Kelly Simon, a local Treasure Valley real estate agent, has posted the most recent information on housing in the Boise area. We intend to publish this quarterly.With a little luck I'll be able to find someone in the Inland Empire to do the same. Here are a few of her comments on the market:
Inventory in Ada County is at an all-time low. January was the lowest inventory that this valley has seen in 17 years and it is down 20% from last year. There are only 555 re-sale homes for sale versus the 994 homes available at this time last year. The builders in the valley are building as fast as they can to build up their inventory, but with that being said there is only a 2 month supply of new construction versus a 6 month supply of new homes this time last year. This is at least a 9 year low for New Construction inventory in Ada County.
The low inventory is pushing the median prices up in Ada County. For a resale home, the median price is up 5% from last year and is at $223,250. For new construction, the median price is now $340,000 which is a 13% increase from this same month last year. Sellers, now is a great time to get your home on the market and get your highest and best price! If priced right, homes are selling quickly and within 1% of asking price.
Interest rates are still at record lows but have gone from 3.47% to 4.375% just since the election. Buyers, don’t let this scare you. These are still amazing rates! Expect to see our inventory increase over the next few months here in Ada County.
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Occasionally we like to post articles that give you some insight into how we form our opinions or stay informed.