Real Estate Counselors

Spring 2019 Market Update: Ada County

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 – Although inventory levels are up from this time last year. More inventory is needed at all price 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 existing homes in Ada County has reached $309,900, driven by the persistently low inventory of existing homes. New construction has also been selling at overall higher prices with a median sales price of $377,630, primarily due to rising construction costs.
  • New Construction Boom – New construction home sales are gaining more of the market share and continuing to influence the overall housing market. The Ada County housing market has been shifting to a “new norm” with new construction sales gaining more of the total market share. In March 2019, new construction sales made up over one-third of all sales with a 21.7% increase in new construction homes sold from this time a year ago.

Looking Ahead:

  • There has been a shift in our local housing market with a large increase in new construction sales. However, there is still an abundant demand for existing houses. If you’ve been thinking about selling your home, now would be a great time to talk to your Real Estate Counselor about your options as we head into the summer selling season.
  • 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

 

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