Boise, Idaho – Despite the large number of new construction around ADA County Idaho, Home prices are still going up from last year’s Median Price of $260,000 to this year’s Median Price of $300,000. See the news by KTVB. In this KTVB article, Home Value is appreciating mainly because of low inventory. Though we have to view existing home market differently with new construction, because new construction is more expensive, factors like high price of land and materials are considered when building new homes.
Based on data back to 2004, we do see inventory at its lowest point with prices at their highest. It’s a function of supply and demand, as we have more people staying in their homes longer with more people moving into the area.
The most recent market data reflects the start of the spring market and combines existing and new construction together. The median sales price of existing homes is nearly 35% lower than that of new construction.
For the homebuyers, this is a concern as the home price is up by $40,000, especially for first-time homebuyers who are looking for affordable yet beautiful homes. More Real Estate Professionals are urging homeowners who are Thinking of Selling their Homes, to list their homes now. We are still in a seller’s market; homes listed get offers quickly after listing. More homebuyers are offering very competitive offers and some homebuyers are ending not getting the home that they like. Many homebuyers are now looking for homes and this is an opportunity for Home Sellers to Sell their Homes in a competitive market, for existing homeowners who don’t want to move, they can see the growth in their equity as their home value appreciates.
“Inventory will be something that buyers will have to work through with their REALTORS® to identify the options they do have.” We know there is a lack of inventory especially at the lower price points, but there are still options available.
Aside from the Idaho residents who are looking for Homes to Buy, more people are now moving to Idaho, finding every city a good place to stay and call it home. Aside from the wonderful community, attractive and competitive job offers, Idaho is one of the fastest growing cities because of the holistic effort by Idaho officials to make Idaho the best place to live in America. Many businesses come here, may job opportunities, Idaho has high quality health care and the best outdoor activities to make residents stay active and stay healthy.
Now Idaho is feeling the effect of the efforts to make Idaho the best place in America. Many are moving in and many are Buying Homes, as of this quarter, homes listed sold in average of 53 days in the market. Homes Sold = 638, up by 25.8% from last year. This is a good problem because this means we are in a booming market, although it will be a lot tougher for Real Estate Professionals to help homebuyers.
Boise is still a more affordable market when compared to nearby higher priced areas, but we are watching prices, wages, and mortgage interest rates to provide local leaders with the information they need to make decisions about how our community will grow.
Finding a home will be harder but not impossible. You have to qualify to buy a home, have your financial or credit history ready, a good score and work with a trusted lender. If you qualify, loans are offered through the Idaho Housing and Finance Associations (IHFA); you can ask your trusted Real Estate Agent for the details.
ADA County Real Estate Market is booming. Homebuyers, especially first-time homebuyers, need to be educated on buying homes. If you need help on Home Buying or Home Selling, CALL ME (208) 941-7647.