Ada County Home Values Jump 9 Percent to New Record High

Posted by Lisa Kohl on Friday, September 8th, 2017 at 4:59pm

Ada County’s median single-family home price increased 9.49 percent in August from a year ago, setting a new record high price of $278,995. This surpasses the previous record of $272,770 set in June of this year.

'It's Deja Vu All Over Again'. In 2016 we set an all-time record in June that was surpassed two months later in August. This was a repeat of what we saw in 2014. In 2015 prices rose steadily throughout spring and summer and didn’t peak until November.

In Boise, the median price hit $255,000 up 12.09 percent from a year ago, also a new record.

Canyon County prices are up 10.94 percent to $183,000 from last year, but down $2,501 from the record price set just last month. This is only the second time this year Canyon County has not set a new record.

Real estate prices, as with most everything else, are driven by supply and demand. Demand has remained very high, yet the supply of houses continues to drop. Measured on a year over year basis, available homes for sale (supply) has declined every month since October 2014.

In Ada County, there are 1,994 homes for sale compared to the 2,254 homes that were for sale twelve months ago. In Canyon County inventory dropped to 927 houses from 994.

As has been the case for most of the year, escalating prices in Ada County have encouraged homebuyers to look beyond Boise and Meridian to more affordable options. Kuna, Star and Middleton are all up double digits year to date.

On the other side of the spectrum, there are 89 Ada County homes for sale priced over $1,000,000. At current sale rates, that equals just under a four month supply compared to 2.17 at all price points.

Historically speaking, early September has proven to be the point when supply is at its highest. If you are looking to make a purchase, you currently have more to pick from than any other time of the year. Inventory typically declines until January before picking up again in February.

August 2017 Boise ID market summary:

The median list price increased to $259,700 (up 12.96% from 12 months ago)
The median sold price increased to $255,000 (up 12.09% from 12 months ago)
Total home sales rose to 539 (up 3.72% from 12 months ago)
Median days on market rose to 12 days (up 1 day from 12 months ago)
Available homes for sale increased to a 1.74 months supply (down 6.54% from 12 months ago)
30-year mortgage rates declined to 3.88% (up from 3.44% 12 months ago)

Boise Real Estate Markets in August

Ada County

Median List Price $279,900
Median Sold Price $278,995
Days on Market 12
Total Sold 1,156

Eagle, Idaho

Median List Price $398,990
Median Sold Price $396,625
Days on Market 17
Total Sold 101

Kuna, Idaho

Median List Price $224,900
Median Sale Price $224,900
Days on Market 7
Total Sold 75

Meridian, Idaho

Median List Price $284,900
Median Sold Price $282,000
Days on Market 15
Total Sold 339

Star, Idaho

Median List Price $349,500
Median Sale Price $343,500
Days on Market 20
Total Sold 47

Canyon County

Median List Price $184,500
Median Sale Price $183,000
Days on Market 11
Total Sold 483

Caldwell, Idaho

Median List Price $165,000
Median Sold Price $165,000
Days on Market 10
Total Sold 125

Middleton, Idaho

Median List Price $231,310
Median Sold Price $231,000
Days on Market 2
Total Sold 25

Nampa, Idaho

Median List Price $179,644
Median Sold Price $177,500
Days on Market 8
Total Sold 258

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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