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Housing Market Update for September 2023
What’s the housing market doing around Boise and Nampa, Idaho?
Mareen: It has been doing stuff, not as everybody would predict. There’s still no crash. Prices are still stable. Are they coming down just so slightly? It just depends on which price category. That’s the most significant point.
If you look at the million-dollar categories, prices have come down, sure. But everything in the $400K-$500K range, it’s still a robust market.
Dave: Are you seeing multiple offers in the $400K range?
Mareen: In the $400K range? Yeah. Under that, you must be prepared for it. So yeah, have your ducks in a row as always.
Dave: And that’s probably because of the inventory. What’s the inventory doing?
Mareen: Inventory is so low. So, in Ada County, we are still about a thousand houses less than we had last year, so it is very low. Next month, we’re going to see a slightly more significant jump. Like I said, it’s just inching up. Still not enough.
Dave: With this low inventory and strong demand, especially around that $400K range, are you seeing prices going up?
Mareen: Yes and no. We were right there, price wise, to get a lot of traction on a home. It gave us room to help buyers if they needed closing costs. We all know interest rates are incredibly high. In the last months, we were looking at 8%.
That is, yeah, compared to our low threes, that is high. And having the option to buy down interest rates where you get a seller’s credit helps a lot. And we did it! We got an offer in the first three or four days, helping the sellers with some closing costs.
Dave: We’re still seeing builders are routinely doing that, right?
Mareen: Oh, yep, they’re not lowering their prices, but they are willing to give concessions. So they’re accommodating.
Dave: So it’s several thousand that you can use for closing cost or buy down interest rate.
Mareen: That’s correct, yep.
Dave: So, Mareen, we’re here in downtown Nampa. Can somebody else move to Nampa and enjoy the same downtown we’re enjoying right now? The inventory is tight, but can you still find homes?
Mareen: You can still find homes, although you must be a little patient that the right home is on the market. But when it does come on the market, the chance that somebody else is there who wants it as well is high.
Dave: So, it’s the same thing that’s been happening for several years. If you want to buy a house, you must be completely ready. You have to be clear on what you’re doing. You have to be prepared to buy, ensure you’re financially pre-approved, and then put in a strong offer.
Aren’t lowballs working anymore?
Mareen: It depends on which price category you’re talking about. And if the house is overpriced, it doesn’t always say that the listing or asking price is the house’s value. A good market analysis is essential.
Dave: Suppose the buyer is with you. They see a house, they like it, but they don’t know. “Is this a good price?” “Am I paying too much?” You find out for them.
Mareen: That’s correct. We will check the houses in that area within those criteria and what they sold for in the past 90 days, and that will determine the actual value.
Dave: Hey, Mareen, you put together these great charts. What do I need to know about this?
Mareen: You should know that Canyon County is just slightly above the national average. So, the national average right now is at $396,000, as well as the median home price for Canyon County. And that is like Nampa, Caldwell, and Middleton. We are at $415K, and the best bang for your buck is still Caldwell. You can get a house under the national average for $370K.
Dave: Can you get new construction in that price range?
Mareen: You can get new construction in that price range and concessions with that, so give us a ring. There are homes out there.
Dave: Wow, that’s pretty wild because every place I see on the internet, it’s like, “Oh, Idaho’s so expensive. The cheap days are gone.” But…
Mareen: Yes, were prices different in 2014? Yes, but it was different everywhere else as well.
Dave: But there are parts of the Treasure Valley that are more expensive, like Ada County.
Mareen: Ada County, for sure. Yep, yep. Still a hundred thousand dollars more for mostly the same house.
Dave: Aw. So, $415K is the median here in Canyon County?
Mareen: In Canyon County. And in Ada County, we’re at $535K. We were up $15,000 from last month.
Dave: So, prices are creeping up in Ada County?
Mareen: I would say it’s stable because it goes up $10K, down $10K, and up $8K. So, I call it stable. For this market at this moment, there’s for sure no crash. Too many people still want to escape wherever they are.
Get your copies of Mareen’s charts on top of this blog. She puts them together monthly: one for Canyon County and one for Ada County. They’re chock full of great information you need to know about the latest housing market.
Thanks for stopping by; we appreciate it. When it comes time to sell a home, buy one, or even relocate to the Treasure Valley, contact us. Your Treasure Valley Dave team is your real estate expert by your side, helping you get home.