March 2018 Market Report
Warmer Winter Temps Meant an Early Spring Housing Market
- Warmer winter temps may have encouraged home buyers 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.
During the first quarter of 2018, home buyers 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, —home buyers 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.
Q1-2018 Gem County Market Report
Low Housing Inventory Persists in Gem County
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—home buyers 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, Canyon County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.
# # #
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.
# # #
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).
by Cassie Zimmerman | Boise Idaho REALTORS®