June 2019 Market Report

RECORD ADA COUNTY HOME PRICES TEMPERED BY LOW MORTGAGE RATES

Key Takeaways:

  • The median sales price for Ada County reached a new record of $354,405 in June 2019. This was up 10.0% over the same month last year.
  • Ada County home prices continue to be driven by a decreasing supply of lower-priced existing homes compared to demand, new homes selling at overall higher prices due to rising construction costs, as well as increased purchasing power due to low mortgage rates.

Analysis:

Home prices have continued to climb in Ada County, reaching a record median sales price of $354,405 in June 2019. This was up 10.0% over the same month last year. The median sales price for both existing and new homes were also at record highs in June, at $339,945, and $419,040 respectively. While we can’t point to any one factor for the hike in prices, we have identified three reasons we’re seeing these types of numbers in Ada County.

There continues to be a shortage of housing, particularly in the lower price points. This has caused the share of higher-priced home sales to continue to rise, further driving up the median sales price for the existing segment, as well as the market overall. The uptick in existing inventory of 13.2% year-over-year in June was no match for the fact that we’ve seen demand consistently outpace supply for the last several years, as indicated by the fact that the Months Supply of Inventory (or MSI) was 1.1 months in the existing segment. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

As we’ve noted previously, the rise in new construction home prices is due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences. A recent report from the National Association of REALTORS® (NAR) says that, “Job openings in construction in May 2019 outpaced the number of workers looking for construction jobs.” This shortage of workers has hampered housing starts nationwide and has an impact on the type of product and at what price point builders are able to build.

Yes, prices are up, but low mortgage rates are helpful for buyers and may also be influencing what homes buyers purchase and at what price point. Since lower rates equates to lower monthly payments, buyers may be selecting a more expensive home that still fits their budget. Low mortgage rates also fuel demand for housing, as those who have been waiting for rates to drop to start shopping for homes.

FRED Mortgage Rates

We’ll be taking an in-depth look at these trends and additional data for Ada County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics, challenges, and a comparison of today’s market and our previous peak in 2007.

 

JUNE 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for homes in Elmore County reached $169,744; an increase of 10.9% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Speaking of low inventory, June marked 53 months of consecutive year-over-year declines in inventory — leaving 69 homes on the market at the end of the month, down 17.9% from June 2018. The Months Supply of Inventory (or MSI) in Elmore County dropped to 1.3 months — down 23.5% from the same month last year.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

There were 51 closed sales in Elmore County last month — up 27.5% from the same month last year. Homes that closed in June spent an average of 47 days on the market before going under contract, 62.1% slower than in June 2018 when the average days on market was 29.

We’ll be taking an in-depth look at these trends and additional data for Elmore County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics and the unique circumstances of the area’s housing market.

 

JUNE 2019 GEM COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for Gem County was at $214,000, an increase of 11.3% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 18 homes sales in June, down 18.2% from June 2018, and down 52.6% from last month. However, there were 56 pending sales, up 7.7% from a year ago, so we’ll likely see those sales close in the next month or two. This left 50 homes available for sale at the end of the month, down 31.5% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.3 months in June 2019, down from 2.3 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Although home sales were down a bit, the homes that are selling are selling fast. The homes that sold in June spent an average of 18 days on the market before going under contract, so buyers need to be prepared to move quickly when shopping for home in Gem County.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - June 19Canyon County Members Only

Elmore Snapshot - Jun 19Gem Snapshot - June 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

 

May 2019 Market Report

SUPPLY AND DEMAND DYNAMICS CONTINUE TO
DRIVE HOME PRICES UP IN ADA COUNTY

Key Takeaways:

  • The existing home median sales price reached a new high at $329,000, up 14.7% from May 2018. Local home prices are being driven by the persistently low inventory of existing homes compared to demand.
  • Due to the lack of inventory of homes for sale at the lower price points, the share of higher-priced home sales continued to rise, further driving up the median price for the segment, as well as the market overall.
  • The median sales price for Ada County reached a new record of $342,990 in May 2019, for existing and new homes combined. This was up 12.5% over the same month last year.

Analysis:

The median sales price of existing/resale homes in Ada County reached a new high of $329,000 in May 2019, up 14.7% from May 2018. As noted in previous market reports, local home prices are being driven by the persistently low inventory of existing homes compared to demand.

One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. In May 2019, the Months Supply of Inventory metric for Ada County was at just 1.5 months for all price points combined, and for existing homes priced below $300,000 MSI was at one month.

Our market needs additional inventory, especially existing homes below the $300,000 price point. Homeowners may have more equity than ever as home prices have risen, and those who have considered a move should to contact a REALTOR® to understand their options for selling and buying.

Ada County Existing MSI Chart

Because there are fewer homes available at the lower price points, the share of home sales above $300,000 continued to rise – at 61.3% of all existing homes sales in May 2019. As a result, as more existing homes sell at higher price points, it further drives up the median price for the segment, as well as the market overall.

To that point, the median sales price in Ada County, for existing and new homes combined, reached a new record of $342,990 in May 2019, up 12.5% year-over-year.

For those looking to purchase a home in Ada County, don’t lose hope. We’re still at the beginning of the summer selling season so there will be more homes coming online soon. Get your financing in order and work with your REALTOR® to write a competitive offer so that you’re ready when you find your next home.

 

MAY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for homes in Elmore County reached $168,900; an increase of 11.5% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

The number of closed sales in Elmore County also increased to 47 last month — up 67.9% from April, but still down 4.1% from the same month last year.

The Months Supply of Inventory (or MSI) in Elmore County increased to 1.8 months — up 20.0% from the same month last year. However, despite the increase in MSI, there were only 68 homes still on the market in Elmore County at the end of May, down 19.0% from May 2018.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

The increase in median home price and closed sales is encouraging news for those looking to sell their home in Elmore County. Work with your REALTOR® to take advantage of the current market and get the most out of your current property. And for those looking to buy a home, keep an eye out! Conditions like this could lead to more homes becoming available in your market.

 

MAY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for Gem County was at $213,750, an increase of 11.1% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

There were 38 homes sales in May, up 15.2% from May 2018, and up 40.7% from last month. This left 51 homes available for sale at the end of the month, down 12.1% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.4 months in May 2019.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Prices will most likely continue to grow and homes will continue to sell quickly, making this market more competitive. Working with a REALTOR® is the best way to find a home you like and gives you your best chance at securing it in markets like this.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - May 19Canyon County Members Only

Elmore Snapshot - May 19Gem Snapshot - May 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

 

November 2018 Market Report

MORE NEW CONSTRUCTION SALES AND FEWER EXISTING HOMES KEPT
ADA COUNTY PRICES UP IN NOVEMBER

Key Takeaways:

  •  The overall median sales price for Ada County reached $324,250 in November 2018, driven by the persistently low inventory of existing homes, and more new homes selling at overall higher prices, primarily due to rising construction costs.
  • There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.


Analysis:

The median sales price for Ada County in November 2018 was $324,250 for existing and new homes combined. This was up 20.1% over the same month last year, but nearly even with October 2018.

As we’ve shared many times through our market reports, local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

On average, the share of monthly homes sales that are new is typically between 22-23%, meaning the other 77-78% of the sales are of existing homes. When the share of new home sales goes over 24% or 25%, we will see overall home prices (looking at existing and new homes together) increase, on average, between 12-14% year-over-year. As the share of new home sales increases, so does the overall median sales price and the related year-over-year increase.

This is what’s meant when we say the “overall home price is being driven up by more new homes selling.” To further illustrate this, the following table shows the share of new home sales over the past nine months compared to the overall median sales price and year-over-year increase:

November 18 Ada County Share of New Home Sales

However, new home prices are just part of the story.

In November 2018, the median sales price of existing homes in Ada County reached was $295,000, up 18.0% over November 2017. In this segment of the market, price increases are being driven by very low inventory compared to buyer demand.

There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties — and down 12.1% from last year. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.

In comparison, the median sales price for new construction was at $390,000 in November 2018, up 13.9% over November 2017, and just below the most recent record high for this segment, which was $393,705 in June 2018.

If our market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months, as we might normally expect as we move into the winter months.

However, those thinking about selling or buying shouldn’t be concerned with ‘timing the market,’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re thinking about making a move, talk to your REALTOR® to explore your options.

 

HOME SALES AND PRICES UP IN GEM COUNTY IN NOVEMBER

In November 2018, 27 homes sold in Gem County, up 17.4% over last year. This left 53 homes available for sale at the end of the month — a decrease of 15.9% year-over-year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last five months.

Looking at sales over the past 12 months, the median price for homes that sold through November 2018 was $196,303 — up 8.1% over the same period last year.

Due to the smaller number of sales in the county, the 12-month average is a helpful way of analyzing area price trends, as it adjusts for any months in which a very high- or low-priced home sold that would otherwise be inconsistent with the general market.

Apparently, the colder temps haven’t deterred buyers in Gem County. Thinking about selling? Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Nov 18Gem Snapshot - Nov 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New Construction, and Gem County.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

October 2018 Market Report

OCTOBER MARKS FOUR YEARS OF DECLINING INVENTORY,
CONTINUING THE PRESSURE ON ADA COUNTY HOME PRICES

 Key Takeaways:

  • October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County.
  •  This lack of inventory compared to demand is one of the primary reasons that the median sales price continues to rise compared to last year.
  •  The median sales price in October 2018 was $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

 Analysis:

October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County, when looking at activity by month year-over-year.

There were 870 existing homes for sale in Ada County in October 2018, down 15.0% from October 2017 and down 48.8% from October 2014 when the decline began.

As we’ve outlined in previous reports, there are many reasons the Boise Region is facing a lack of homes for sale. These include the continued population growth, the trend of people choosing to stay in their homes longer than we’ve seen historically, among others.

This persistent lack of existing home inventory is one of the two primary reasons that the area’s overall median sales price continues to rise compared to last year; the second reason, increasing land, labor, and material costs for new homes. For October 2018, this resulted in a median sales price of $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

This nearly 20% increase year-over-year in the overall median sales price for October was primarily due to a higher share of new home sales during the month ― reaching 27.7% of all closed sales, up 10.1% compared to October 2017.

We’ve been talking about the drop in existing inventory literally for years now, but what’s interesting about today’s market is that we’re seeing more and more new construction sales. Whether you’re looking to buy an existing home or a new build, your REALTOR® is going to advocate for you throughout the transaction. And if you’re thinking of selling, these recent numbers indicate that despite the turn in temperature, it’s still a good time to put your home on the market.


HOME SALES AND PRICES UP IN GEM COUNTY

In October 2018, 36 homes sold in Gem County, up 28.6% from October 2017. This left 57 new and existing/resale homes available for sale at the end of the month — down 19.7% from the same month last year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last four months.

The median sales price for homes that sold in October was $199,450, based on activity over the past 12 months — up 11.1% over the same period last year. There are two primary reasons that the median sales price rose compared to last year — the lack of inventory compared to demand, and an increase in the share of new homes sales in October.

Five new homes sold in Gem County in October 2018, the same number as October 2017. However, new home sales made up a larger share of total sales at 11.1% in October, compared to the average of 5-6% we typically see in Gem County. New homes typically sell for higher prices than existing homes due to increased land, labor, and material costs, so when the share of new home sales increases, so does the median sales price.

Apparently, the colder temps haven’t deterred buyers in Gem County. If you’re thinking about selling, now is a great time to put your home on the market. Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Oct 18

Gem Snapshot - Oct 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New Construction, and Gem County.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

Vote in the Primary Election on May 15th!

REALTORS® are leaders in the community so it’s important that BRR members vote to make our voices heard. The Public Policy Committee at Boise Regional REALTORS® thoughtfully interviewed and vetted candidates to receive our association’s endorsement. Learn about the candidates and issues and then vote in the primary election on Tuesday, May 15th!

BRR has endorsed the following Ada County candidates:

Ada County Commissioner, District 1 —  Jim Tibbs

Ada County Commissioner, District 3 — Dave Case

Ada County Clerk — Phil McGrane

Ada County Assessor — Robert McQuade

Ada County Treasurer — Elizabeth Mahn

 

Ada County Endorsements

BRR has endorsed the following Gem County candidates:

Gem County Assessor — Hollie Ann Strang

Gem County Clerk — Shelly Tilton

Gem County Treasurer — Megan Keene

Gem County Endorsements

Elections will be held on Tuesday, May 15, 2018. For information on the candidates, registration, and where to vote, please visit idahovotes.govadacounty.id.gov/elections for Ada County, or gemcounty.org/elections for Gem County.

 

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BRR’s Public Policy Committee extends invitations to all candidates running for office in Ada and Gem County, and the municipalities and agencies within each county. Candidates interested in being interviewed share their views on housing, private property rights, education, transportation, and other issues affecting the community. From there, the Public Policy Committee, made up of volunteer REALTORS®, provides a list of recommended endorsements which are reviewed and approved by BRR’s Board of Directors. For information regarding these local endorsements, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

Information about statewide races is available on the Idaho REALTORS® website at idahorealtors.com/your-voice-counts-important-voting-resources, or through the Idaho REALTORS® Government Affairs Director, Max Pond. He can be reached at 208-342-3585 or mpond@idahorealtors.com.

Boise Regional REALTORS® (BRR), is a 501(c)6 trade association, representing more than 4,500 real estate professionals throughout the Boise Region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

Q1-2018 Market Report

Q1-2018 Ada County Market Report
Warmer Winter Temps Meant an Early Spring Housing Market

Key Takeaways:

  • Warmer winter temps may have encouraged homebuyers to shop earlier, as the growth in purchase activity during the first quarter was more like what we typically see early in the second quarter of the year.
  • The median sales price is the point at which half of the homes sold for more and half sold for less. For the existing/resale segment, there were approximately 725 homes that sold for less than $273,650 during the first quarter of 2018 in Ada County, and another 725 that sold for more.
  • Prices for existing/resale homes continue to be driven by lack of inventory versus demand, with 33.1% fewer options for buyers to choose from in the first quarter compared to same quarter last year.

Just because there is low inventory doesn’t mean there is no inventory. At the end Q1-2018, there were nearly 1,150 existing and new homes for sale in Ada County across all price points.

Analysis:

During the first quarter of 2018, homebuyers in Ada County purchased 1,450 existing/resale homes and 658 new homes, for year-over-year increases of 7.9% and 26.8%, respectively. Warmer weather over the winter may have encouraged people to shop earlier, as the growth in activity — especially for new construction — is more like what we typically see early in the second quarter of the year.

The Q1-2018 median sales price for existing/resale homes in Ada County was at $273,650, up 21.1% from Q1-2017. The median sales price is the point at which half of the homes sold for more and half sold for less during a certain period. For context, this means that there were approximately 725 existing homes that sold for less than $273,650 during the first quarter of 2018 in Ada County, and another 725 that sold for more.

Prices for existing homes continue to be driven by lack of inventory. Based on the number of homes available for purchase at the end Q1-2018—just 498 properties, —homebuyers had 33.1% fewer options to choose from than the previous year.

Looking at the new construction segment, the Q1-2018 median sales price in Ada County was at $355,085, up 12.1% from the same period last year. This means that there were approximately 329 new homes that sold for less than the median price during the first quarter of 2018 in Ada County, and another 329 that sold for more.

New construction prices primarily reflect the rising prices of labor and materials, as well as lower inventory this year than last year. There were 645 new homes for sale at the end of Q1-2018, down 18.7% from the end of Q1-2017. However, there continues to be more new homes available than existing in Ada County.

Key Metrics:

Q1 Ada County Housing Data by Segment

Q1-2018 Existing Home Median Sales Price

Q1-2018 New Home Median Sales Price



Q1-2018 Gem County Market Report
Low Housing Inventory Persists in Gem County

Q1 Gem County Housing Data by Segment

Homebuyers in Gem County purchased 60 homes during the first quarter of 2018, even with the same quarter last year.

The Q1-2018 median sales price in Gem County was at $189,175, up 9.8% from Q1-2017. The median sales price is the point at which half of the homes sold for more and half sold for less during a certain period. For context, this means that there were approximately 30 homes that sold for less than $189,175 during the first quarter of 2018 in Gem County, and another 30 that sold for more.

Based on the number of homes available for purchase at the end Q1-2018—just 41 properties—homebuyers in Gem County had 43.9% fewer options to choose from this year compared to last year.

Additional information about trends within the Boise region, by price point, by existing and new construction, and by neighborhood, are now available in the March 2018 Ada County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County Existing/Resale, Ada County New Construction, and Gem County:

ADA Existing Snapshot - March 18

ADA New Construction Snapshot - March 18

 

Gem Snapshot - March 18

Download print quality market snapshot graphics for Ada County Existing/ResaleAda County New Construction, and Gem County.

 

 

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NOTE: Monthly housing market data for cities and neighborhoods are fantastic tools for REALTORS® to use when advising their clients about real-time home listing and purchase decisions. Boise Regional REALTORS® (BRR) will continue providing REALTORS® with monthly data as a member benefit and a market intelligence tool but are shifting to a quarterly market analysis schedule for our press releases. This gives us the ability to look at the macro trends in the data that are shaping our region’s housing market, along with the bandwidth to go deeper into additional metrics, geographies, and market segments, in between these quarterly reports.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

February 2018 Market Report

ADA COUNTY HOME PRICES HIT RECORD HIGH
AS INVENTORY DROPS TO RECORD LOW

Boise being named one of the fastest growing cities has certainly brought a lot of additional attention to our region lately, but our market reports have been reflecting that growth for months, most evident through buyer demand vs. supply and its impact on home prices.

In February 2018, inventory was down 18.8% from the previous year, with a record low of 1,205 homes available for purchase, compared to 1,513 homes that were under contract, up 16.1% year-over-year. The result was a new high median sales price for Ada County of $297,500, up 16.7% over the same month last year.

In February 2018, inventory was down 18.8% from the previous year, with a record low of 1,205 homes… Click To Tweet

The continual tightening of inventory is a concern, but we’re hearing from some local builders than more homes will be coming this year. New construction homes are more likely to be built in the southern and western parts of Ada County, with Canyon County seeing much of the new development.

In fact, there were 314 new homes for sale in Canyon County in February 2018 versus the 226 in Ada County. This put months supply of new construction inventory in Canyon County at 5.2 months, a balanced level compared to buyer demand — including an encouraging uptick in new supply priced at or below $300,000. Ada County’s months supply of new homes wasn’t quite as abundant at 3.3 months in February.

Those looking to buy this spring should be prepared to make quick decisions and strong offers to be competitive and work with their REALTOR® to stay on top of everything that’s needed to get to the closing table.

An article from REALTOR® Magazine also provides tips for prospective buyers to discuss with their REALTOR® when writing their offers and negotiating terms:

  1. Discuss the contingencies you’re willing to waive ahead of time. If you find yourself in a multiple-offer situation, any concessions you’re willing and able to make regarding inspection results and repairs or being flexible on the closing date may put you in a stronger position than other buyers.
  1. Consider offering a rent-back agreement. Sellers who plan to purchase another home are also going to have a difficult a time finding a place in this tight-inventory environment. Offering sellers the option to rent back their home after closing so they can stay longer while they look for another home could make your offer stand out. This may not be an option for everyone, but if so, be sure you are totally comfortable with the arrangement and ask your REALTOR® to explain every term in the agreement to avoid any confusion.
  1. Be financially prepared beyond the mortgage preapproval letter. If you have any credit issues, clear them up early and be sure you have the funds necessary to close. If there is anything that could stall a transaction upfront or at closing, consider working with a credit counselor or other professional to remove all obstacles before you start looking for a home.

 

MORE GEM COUNTY HOMES UNDER CONTRACT THAN A YEAR AGO

In February 2018, there were 47 homes under contract in Gem County, up 17.5% from February 2017. That left 44 homes available for sale at the end of February, down 2.2% from the same month last year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.1 months in February 2018.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Because buyer demand is outpacing supply, as shown through the low MSI calculation, home prices are rising in Gem County. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

Based on data between March 2017 and February 2018, the median sales price for Gem County was $185,975, an increase of 10.6% over the same period last year.

Read our follow up to the 2018 February Market Report here.

Additional information about trends within the Boise region, by price point, by existing and new construction, and by neighborhood, are now available in the February 2018 Ada County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County, and Gem County:

ADA Snapshot - February 18
GEM Snapshot - February 18

Download print quality snapshot graphics for Ada County, and Gem County.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing more than 4,400 real estate professionals throughout the Boise Region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.

The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

For areas with fewer total transactions, the sales price reported is based on a rolling 12-month median. This smooths out potential month-over-month swings due to seasonality, very high or low sales prices that may occur one month but are not common, or other activity that may not be representative of the overall price trends for the area or market segment.

If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

2018 REALTOR® Awards Gala

 

2017 Gala Slider

2018 Awards Ad IS

NOTE: Not all members who qualify for a production award are on this list. Participants have elected to apply for a production award and have submitted the application fee. 

Download the PDF version here.

BRR Honor Society members are also recognized at the Gala. To learn more about the Honor Society and to apply, visit our Honor Society page.

EVENT PHOTO GALLERY


2018 Thank you Gala sponsors shareable graphic

January 2018 Market Report

No Lag in Demand for Homes in Ada County

Last January, we discussed the effects of a historic snowfall on Ada County’s real estate market, which is quite different from recent stories about the mild winter helping boost new construction.

But despite builders being able to work when they normally cannot, it hasn’t been enough to push new inventory higher than it was last year. Homeowners are also not listing quickly enough to raise existing inventory levels, reasons for which are discussed in BRR’s 2017 year-end market report.

Surprisingly, pending sales (a measure of home buyer demand) were up 32.7% year-over-year, even as the supply of homes was down:

Key Metrics January 2017 January 2018 YOY % Chg
Inventory 1,425 1,213 -14.9%
Pending Sales 1,037 1,376 +32.7%
Difference 388 -163

 

When looking at these numbers, we see there were more pending sales in January 2018 than the number of homes for sale, both in the existing and new construction segments (figures above are combined).

This happened in early 2017, as well, and can occur because homes usually don’t close in the same month they are listed since it can take 30-90 days to do so after an offer is accepted.  So, when inventory is very low, there can be more homes under contract or pending, than available for purchase.

It’s remarkable that we’re seeing pending sales outpace inventory for new construction, too, especially considering the weather has been more favorable for building this winter. These numbers further reinforce the tremendous growth and demand for housing in our area.

The result of this very low supply compared to the very high demand, is that the Ada County median sales price hit a new record high of $279,900 in January 2018, up 16.8% from January 2017.

 

Demand and Supply Pressures Impacting Gem County Home Prices

In January 2018, there were 42 homes under contract in Gem County, up 7.7% from January 2017. That left 47 homes available for sale at the end of January, up 11.9% from the same month last year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.2 months in January 2018.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Because buyer demand is outpacing supply, as shown through the low MSI calculation, home prices are rising in Gem County. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

Based on data between February 2017 and January 2018, the median sales price for Gem County was $183,350, an increase of 10.1% over the same period last year.

Additional information about trends within the Boise region, by price point, by existing and new construction, and by neighborhood, are now available in the January 2018 Ada County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County, and Gem County:

ADA Snapshot - January 18          GEM Snapshot - January 18

 

Download print quality snapshot graphics for Ada County, and Gem County.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing more than 4,400 real estate professionals throughout the Boise region, with a focus on Ada and Gem counties. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.

The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

2017 Residential Real Estate Market Report

Slide1

For the past few months (and years), we’ve been focusing on the causes and effects of low inventory in our local housing market… and for good reason.

December 2017 marked 39 consecutive months of year-over-year declines in the number of existing homes for sale in Ada County, going back to October 2014.

Metrics Ada Existing
Oct-14 Dec-17 % Change
Inventory (Supply) 1,702 537 -68.4%
Closed Sales (Demand) 542 588 +8.5%%
Months Supply of Inventory 3.2 0.9 -71.8%

 

Inventory of existing homes in Ada County was at 1,702 in October 2014 and at a record-low 537 in December 2017, a decrease of 68.4%. In comparison, there were 542 closed sales in October 2014 versus 588 in December 2017, a modest increase of 8.5%.

Looking at months supply of existing inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 3.2 months in October 2014 in Ada County compared to less than one month in December 2017, a drop of 71.8%. (A balanced market — not favoring buyers or sellers — is typically between 4-6 months supply of inventory.)

Our past reports have looked at why there’s so much demand for housing — growing population due to economic opportunities, out-of-state buyers moving in, and Millennials (a huge population group) “aging into” homeownership — but what’s been more difficult, is understanding the supply side pressures and why homeowners aren’t selling when the market is seemingly in their favor.

Digging deeper into the data for existing inventory, we noticed that just as Ada County’s existing inventory had been declining for the past 39 months, so had existing inventory in Canyon County and Gem County.

So, what happened in October 2014 — or leading up to it — that has homeowners throughout the Boise region staying put?

We’ve identified three potential data-driven explanations — Retirees, Boomerang Buyers, and Housing Affordability — and another more psychological explanation — a feeling of opportunity, whether it be an opportunity to be part of the growth the Boise region is experiencing, or the opportunity to wait and sell when we reach a new market peak. Let’s take a closer look at each of these.


Retirees

Our region’s population is growing, and as shared in previous reports, it’s one of the main reasons demand for housing has increased. But if we look at population by age, the share of our population that has grown the most is adults between 55-74 years old, based on U.S. Census data available starting in 2009:

County 16 to 19
Years Old
20 to 24
Years Old
25 to 44
Years Old
45 to 54
Years Old
55 to 64
Years Old
65 to 74
Years Old
75 Years
Old +
Ada 2.5% 1.3% 0.8% 1.3% 4.7% 8.0% 3.1%
Canyon 2.4% 1.9% 0.8% 1.9% 4.3% 7.1% 1.9%
Gem 1.3% -0.5% -1.1% -0.6% 2.8% 5.1% 1.5%

 

These percentages reflect current residents from the Baby Boomer generation who are nearing retirement and aging into these categories. But they also support what we hear anecdotally from REALTORS® who have clients moving here from out of state to retire, or, are planning to retire in the next few years and purchasing a retirement home here now.

This makes sense as Boise and Meridian, in particular, have been named as best places to live, to retire, to do pretty much anything, mostly because the region boasts many of the amenities today’s retirees are looking for… college town, culture, great downtown, affordability, and access to quality healthcare.

When people purchase retirement homes, they buy with the plan to stay, and those who move into our area to retire don’t typically have another home to sell here. These two factors further constrict the inventory of homes for sale in the existing/resale segment.


Boomerang Buyers

More than 50% of the homes sold in Ada County in 2010 and 2011 were distressed in some way (foreclosure, short sale, bank-owned, or HUD owned). That number fell to 30.8% in 2012 and dropped to 14.1% in 2013. In contrast, the share of distressed home sales was just 1.2% in 2017.

Slide11

For those homeowners who lost their home during the Great Recession, it would take a few years to rebuild the credit and financial resources necessary to buy again. 2013 and 2014 is when we started to see “boomerang buyers” — referring to people who lost homes to foreclosures or short sales — “coming back” to the market. Boomerang buyers purchase homes from available inventory, but would not have an existing house to sell, further constricting existing inventory levels.

Additionally, once back into a home, it’s unlikely these boomerang buyers would look to sell again soon after, due to the enormous emotional toll a foreclosure or short sale can take on a family. And for some, the run-up in local home prices could feel like history repeating, so they may prefer to stay in place than risk moving up to another potentially unaffordable mortgage.

Related to this… many of the homes lost to foreclosures and short sales in 2010 and 2011 were picked up by investors who often turned them into rental properties that they’ve held on to ever since. And why not? The average monthly rent for a single-family home in Ada County grew 41.3% between 2012 and 2017, an increase of nearly $406 per month, according to analysis of data from the Southwest Idaho Chapter of the National Association of Residential Property Managers. These rentals represent thousands of homes that potentially would have been listed (and then counted as existing inventory) had the Great Recession never occurred.

Housing Affordability

Those who purchased a home at the previous high mark in 2006, saw their equity fall 45-56% through 2011. By 2014, prices were recovering, but most were still 15-26% below peak prices.

During that time, many would-be sellers didn’t have the equity to sell and move up, keeping them in place and holding back existing/resale inventory. Comparing 2006 to today’s median sales prices, homeowners are just now seeing prices 7-13% higher after more than a decade of recovery.

In contrast, those who purchased at the bottom of the market in 2011, have seen home prices grow 108-158% throughout the region. On the sell side, they likely have equity to roll into a new home, and those who can move up in price point or purchase new construction may be pleasantly surprised at the inventory available.

However, today’s prices could be out of reach for some, especially when compared to income changes over the same period. Between 2011 and 2017, the median family income for Ada County was up 7.2% but fell 4.5% for Canyon County and 8.9% for Gem County.

Looking more closely at Ada County, the following chart shows a decline in affordability, based on the median price of existing homes, 30-year fixed mortgage rates, and median family incomes, combined to form a Housing Affordability Index rating (also referred to as “HAI”):

Slide14

That said, our market is affordable when compared to the U.S. overall, and to nearby higher priced markets — which is where much of our population growth is coming from. To new residents, prices for new or existing homes seem quite reasonable.

Slide15

Yet while the actual median sales price continues trending upwards — putting major pressure on affordability — the rate at which it does so has been slowing down. Think of it like driving your car up a hill: as the road gets steeper, the speed at which you drive decreases. You’re still gaining ground, just not as quickly.

Slide17

Year-over-year price gains began falling in mid-2006 through the end of 2009, with fluctuations through 2011. Year-over-year price gains grew consistently through 2012, led by low mortgage rates and more sales at higher price points.

Slowing price increases could be an early indicator of the market coming back into balance, but as long as consumer demand outpaces the number of homes for sale, that low supply vs. high demand relationship should keep actual prices moving up.

Opportunity to be part of the Growth… or to Cash Out

As noted with retirees, people are finding out what a great place the Boise region is, and they want to be here. The “Second Annual Treasure Valley Survey” from Boise State University indicated that current residents enjoy the quality of life, thriving economy, and neighborhood safety. There is growing excitement and interest in the area, and perhaps people don’t want to miss out by leaving.

So, what’s generated all this buzz about our region and Boise in particular?

According to this Marketplace article from February 2013, Boise’s growth was being driven by “a diversified economy fueled by low-interest rates, high technology, and local talent.”

This Washington Times article from March 2014, further points out, that as the Boise Centre made plans for expansion, hoteliers took notice and made their own plans to build. We’ve seen the results of that with many hotels opening in 2017, including three just in downtown Boise, The Inn at 500 Capitol, Hyatt Place, and Residence Inn. In addition, plans were being made for Simplot’s new downtown headquarters, renovations were underway on The Owyhee, and a remodel of the Riverside Hotel was in the works.

2014 was also when a very visible improvement happened in downtown Boise: “The Pit” was finally filled in. After sitting vacant for more than 25 years, 8th and Main was completed, bringing with it businesses, energy, and excitement.

And what about all of those “top ten” lists that highlight Boise, Meridian, and Idaho? Does that national attention have an impact on our growth? According to Clark Krause, Executive Director of the Boise Valley Economic Partnership (BVEP), it absolutely does: “We win and lose by rankings.”

Clearly, the growth we’ve seen since 2014 — when we began seeing year-over-year declines in existing inventory — not only encouraged people to move here but for those who already lived here, to stay and be part of the opportunities being created, seemingly, every day.

On the other hand, when any market is on an upward swing, there’s a natural inclination to want to “time the market” and cash out near the peak. We’ve heard from some REALTORS® that they have would-be sellers, both homeowners and investors, that are holding on to their properties see just how far prices may climb before listing.

A recent (and very informal) poll of Boise Regional REALTORS®’ Board of Directors found that the primary reasons their clients listed a property were reactionary, done because of a work transfer, change in family circumstances, or investors selling residential properties to free up cash for land or commercial purchases. In contrast, the top reasons their clients bought a home were all “because they wanted to.” Out-of-state buyers moving for lifestyle reasons or to purchase a retirement home (supporting the research on retirees), or, moving to Idaho to be near family.

The combined impact of boomerang buyers coming back, investors and retirees purchasing and holding properties, affordability keeping people in place, as well as the potential opportunities that come from recent growth, seem to be primary reasons we are experiencing historically low levels of existing inventory.

These may also be some of the reasons behind the low inventory nationally. The National Association of REALTORS® (NAR) reports that today, people are staying in their homes for a median of 10 years versus a 6-year median in 2012. It’s difficult to free up existing inventory, particularly entry-level properties, when homeowners aren’t moving — whatever their reason.

The excitement over these opportunities may be held in check by the “cautious optimism” sentiment we’ve been hearing about our market throughout the recovery and into 2018. It appears people aren’t going to let themselves get too comfortable or overconfident just in case the market shifts.

That said, many economic and demographic factors seem to be working in our favor — specifically record high sales volume and low unemployment — leading to confidence from out-of-state investors that some predict will go on for the next few years.

In early 2017, the Idaho Statesman reported that Idaho led the country in job growth and one of the lowest unemployment rates. Based on the most recent stats from the U.S. Bureau of Labor Statistics, as of November 2017, Idaho had just 2.9% unemployment, Ada County was at 2.8% (down 17.6% from November 2016), Canyon was at 3.3% (down 19.5% year-over-year), and Gem County was at 3.5% unemployment (down 16.7% year-over-year).

Then in November 2017, Ada County home sales surpassed the $3 billion-mark for the first time. The year ended with each county experiencing record high sold volume — Ada County’s 2017 sold volume was $3.3 billion, Canyon County reached $944.6 million, and Gem County ended the year at $66.5 million.

What are economists predicting for 2018?

For the U.S. overall, REALTOR.com expects continued price growth, persistence inventory shortages, and increasing mortgage interest rates. An article from Forbes.com echoed much of the same, but in addition, predicted that in more costly markets, renting may become much more affordable than buying.

Locally, purchasing may still be better, but it all depends on location, income, and housing needs. Looking at Ada County, for example, the average monthly rent for a single-family home in Ada County last year was $1,170, based on data from the Southwest Idaho Chapter of the National Association of Residential Property Managers.

In comparison, a monthly mortgage payment (principal and interest only) for an existing home at the median price in Ada County would be approximately $900 per month. This is based on BRR’s housing affordability index calculations, using data as of December 2017.

The major unknown is how the new tax reform will truly impact the economy, and in turn, the housing market. The National Association of REALTORS® has put out a guide for homeowners’ reference, and we’ll continue to watch and report on its effect on our local economy throughout the year.

Want more stats? Have questions?

Visit boirealtors.com for our market reports, released monthly on or after the 12th calendar day. Contact Boise Regional REALTORS® Chief Executive Officer, Breanna Vanstrom, at 208-947-7228 or breanna@boirealtors.com for assistance with these stats or any other association program. Visit our website to learn more about our data sources, methodology, and how to properly cite this data.

Here is a printable, shareable infographic summarizing the 2017  Residential Real Estate Market Report.

2017 Residential Real Estate Market Report Infographic

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing more than 4,400 real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.

The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.