“How’s the market?” is the one question that Windermere Agents get asked most. It is the same question we ask when we meet an agent from another state. It’s a simple question with a very complex answer. Windermere Powerhouse Group knows how important it is to understand our real estate market and how curious everyone is to know what is going on in our community. So we created a market snapshot and a detailed report for every area of the Treasure Valley that will be posted monthly here on our Blog. This month we are featuring Ada County Existing Home Sales (i.e., greater than 1 year old). Links for other areas and detailed reports are below.
1. Spring and summer are historically the seasons when market activity increases. More homes are available for sale, and under the current market dynamics, demand immediately follows. Total Year-to-Date (YTD) 2019 transactions are down from 2018, and the shortage of supply is a major contributor. As you’ll see below, overall prices continue to increase yet days-on-market remain at historically low levels. If you are interested in buying or selling your house now is the perfect time to take action.
2. Existing home prices have risen every year since 2011 and have taken a substantial increase in the last several years. Average prices for Ada County existing homes have continued to climb in 2019, currently up 3.6%. Windermere Real Estate’s in-house economist, Matthew Gardner, forecasts 2019 Home Price growth to be 4.5% nationally, 8.9% in Ada County and 8.1% in Canyon County. So it’s actually a safe time to buy or sell a home too. Gardner forecasts the number of Ada County households to increase by 11.1% over five years, while Canyon County by 13.3% growth.
3. Last March, nearly half the existing Ada County homes that sold closed “At” or “Above” the original asking price. However, that trend varies greatly throughout the Treasure Valley. The graphs above show a snapshot of the Ada County averages compared to the North End and Boise Bench. There are numerous factors affecting a home’s price, and it’s evident that overpriced houses cost their sellers 2-3 mortgage payments last month. Specific neighborhoods have their own unique characteristics, and the REALTORS® at Windermere Powerhouse Group each possess the expertise and data to lead your next real estate transaction.
If you’d like more detailed information, have interest in learning more or would like a thorough valuation of your current home, we’d love to hear from you.
Specialized Areas and Construction Types
The following analysis of select counties of the Idaho real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact our office.
Job growth in Idaho slowed in the fall of 2018 but the state added 13,200 new jobs over the past 12 months, representing an annual growth rate of 1.8%.
In November, the state unemployment rate was 2.6%, down from 3% a year ago. The state remains at full employment, which explains why we are seeing a slowdown in employment growth. I fully anticipate that the state will return to above-average growth in 2019 and continue its trend of adding jobs at well above the national pace.
HOME SALES ACTIVITY
- 5,308 homes were sold during the fourth quarter of 2018, representing a drop of 3% compared to the final quarter of 2017. Continue reading…