- Median List Price $270,000
- Median Sold Price $272,770
- Days on Market 12
- Total Sold 1,206
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 is definitely an improvement. Additionally, for the first time in months, there are more active listings than pending sales. "Pending" refers to properties under contract that haven't closed escrow.
Mortgage rates also declined to 3.90% in June, Dropping below 4% for the first time in 2017. While still higher than the 3.57% we saw 12 months ago, this is the lowest rates have been since November of last year.
Most of what we are seeing is the typical seasonal slowdown. While it is a better market for homebuyers than it has been, it is still very much a seller's market. We recommend having a "plan for success" before even looking at properties. There are fewer bidding wars, but multiple offers are still the norm. Having a very clear idea of what you are looking for, with a precise budget, is essential. (You would be surprised, but that's another post)