More Records Fall: Median Home Price Hits New High in Boise, Ada and Canyon
Posted by Lisa Kohl on Thursday, June 8th, 2017 at 3:42pm
Ada County single-family home prices hit a new high of $261,975 in May. This surpasses the previous record high of $258,445 we set in February of this year. Home prices are up 9.16% since May of 2016.
On average, houses for sale are selling for $700 over list price with a median of 9 days on market.
Active inventory dropped to just 1,786 active listings, down 327 from May of 2016. For some perspective, a 4,000 to 6,000 would be in line with a balanced market based on current home sales.
Boise’s new single-family median home price is $243,450, up from $239,700 the previous high set in February of this year. The typical home sold for $3,450 above list price in May, 101.44% of the price the seller was expecting to receive.
Canyon County prices surpassed April’s record to finish the month of May at $180,500.
Throughout the Treasure Valley prices are on the rise with the lower priced area's being the biggest driver this year. In Ada County, the median Kuna home value is up 9.92% while pricier Eagle, where values have risen the slowest, is up 2.24%.
Anything in Ada County under $200,000 is typically selling within days, or even hours, with multiple offers. Strong job growth, low mortgage rates and inbound migration will continue to drive higher appreciation for some time to come.
May is typically the end of the spring selling season in the Treasure Valley. If you are a home buyer that is aggressively looking for that perfect place you should see a slight relief as other weary buyer turn their attention summer pursuits.
May 2017 Boise ID market summary:
- The median list price rose to $240,000
- The median sold price increased to $243,450
- Total home sales increased to 498
- Median days on market rose slightly to 7 days
- Available homes for sale decreased to a 1.36 months supply
- 30-year mortgage rates declined in May to 4.01%
Local Real Estate Markets in May
Ada County
- Median List Price $261,207
- Median Sold Price $261,975
- Days on Market 9
- Total Sold 1,039
Eagle, Idaho
- Median List Price $422,400
- Median Sold Price $419,950
- Days on Market 20
- Total Sold 84
Kuna, Idaho
- Median List Price $214,850
- Median Sale Price $217,500
- Days on Market 6
- Total Sold 68
Meridian, Idaho
- Median List Price $269,900
- Median Sold Price $272,000
- Days on Market 7
- Total Sold 289
Star, Idaho
- Median List Price $294,900
- Median Sale Price $293,000
- Days on Market 14
- Total Sold 46
Canyon County
- Median List Price $179,900
- Median Sale Price $180,500
- Days on Market 8
- Total Sold 486
Caldwell, Idaho
- Median List Price $159,900
- Median Sold Price $159,900
- Days on Market 5
- Total Sold 136
Middleton, Idaho
- Median List Price $205,000
- Median Sold Price $204,000
- Days on Market 6
- Total Sold 35
Nampa, Idaho
- Median List Price $179,900
- Median Sold Price $183,000
- Days on Market 6
- Total Sold 261
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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