Summer Brings Hot Temps and Even Hotter Boise Housing Market
Posted by Lisa Kohl on Monday, July 10th, 2017 at 4:50pm
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)
June 2017 Boise ID market summary:
- The median list price rose to $254,900
- The median sold price increased to $254,900
- Total home sales increased to 556
- Median days on market rose slightly to 7 days
- Available homes for sale decreased to a 1.28 months supply
- 30-year mortgage rates declined in June to 3.90%
Idaho Real Estate Markets in June
Ada County
- Median List Price $270,000
- Median Sold Price $272,770
- Days on Market 12
- Total Sold 1,206
Eagle, Idaho
- Median List Price $399,000
- Median Sold Price $393,294
- Days on Market 26
- Total Sold 111
Kuna, Idaho
- Median List Price $219,900
- Median Sale Price $218,900
- Days on Market 11
- Total Sold 75
Meridian, Idaho
- Median List Price $278,500
- Median Sold Price $277,250
- Days on Market 7
- Total Sold 354
Star, Idaho
- Median List Price $289,950
- Median Sale Price $291,376
- Days on Market 9
- Total Sold 52
Canyon County
- Median List Price $184,429
- Median Sale Price $183,000
- Days on Market 10
- Total Sold 499
Caldwell, Idaho
- Median List Price $164,950
- Median Sold Price $163,900
- Days on Market 8
- Total Sold 130
Middleton, Idaho
- Median List Price $229,900
- Median Sold Price $235,100
- Days on Market 2
- Total Sold 25
Nampa, Idaho
- Median List Price $179,975
- Median Sold Price $182,000
- Days on Market 7
- Total Sold 274
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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