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Welcome to the newest real estate market update for the Treasure Valley Idaho area; specifically Ada County (Boise, Meridian, Eagle, Kuna), Canyon County (Nampa, Caldwell, Middleton) and Gem County (Emmett).
- We start off with some context for our current housing market by looking back month-by-month for the past year and also a 25-year look for Ada, Canyon and Gem Counties.
- Next comes a snapshot of Ada County’s recent real estate activity and then a look at the same for Canyon County (and the previous snapshot too) and the same for Gem County.
- Next is a section explaining the terms and meanings of highlights in the snapshots.
- Following that is the opportunity for a deep-dive into the most recent numbers.
- Wrapping it all up is our video explanation of what all this means to you as a seller or to you as a buyer (and most sellers are buyers too!).
Housing Market Context
- The first graph shows the past year’s median price for each county compared to the national median price. This indicates if our housing market is overpriced or perhaps there is something that increased demand in this location.
- The second graph compares Inventory (homes available to buy), homes that are Pending (under contract with a buyer but not yet closed), and Sold homes (transaction is completed). This shows us what builders and homeowners (sellers) are doing in our market (Inventory), what the buyer demand is (Pending), and the ability of a transaction to close (pass inspection, get financing and/or get insurance).
- The last graph shows home prices and Inventory over the past 25 years. You can see the seasonality of Inventory as well as the long-term trends. Home prices seem to have less to do with seasonal demand and fall in line with the trend since (at least) the 1960s with ever-increasing home values.
Housing Market Snapshot View
What Do All These Things Mean?
- Listings:
- These are all of the real estate listings for single family homes; existing homes and new-construction homes. ACTIVE are listings available on the market; PENDING are transactions under contract with a buyer; and SOLD are successfully closed transaction. This information is provided by the Intermountain Multiple Listing Service.
- For a deep-dive into the listings data, to see the breakout by existing homes and new-construction homes and also by specific areas within the counties, check out Deep-Dive section below.
- Mortgage Rates:
- This mortgage rate information is sourced from www.MortgageNewsDaily.com as of the last day of the month. The rate here is the 30 year fixed conventional mortgage rate. Other mortgage products may fit your situation better and those rates can be accessed at Mortgage News Daily. If you want to have a personal conversation with a recommended lender, just let us know and we’ll be happy to share that lender with you!
- Homes Sold:
- This number indicates the percentage increase (or decrease) of homes sold this month compared to one year ago.
- Median Price:
- The median price is the middle price of homes sold this month; half sold for more and half sold for less.
- Below that is the percentage increase (or decrease) of the median price compared to one year ago.
- Average DOM:
- DOM stands for Days On the Market. This is the time from when a home is ACTIVE on the market until it’s under contract with a buyer.
- Months of Supply:
- In real estate, Months of Supply of Inventory is a ratio of available homes and homes that have sold this month.
- This is sometimes also called the “absorption rate”.
- This rate indicates how many months it would take to sell all of the current inventory of homes with no additional homes coming on the market.
- This calculation is an indicator of whether the market if favoring sellers or buyers.
- A rate of less than 4.0 means a “seller’s market”
- 4.0 to 6.0 is a “balanced”market
- Above 6.0 indicates a “buyer’s market”
Want a Deep-Dive into the Most Recent Housing Data?
- Clicking on the information sheets below will open up the latest housing data from the local MLS (Intermountain Multiple Listing Service); one for Ada County and the other for Canyon County.
- The first page of this report shows data points from existing single-family home listings, new-construction listings, and both of those combined. Also provided is year-to-date and year-over-year information.
- The middle of this report breaks out where homes sold and for how much based on MLS areas. (To see just where a particular MLS area is, click on the available map. Zoom in to get a detailed look.)
- The final part of this report breaks out SOLD statistics broken out by price categories; one for this month and one for year-to-date information.
So What's This All Mean?
In this video, we look at all this recent data and provide insight that buyers need to know to make sure they don’t spend too much on a home and to figure out other terms that impact buyers.
We also want our sellers to be informed on what the current market is doing so together we can package this offering with the best possible terms to reach our seller’s goals.
For people relocating to the Treasure Valley, we want you to know what our market is doing so you can decide how best to achieve your goals. Our local real estate market may be a lot different that other out-of-the-area markets.
We're Ready To Help YOU!
You might be just thinking about moving; buying or selling or even relocating. OR you maybe ready to get that process started right away! Either way, we are ready to talk with you and answer your questions and help you get all the information that YOU need to make the best decisions possibile.
If you’re just at the “thinking about it” stage, you might want to sign up for my weekly email newsletter that I make myself. I typically cover such topics as relocating to Idaho, things about the real estate buying and selling process, things that affect the culture and life of living in the Treasure Valley around Boise and comparing that to other areas around the country. Just fill out that form below.
If you’re ready to have a conversation and get some good information to help with your real estate needs, go ahead and give us a call or text at 208-860-2004 or hit that Contact Us button below and let’s get connected!
