 percent to $256,000. Total number of homes on the market fell to a 0.76 month supply.

Keep in mind that January 2017 was the peak of Boise’s

Record low inventory pushed Treasure Valley single-family home prices to new highs in December.

The median home value in Boise reached an all-time high of $261,544 surpassing the previous record set in September of $258,000. That is a 13.72 percent increase from just twelve months ago.

Ada County home prices finished the last month of 2017 at $277,900, just shy of the record high set in August. A 13.48 percent increase in the previous twelve months.

The median house in Canyon County surged to $190,950 in December, setting the seventh record of the year. The typical home price is up 13.66 percent from last year and up $5,000 just from the record set in July. Middleton home prices lead the way jumping nearly 21 percent year over year.

Homes

Inventory Will Remain in Short Supply

We have seen year over year metro Boise housing market inventory decline for 38 months in a row. While this trend won’t continue indefinitely, it will take a lot of new inventory before we see a balanced real estate market.

While there has been a lot of talk lately about potential home sellers “holding out”, the reality is there just isn’t that much hidden inventory. We have seen a long-term trend of people staying in their homes longer (averaging around eight years) and choosing to remodel rather than sell. If you love where you live, why move?

Sales of existing single-family homes have increased for each of the last four years and are currently averaging 935 per month, which is close to the long-term

I meet a lot of people in my line of work. When people hear I’m a real estate agent one of the most common questions I get, "Is Boise in a real estate Bubble?" Considering local home prices have jumped over the last six years and memories of the great recession are still in the back of everyone’s mind, it doesn’t come as too much of a surprise.

There is a difference between a real estate slowdown and a housing bubble. So what is a bubble? “A run-up in housing prices fueled by demand, speculation and exuberance."

They start with high demand and limited supply which is the case with any rising market. But then, "Speculators enter the market, further driving demand. At some point, demand decreases or stagnates at the same time supply increases,

The median price of a single-family home in Ada County rose 10 percent in September from a year earlier.

While prices declined from the previous record of $278,995 set in August, September's $275,000 home price is still the second highest on record, even exceeding this June’s high. Canyon County values finished the month at $181,950, up 13.72 percent from last year. The all-time record high of $185,501 was set in July of this year.

Home prices in Boise set a new record high of $258,000 up 13.16 percent year over year.

The time homes spend on the market in Ada County dropped to 18 from 20 twelve months ago with total sales remaining basically the same at 1,041. In Canyon County, days on market decreased by 5 to 15 and total sales rose to 446 to 415.

Where

Ada County’s median single-family home price increased 9.49 percent in August from a year ago, setting a new record high price of $278,995. This surpasses the previous record of $272,770 set in June of this year.

'It's Deja Vu All Over Again'. In 2016 we set an all-time record in June that was surpassed two months later in August. This was a repeat of what we saw in 2014. In 2015 prices rose steadily throughout spring and summer and didn’t peak until November.

In Boise, the median price hit $255,000 up 12.09 percent from a year ago, also a new record.

Canyon County prices are up 10.94 percent to $183,000 from last year, but down $2,501 from the record price set just last month. This is only the second time this year Canyon County has not set

Ada County home prices have increased 11.07 percent over the previous 12 months and now stand at $269,900.

Canyon county prices are up 9.81 percent since last July finishing the month at $185,501. The sixth record in six months.

Nationally home prices are up 5.6 percent with Seattle 13.3%, Portland 8.9% and Denver 7.9% leading the way. (per the Case-Shiller home price index, released July 25th)

Ada values dipped slightly from June to July, with Canyon showing an increase. Both typical for this time of year.

Available homes for sale are at the highest level we have seen this year, but at 1,934 (2.12 months) Ada County inventories are below what we saw this time last year by about 12 percent. Similarly, inventory is down 8.5 percent in

Summer brings hot temps and sizzling prices to the Boise area real estate market. Throughout the Treasure Valley, home values saw new highs.

Single-family homes in Ada County hit a new median high of $272,770 breaking the previous record set just last month. The typical property was on the market for 12 days and sold for $2,770 over the asking price. Boise house prices jumped to $254,900 with a low days on market of just 7.

Homes in Canyon County finished the month at $183,000 which is the fifth record high in as many months.

The good news for homebuyers is there are more homes for sale now than at any other time this year. In Ada County alone there 1,930 homes for sale. While below the 2,117 active listing available last June, this