November 2020 Market Update
ADA COUNTY'S HIGHLY COMPETITIVE REAL ESTATE MARKET CONTINUES
The median sales price for single-family homes across Ada County continued to rise and ended the month of October at $406,684. This is a slight drop from the previous month but up 14.7% compared to one year ago. This increase in price is the result of the highly competitive housing market that is being fueled by limited supply, heightened demand and low mortgage rates. Check out Jonna's quick video below for additional details and further insight.
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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 plummeted by an incredible 73.7% and the median sales price increased by 14.7% (and now sits at $406,684). It's important to note that even with such low (record-breaking) inventory, more homes sold (an increase of 11.9%) and they sold in half the time!
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 (but the numbers are slightly even more dramatic - or if you are considering selling - significant). If you're contemplating selling a home or property... let's chat!
And finally, if you look at just newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median price of $438,000 and there are substantially fewer of them available than there were one year ago (inventory is down by 70.2%) - and yet, 16.7% MORE are selling.
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (October 19, 2020 - November 19, 2020)
- Boise: $454,999
- Eagle: $712,115
- Meridian: $446,273
- Star: $506,979
- Garden City: $419,694
- Kuna: $375,762
- Middleton: $462,979
- Nampa: $347,529
- Caldwell: $328,490
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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.
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