Here is your market report for the Boise area real estate market for the month of March. Please keep in mind that several of the restrictions placed on our community, as well as real estate professionals, happened on March 25th. Therefore, most of this data is a reflection of times prior to the threat of COVID-19.
Although real estate has been deemed an essential business under Idaho’s stay-home order, we’ve sensed a lot of hesitation from clients and prospects. The fear and uncertainty made some sellers pull their listing off the market (or decide to list at a later date). Some buyers also faced hardship as they were laid off or are facing financial hardship, making it difficult to qualify for a home loan. In most cases, a real estate market will begin to feel the effects of stressful times about 60-90 days after the event occurs. Therefore, we will be paying close attention to the April market report. If you’d like weekly updates please follow us on Instagram: @datadriven208
ADA COUNTY
There were 899 home sales in Ada County in March 2020. New construction takes up a large portion of the total inventory, which caused the median sales price to rise to $367,000. This is a 9.6% increase from March of 2019. The increase in sales price is normal when the amount of inventory is mostly new construction as the overall price of a new home tends to be more due to labor costs, land, and material costs.
CANYON COUNTY
The number of homes sold in Canyon County (which includes the towns of Nampa & Caldwell) has increased by 36.6% from this time last year at 515 homes sold in March 2020. New construction sales made of 212 of those homes. We are finding that more and more people are beginning to move to Canyon County as the average home price is much lower than what can be found in Ada County. The median sales price for March was $272,490 – just under 100K less than that of Ada County.
If you’d like to compare these numbers to past months, click here to access January’s market report.
The average sold price for existing homes (resale) in Ada County has risen to $365,243 from $327,438 this time last year. However, the average days on market and months of inventory have stayed relatively the same. Perhaps the biggest change is in the amount of inventory itself. In January of 2019, we were looking at 504 active listings, while currently there is only 374. This jump in average sold price, and decrease in inventory, is very indicative of the seller’s market we’ve been experiencing in the Treasure Valley. There’s less homes available to buy, which causes home prices to rise (basic supply and demand).
As far as new construction within Ada County, Boise Regional Realtors stats reflect that the Ada County housing market has been shifting to a new norm with new construction sales gaining more and more of the total market share. “In January 2020, new construction sales made up 40.2% of all sales — an 8.2% increase from a year ago. New homes are typically priced higher primarily due to increasing cost of land, labor, and materials. of land, labor, and materials.“
Something buyers might want to start to consider is purchasing a townhome or condo, rather than a single-family home. With most buyers being pushed out to areas like Star, Middleton, and Kuna due to rising home prices, purchasing a condo or townhome may get you closer to areas like Boise or Meridian. In addition, current low mortgage rates are helping to increase buyers purchase power. If you are considering a move, make sure you are working with a mortgage lender and a REALTOR® to understand all the options available to you for financing and inventory. Lucky for you, we have partnered with the best lenders in town and Gabriel is a REALTOR® (please note: not all real estate agents are REALTORS®).
Canyon County’s average sold price for existing homes (resale) has gone up just a tad from last month; currently sitting at $250,117. This is quite the jump from this time last year when the average sold price was just $218,517. However, the average days on market remains the same at 24 days. If you own a property in Canyon County and are thinking about selling, the “sweet” spot is anything priced between 150-199K and 200-249K where the average days on market is below that 24 day mark at 14 days and 19 days respectively. Homes in those two price ranges are also selling for 98.9-99.9% of their original asking price.
Market Report for November 2019, featuring both Ada and Canyon County.
ADA COUNTY
We saw a slight rise in the overall average for days on market, up just one day from October. However, it’s important to note that for pre-existing homes in Ada County listed anywhere between $350,000 – $599,999 we are seeing the average days on market rise to 34 days on market. The average sold price in Ada County has increased by 10.6% from this time last year. The big change this month is in the drop in inventory, from 1.2 months of inventory last month down to 0.9 months of inventory for November. It’s normal for inventory to drop around winter, which actually means it’s a really good time to sell your house! When inventory is low, the demand is higher. That means more money as a seller!
CANYON COUNTY
The average days on market for Canyon County is holding steady at 23 days. However, we see a slight increase in the average sold price from $234,35 in October to $245,279 in November. With more buyers willing to expand their search area to places like Nampa and Caldwell, Canyon County is seeing a steady rise in home prices. It’s still a seller’s market in Canyon County, with about one month worth of inventory for buyers. So if you’ve been thinking of selling your house in Canyon County, now is a great time to capitalize on the lower amount of inventory and get more bang for your property.
The average days on market is still sitting at 25 days for Ada County. The “sweet spot” for a lower amount of days on market is for homes listed under $300,000. For example, homes in Ada County listed above $600K are sitting for an average of 42 days. This is in line with traditional thinking: the higher the price, the more days on market. The average sold price in Ada County has increased by only 6.2% from this time last year, which doesn’t seem like a lot when you compare it to the 16.9% increase from October 2017 to 2018. Overall, the market in Ada County is holding steady as we near the end of the fall season.
CANYON COUNTY
The average days on market for Canyon County is currently 23 days, with an average sold price of $234,359. Homes are selling slightly faster right now than in Ada County which one could attribute to the lower average home price in the area. Personally, I’ve seen that more and more buyers are willing to expand their search areas and have ended up purchasing in areas like Middleton, Nampa, and Caldwell, as home prices pushed them out of the more popular areas around Boise such as the Boise Bench. Although we are seeing this kind of growth in Canyon County, the market is beginning to slow down just a tad.
Real estate market report for the month of September 2019.
ADA COUNTY
Overall, the housing market in Ada County continues to remain fairly steady as we come into the fall months. However, we have noticed a few slight shifts… Even though the average sold price has gone up from this time last year, the percentage of growth has gone down. Ada County experienced a 16.9% increase in average sold price in September 2018. Currently, that percentage is down to just 5%. The average days on market has gone up to 25 days, which means homes are sitting on the market longer before seller’s accept an offer. Is the real estate market beginning to shift?
CANYON COUNTY
There’s something interesting going with resale homes in Canyon County right now…The amount of active listings have been very close, or less than the amount of sold homes in the county over the last year. However, we are now seeing that gap widen. There were more active listings than pending or sold homes for the month of September in Canyon County. This could be a sign of the slowing fall market, or it could mean something more. We’ll have to keep an eye on it along with the average days on market and asking price to sold price ratio to be sure what’s going on.
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There’s a change coming for homes in Ada County. August is the first month this year that we see more active listings than homes pending or sold. These means there’s been far less off-market transactions happening in areas like Eagle, Meridian, and Boise. August only saw 824 closed transactions while 901 properties were active on the MLS. Compare this to months like May when there were 853 closed transactions with only 746 active listings. We are heading into fall of course, when the market tends to slow a bit. However, we are sensing a bit more at Data Driven – the days of sellers receiving multiple offers thousands above asking are limited.
CANYON COUNTY
Canyon County continues to stay one of the most affordable areas in the Treasure Valley. The average sold price for pre-existing homes has increased by 8.8% from this time last year, averaging $236,388 for August 2019. Homes are lasting an average of 23 days on market. If you own a house in Canyon County and have been thinking about selling, the market is still in your favor as most houses are selling for 95-99% of the asking price. If you are able to list your home in the 150-199K price range, you are looking at an average of only 14 days on market! However, houses listed between 200-249K aren’t far behind at an average of 18 days on market.
Want to receive an in-depth market analysis? Sign up for our monthly emails by entering your email address at the bottom of this page. Simply click HERE.
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