Boise Home Prices Hold Firm, Inventory at New Lows
Posted by Lisa Kohl on Wednesday, February 8th, 2017 at 2:24pm
Available homes for sale in Boise and throughout Ada and Canyon counties are at record lows. Based on months of inventory, there are just 1.13 months of available homes for sale in Boise. In Ada County, we saw available existing homes for sale drop to 644 in December. In January we saw available homes for sale drop to 561, 44.1% less than in January of 2016.
2017 is bringing little relief to homebuyers. A monthly report doesn’t adequately reflect how quickly properties are selling. Of the 315 homes that listed for sale in January, 174 are either pending or already sold. In other words, they never “appeared as active”. In Ada County that amounted to 673 new listing of which 327 went pending or sold before the end of the month.
March is typically the first month of the Spring selling season in the Boise area. While we will see more homes for sale, demand will most likely keep pace. Buyers definitely need to be on their A game. Get help from an experienced agent early in the process and have your pre-approval ready to go. You need to know the market and be prepared to act.
As you would expect, the lack of inventory is relentlessly pushing prices higher. The cost of existing homes for sale has increased 10.97% in the last twelve months pushing the median home price to $215,000 from $193,750 in January 2016.
We typically see a pickup in home shopping activity in January. The less than perfect weather we have been experiencing has kept some shoppers on the sideline. Many homebuyers are committed to purchasing a home before prices and mortgage rates head even higher.
Combine that with a tremendous amount of already pent-up demand and we are in for a tough spring Boise real estate market.
January 2017 Boise market summary:
- The median list price decreased to $224,900 in January (up 3.69% from 12 months ago)
- The median home price fell to $224,690 in January (up 6.49% from 12 months ago)
- Total home sales decreased to 300 in January (up 14.07% from 12 months ago)
- Median days on market increased to 29 days in January (down 12 days from 12 months ago)
- Available homes for sale decreased to a 1.17 months supply in January (down 19.32% from 12 months ago)
- 30-year mortgage rates remained unchanged in January at 4.19% (up from 3.87% 12 months ago)
Local Real Estate Markets in January
Ada County
- Median Sold Price $239,588
- Days on Market 51
- Total Sold 547
Eagle, Idaho
Home prices in Eagle rose 4.11% in 2016.
- Median List Price $384,629
- Median Sold Price $389,318
- Days on Market 31
- Total Sold 37
Kuna, Idaho
Home prices in Kuna rose 15.79% in 2016.
- Median List Price $202,990
- Median Sale Price $195,000
- Days on Market 18
- Total Sold 35
Meridian, Idaho
Home prices in Meridian rose 5.31% in 2016.
- Median List Price $259,800
- Median Sold Price $254,950
- Days on Market 35
- Total Sold 138
Star, Idaho
Home prices in Star rose 4.40% in 2016.
- Median List Price $324,900
- Median Sale Price $315,286
- Days on Market 30
- Total Sold 22
Canyon County
- Median Sale Price $159,900
- Days on Market 53
- Total Sold 191
Caldwell, Idaho
Home prices in Caldwell rose 13.59% in 2016.
- Median List Price $151,500
- Median Sold Price $149,950
- Days on Market 35
- Total Sold 58
Middleton, Idaho
Home prices in Middleton rose 9.20% in 2016.
- Median List Price $202,990
- Median Sold Price $197,990
- Days on Market 7
- Total Sold 11
Nampa, Idaho
Home prices in Nampa rose 11.89% in 2016.
- Median List Price $159,000
- Median Sold Price $155,000
- Days on Market 26
- Total Sold 102
Lisa Kohl
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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