At Real Estate Counselors, we stand beside you and continue to look ahead toward tomorrow’s challenges and opportunities. Our goal is to keep you informed on local market conditions and help guide you in making 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 – There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from last month — a drop of 209 properties. More inventory is needed at all prices points to meet the demand from home buyers, which would then develop into a more balanced market in the future.
- Higher Pricing – The overall median sales price for Ada County reached $324,250 in November 2018, driven by the persistently low inventory of existing homes, and also new construction selling at overall higher prices, primarily due to rising construction costs.
- New Construction Boom – The median sales price for new construction was at $390,000 in November 2018, up 13.9% over November 2017, and just below the most recent record high for this segment, which was $393,705 in June 2018.
- If recent market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months, as normally expected in winter months.
- 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 thinking about making a move, talk to your Real Estate Counselor and 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 educates our clients to make informed real estate and financial decisions. Contact your Real Estate Counselor for current housing information suitable for specific property and situation.