Treasure Valley homes spent fewer days on the market than just about any time in history.
In Boise median days on market fell to just six in April. Throughout the Treasure Valley, it is very much the same story for single-family properties. Ada County days on market dropped to a breathtaking nine from 21 in March. At the same time last year houses were selling in 14 days.
Day on market in Canyon County decreased to 9 in April from 26 the previous month. In April of 2016 homes were selling in 14 days as well.
According to the most recent national data, Denver, CO, and Seattle, WA, are the fastest-selling markets in the country. In both cities, the typical home was under contract in just eight days. The next fastest selling were 13 and 14 median days on market respectively (the data does not cover Idaho).
Locally, you can see the effects of low days on market with pending sales (properties under contract that are now awaiting closing). Typically there are more available homes for sale than are pending. In each of the last three months, there have been more pending than active. Homes are selling so quickly they never appear as "active" in monthly reporting.
In Ada County, home prices hit a post-recession high of $253,000 in June of 2016 then bounced off that same price ceiling later in August. Home values went on to reach an all-time record high of $256,600 in February of this year. Nearly double the median price of $133,000 set in March of 2011.
Many first time buyers are flocking to lower cost areas pushing prices higher in Canyon County. Single-family home prices in Canyon County hit $179,900, the highest median price ever in April surpassing last month’s record of $175,000.
Local home prices continue to be driven higher by strong demand and record low inventory. In the past couple of years, sellers may have been holding out for higher prices. This year, it is simply about not being able to find a place to move. Despite the fierce competition from homebuyers, fewer people are listing their homes for sale.
Just about every metric is down except values.
April 2017 Boise ID market summary:
- The median list price rose to $235,000 in April (up 2.22% from 12 months ago)
- The median sold price increased to $235,450 in April (up 2.93% from 12 months ago)
- Total home sales decreased to 448 in April (down 8.00% from 12 months ago)
- Median days on market dropped to 6 days in April (down 4 days from 12 months ago)
- Available homes for sale decreased to a 1.24 months supply in April (down 33.59% from 12 months ago)
- 30-year mortgage rates declined in April to 4.05% (up from 3.61% 12 months ago)
Local Real Estate Markets in April
- Median List Price $250,000
- Median Sold Price $252,769
- Days on Market 9
- Total Sold 864
Home values in Eagle have risen 8.88% in 2017.
- Median List Price $390,000
- Median Sold Price $390,000
- Days on Market 28
- Total Sold 59
Home values in Kuna have risen 8.01% in 2017.
- Median List Price $202,990
- Median Sale Price $204,900
- Days on Market 10
- Total Sold 67
Home values in Meridian have risen 5.45% in 2017.
- Median List Price $265,000
- Median Sold Price $266,000
- Days on Market 13
- Total Sold 235
Home values in Star have risen 10.99% in 2017.
- Median List Price $265,995
- Median Sale Price $263,947
- Days on Market 25
- Total Sold 38
- Median List Price $179,445
- Median Sale Price $179,900
- Days on Market 9
- Total Sold 388
Home values in Caldwell have risen 3.40% in 2017.
- Median List Price $162,900
- Median Sold Price $162,900
- Days on Market 10
- Total Sold 105
Home values in Middleton have risen 15.79% in 2017.
- Median List Price $217,449
- Median Sold Price $217,449
- Days on Market 18
- Total Sold 23
Home values in Nampa have risen 7.49% in 2017.
- Median List Price $175,000
- Median Sold Price $175,000
- Days on Market 8
- Total Sold 215