June 2021 Market Report: Ada County Real Estate Market

June 2021 Market Report: Ada County Real Estate Market

ADA COUNTY'S HOUSING MARKET UPDATE: NEW RECORD MEDIAN SALES PRICE
Simply put, the Treasure Valley's current housing market is a bit astounding - okay, some might even say insane. Last month we saw Ada County's median sales price for homes reach a new record of $523,250. Naturally, many are asking why housing prices are so high. While many factors play into the complex answer to this - at the end of the day, it largely comes down to simple economics: Supply & Demand. With demand at historic highs and inventory (i.e. the number of homes available for sale) at record lows - prices have been greatly impacted. Check out Jonna's quick update above for more information - or continue reading below to further investigate the numbers.

Rest assured that while our our current housing market is fast-paced, highly competitive and sometimes downright mystifying - we continue to work every day helping both sellers and buyers achieve their real estate goals. Our goal has always been - and continues to be - to ensure that YOU have access to the information, facts and resources necessary to make informed decisions about your real estate investments. We've got our finger on the Treasure Valley real estate market's pulse. If you've got questions - we've got (or will find) answers! Let's chat!

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Graphics provided by Boise Regional Realtors.

SUMMARY: If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic): inventory decreased 54%, the median sales price increased by an incredible 45.3% (coming in at $523,250), and homes sold 57.1% faster than one-year-ago.

If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends noted above remain similar: the median sales price increased by 48.3% (coming in at $504,900), inventory dropped by 32.6% and homes sold quickly (52.6% faster than one-year-ago).

And finally, if you look just at newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median sales price of $544,986 (a year-over-year increase of 34.9%), there are substantially fewer of them available than there were one year ago (inventory is down by 72%) - and they are selling significantly faster than they were one year ago (by 62.5%).

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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (May 17, 2021 - June 17, 2021)

• Boise: $554,924
• Eagle: $936,302
• Meridian: $578,384
• Star: $611,848
• Garden City: $469,817
• Kuna: $475,615
• Middleton: $529,616
• Nampa: $414,637
• Caldwell: $443,640

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WELCOME TO THE TEAM, AIMEE!

Aimee Stauffer - Transaction Manager, Licensed Realtor®

Aimee’s background includes seventeen years in the real estate industry as a Realtor®, Transaction Manager & Office Manager. She maintains dual real estate licenses for Idaho and California & knows the real estate field inside and out. Outside of work, she is an avid reader & enjoys exploring all of Idaho with her family. Learn more about Aimee here.

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View all of our featured listings at Jonna Weber Premier Properties, or click on any of the houses below to learn more about the property.

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If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.

If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.

P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next, simply hit the reply button to this email and tell us about them! We would love to be of service!