The median price of a single-family home in Ada County rose 10 percent in September from a year earlier.
While prices declined from the previous record of $278,995 set in August, September's $275,000 home price is still the second highest on record, even exceeding this June’s high. Canyon County values finished the month at $181,950, up 13.72 percent from last year. The all-time record high of $185,501 was set in July of this year.
Home prices in Boise set a new record high of $258,000 up 13.16 percent year over year.
The time homes spend on the market in Ada County dropped to 18 from 20 twelve months ago with total sales remaining basically the same at 1,041. In Canyon County, days on market decreased by 5 to 15 and total sales rose to 446 to 415.
Where have all the houses gone?
While the demand for houses remains consistent, the supply of properties for sales continues to shrink.
Demand is driven by dozens of factors involving everything from population growth, incomes, employment opportunities, the need for more space and of course the desire to own a place of your own.
Supply, on the other hand, is based on two factors. The number of houses currently built, existing quantity, and the number of homes being added to that supply, new construction.
In Ada County, the 2016 population was 444,028, according to the latest estimates from the U.S. Census Bureau. Based on our ongoing population growth (more precisely household growth) we should be adding about 2,685 new homes per year.
Between 2009, the year demand begun to outpace supply and 2016, approximately 1,600 new construction homes were built each year. Based on current construction rates, we are on pace to complete 2,700 new homes in 2017. While we are breaking even (barely) this year, it does not make up for 7 years of unmet demand.
Keep in mind, this does not factor in the above average household growth we have been experiencing, and more than likely will continue to experience going forward.
In the short-term, demand doesn’t always move in a straight line, but over the long term, it tends to be predictable.
September 2017 Boise ID market summary:
- The median list price decreased to $257,000 (up 11.45% from 12 months ago)
- The median sold price increased to $258,000 (up 13.16% from 12 months ago)
- Total home sales dropped to 475 (unchanged from 12 months ago)
- Median days on market rose to 14 days (up two days from 12 months ago)
- Available homes for sale decreased to a 1.71 months supply (down 7.12% from 12 months ago)
- 30-year mortgage rates declined to 3.81% (up from 3.46% 12 months ago)
Idaho Real Estate Markets in September
- Median List Price $275,000
- Median Sold Price $275,000
- Days on Market 18
- Total Sold 1,041
- Median List Price $412,450
- Median Sold Price $406,000
- Days on Market 21
- Total Sold 104
- Median List Price $203,945
- Median Sale Price $200,750
- Days on Market 9
- Total Sold 68
- Median List Price $279,900
- Median Sold Price $279,900
- Days on Market 12
- Total Sold 305
- Median List Price $319,900
- Median Sale Price $320,000
- Days on Market 21
- Total Sold 47
- Median List Price $179,999
- Median Sale Price $181,950
- Days on Market 15
- Total Sold 446
- Median List Price $170,118
- Median Sold Price $170,000
- Days on Market 11
- Total Sold 116
- Median List Price $208,080
- Median Sold Price $208,080
- Days on Market 12
- Total Sold 33
- Median List Price $179,900
- Median Sold Price $179,900
- Days on Market 13
- Total Sold 233
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.
More From Our Blog...
Housing Market Update
Real Estate Markets
Real Estate Trends