Home Values in Boise Jump 14 Percent From a Year Ago
Posted by Lisa Kohl on Tuesday, January 9th, 2018 at 3:09pm
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 are literally selling faster than they are listed. Housing inventory continued its three-year trend, declining further in December, with just 1,406 homes for sale In Ada County. Typical inventory for this time of year would be closer to 3,000, although we have not seen numbers like that since 2014.
There is just over a one and a half month supply in Ada (1.53 months) and Canyon (1.82 months) Counties.
Despite the significant leap in house values, the lack of Treasure Valley housing supply caused total home sales in 2017 to remain unchanged from the past year. This is the first time in the last four years sales have not increased from the previous year.
There is little sign we will see a significant increase in inventory in 2018. The pace of new construction is still well behind demand and homeowners are choosing to stay in their homes longer than they have in the past. Few people are moving away from the Treasure Valley; in fact, the Census Bureau reports Idaho is the fastest growing state in the country.
It's (almost) always a good time to sell in a seller's market.
Month to month fluctuations can encourage people to try and time the market. The reality is, prices may seem dramatic over the short term, but actual home values are much steadier. The value of your property didn’t really change thousands of dollars from the 31st of last month to the first of this month.
The best time of the year to sell, or buy, can vary from city to city, neighborhood to neighborhood or even from one property type to another.
While there are some seasonal effects, mainly the beginning and end of the school year and the holidays, seasonality is becoming less of a factor. The vast majority of people are looking at homes online and only viewing their top picks in person.
The fact that we are hitting records in December makes it clear demand is staying constant year-round, it’s mainly the supply that varying.
December Boise Real Estate Market
The average price per square foot for Boise is $147, an increase of 11.19 percent compared to the same time last year. December 2017 Boise housing market summary:
- The median list price increased to $261,554 (up 12.47% from 12 months ago)
- The median sold price increased to $261,554 (up 13.72% from 12 months ago)
- Total home sales dropped to 385 (down from 387 12 months ago)
- Median days on market rose to 20 days (down six days from 12 months ago)
- Available homes for sale declined to a 1.05 months supply (down 21% from 12 months ago)
- 30-year mortgage rates increased to 3.95% (down from 4.20% 12 months ago)
Idaho Real Estate Markets in December
- Median List Price $279,900
- Median Sold Price $277,900
- Days on Market 17
- Total Sold 829
- Median List Price $372,450
- Median Sold Price $368,049
- Days on Market 57
- Total Sold 66
- Median List Price $214,900
- Median Sale Price $210,000
- Days on Market 20
- Total Sold 55
- Median List Price $284,900
- Median Sold Price $283,750
- Days on Market 23
- Total Sold 242
- Median List Price $279,000
- Median Sale Price $279,965
- Days on Market 32
- Total Sold 43
- Median List Price $191,450
- Median Sale Price $190,950
- Days on Market 23
- Total Sold 338
- Median List Price $167,450
- Median Sold Price $165,000
- Days on Market 27
- Total Sold 86
- Median List Price $214,969
- Median Sold Price $215,268
- Days on Market 25
- Total Sold 30
- Median List Price $189,900
- Median Sold Price $189,000
- Days on Market 20
- Total Sold 177
Treasure Valley Realtor Lisa Kohl loves what she does. It shows in her attitude, in her work, and in the many reviews written by her past clients. Lisa carefully studies the local housing market to give her clients the edge when buying or selling a home in Idaho. We Know Boise is a full-service real estate team that combines our LOCAL expertise with traditional know-how to create exceptional results for each of our clients.
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NOTE: Information in this market report was obtained from the Intermountain MLS (IMLS) on January 8th, 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.
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