Real Estate Market Update in Boise Idaho March 2016
Posted by Lisa Kohl on Thursday, April 7th, 2016 at 8:34pm
The current trend in the Boise real estate market – higher home prices, low inventory of homes and extremely high demand. Boise Idaho real estate is more popular than ever. March housing market summary:
- The median list price increased to $220,000 (up 1.90% from last year)
- The median home price increased to $219,950 (up 2.38% from last year)
- Total home sales increased to 434 (up 8.77% from last year)
- Median days on market decreased to 15 days (down 42% from last year)
- Available homes for sale increased slightly to a 1.97 months supply (down 55% from last year)
- Mortgage rates increased to 3.71 percent ( up .01% from last year)
*Refers to March 2015.
Beginning this month we are we are combing new and existing home statistics in the summary section above to make it easy to quickly find this information. We will continue to separate new and existing real estate statistics in the details section below.
Boise Home Prices
Existing – March’s Boise median home price was $213,700 that’s an increase from $207,000 last month. That is a 6.9 percent increase from $199,900 last year.
New – The median New Construction home price in Boise was $298,950 in March. An increase from the median price of $275,910 we saw in February. In 2015, the median new home price was $277,539.
Total Home Sales
Existing – In the Boise, Idaho we saw a total of 376 homes sell. Last month there were 263 homes that were sold. For the same month last year, 244 homes were sold.
New – 58 new construction homes were sold in March compared to 48 sold last month. At this same time last year, 48 new homes were sold.
Time to Sell
Existing – Median days on the Boise real estate market decreased to 11 from 24 days in February. In March of 2015 homes were selling in 17 days.
New – Median days on market for new homes was 45, up from 13 the previous month. Last year median days on market were 69.
Available Inventory of Homes
Existing – The available supply of homes is currently at 1.65 months, well below the four-to-six months that most real estate pros would consider a balanced market. In the Boise housing market, this is still the fewest available homes for sale we have seen in ten years.
New – The supply of homes increased slightly to 2.42 months from 2.19 months last month and represents completed and under construction inventory. Including “to be built” the supply of homes is 3.74 months. To be built homes are essentially advertisements for the builders and can stay in this status for years, so not a very good indicator of the homes that are currently available.
Market Summary and Outlook
The Sellers market continues. New construction homes are up 2.67% YTD. Existing homes are up 6.90% YTD.
It has definitely been a strong and early start to the Spring selling season in Boise. Last year we saw prices spike in March and then drift down over the next couple of months. Many sellers believe Spring is the best time to sell their real estate. Which leads to many homes being listed between the end of March and mid-May. All this new inventory puts downward pressure on prices.
Due to the very low inventory at the beginning of the year and continued strong demand we recommended to our sellers to list early and avoid the Spring inventory rush. So far that looks like the best strategy. Although with the lower starting inventory we have this year It’s highly unlikely home prices will be lower three months from now but it’s unlikely they will be much higher.
Low mortgage rates are keeping properties affordable. In both Ada and Canyon County real estate market, homes are more affordable than their long-term averages. Low supply and high demand will continue to be the main factor pushing prices higher. Include the Treasure Valley’s strong job growth and inbound migration and it’s the perfect recipe for higher prices.
As a buyer, you should take advantage of low mortgage rates and purchase a home before home values increase even further. The key to purchasing a home right now is to know what you want and be prepared to make a quick decision. Lines for showings and bidding wars for the most desirable properties are commonplace.
Local Real Estate Markets in March
While we refer to Boise, we are commenting on the greater Treasure Valley area. All of these communities are very much interconnected both economically and physically.
Home prices are up 4.65% in Caldwell this year.
- Median List Price $139,900
- Median Sold Price $139,450
- Days on Market 14
Home prices are up 6.58% in Eagle this year.
- Median List Price $391,900
- Median Sold Price $392,750
- Days on Market 40
Home values are up 6.50% in Kuna this year.
- Median List Price $169,900
- Median Sale Price $172,319
- Days on Market 24
Meridian is the fastest growing city in Idaho. 36% of the new construction homes being built in Ada county are in Meridian. Overall home values are up 2.73% YTD.
- Median List Price $249,900
- Median Sold Price $249,900
- Days on Market 17
Middleton home values are up 8.21% YTD.
- Median List Price $169,445
- Median Sold Price $167,995
- Days on Market 33
Nampa home prices are up 4.90% YTD.
- Median List Price $156,700
- Median Sold Price $156,400
- Days on Market 22
Star home prices are up 6.35% YTD.
- Median List Price $270,499
- Median Sale Price $275,550
- Days on Market 7
Lisa Kohl is a professional Realtor in Boise, Idaho. Questions about the local real estate market? Contact us online or call (208) 391-4466.
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