Each month in Ada County the real estate market continues to set new records. The current month surpassing the previous month and the same month a year before. This is the new norm in Boise and the surrounding area. Over 40% of all homes sales in January were new construction. That is up 8.2% compared to January of 2019. New homes are typically priced higher due to increasing cost of land, labor, and materials.
We’ve also hit a new record love of existing/resale homes that are for sale, just 361 homes available. That is down almost 30% from January 2019. That is also contributing to prices rising.
Home prices in Ada County hit a new record high median of $363,000 in January 2020 due to an increasing share of new home sales, and, a lack of supply of existing homes compared to demand.
If you’re looking to buy in Boise this news can be terrifying but it’s important to note that the median sales prices noted here are based on sales activity for single-family homes with or without acreage. There were 39 town homes that sold in Ada County for a median sales price of $264,500. This left 45 town homes available for purchase at the end of the month.
And don’t forget, the median sales price is simply the point at which half of the homes that sold during the month sold for more, and half of the homes sold for less.
Is Boise one of the hottest places to move to right now yes! Is it a very competitive market, yes! Can you buy a home in Boise right now, YES! And you can definitely sell your home in Boise right now! It’s no secret the entire Boise Valley is booming! So that means you need to be ready to act when a home you like goes on the market.
- Make sure you’re pre-approved by a lender before you even look at a home.
- Have an agent that will be available to show you the home that day.
- Be prepared to write an aggressive offer
- And then get super excited when you find out you’re under contract!
It can happen in this wild housing market in Boise and the surrounding communities like Meridian, Garden City, Star, Eagle and Kuna. Don’t let fear of the unknown keep you from being a homeowner.
☎️ Call me today to find out the facts and start the process. Buckle up because it’s going to be fast and furious and o-so-fun!
