At Real Estate Counselors, we stand beside you and continue to look ahead toward tomorrow’s opportunities and challenges. Our goal is to keep you informed on local market conditions to help guide your real estate decisions. As always, if you have questions or concerns, don’t hesitate to contact any one of us — at any time!
Recent Market Trends:
- Low Inventory – More inventory, whether existing or new construction, is needed at all price points, but especially those below $250,000, to help bring our “affordability market” in the Treasuer Valley back into balance.
- Higher Home Values – The lack of housing supply versus persistent and increasing demand for housing continues to drive home prices in Ada County and rove the median sales price to a new record of $359,900 in November 2019, up 12.5% over the same month last year. And, in Canyon County, the median sales price increased to $264,000, up 19.7% over the same month last year.
- New Construction Boom – New construction sales made up 32.2% of the market share in November. New homes typically sell for more than existing homes due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences. The median sales price for new homes in Ada County also hit a new record in November at $439,849, a 13.1% increase from the year before.
- We’re experiencing shifting dynamics in our local housing market with a large increase in new construction sales. However, this doesn’t mean that there still isn’t an abundant demand for existing houses. Pending sales reached 1,460 in November 2019, up 20.6% compared to November 2018, showing a notable increase in demand for homes.
- Those thinking about selling or buying shouldn’t be concerned with ‘timing the market’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re considering a move, talk to your Real Estate Counselor to explore your options.
Source: The data reported is based primarily on the public statistics provided by the IMLS, available at intermountainmls.com. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed.
Disclaimer: This commentary reflects the personal opinions, viewpoints, and analyses of the Real Estate Counselors, LLC. This information is intended to help educate our clients to make informed real estate and financial decisions. Contact your Real Estate Counselor for current housing information suitable for your specific property and situation