Boise Real Estate Market Statistics -August 2018

Ada County August Market Statistics

Available Homes
# Available: 1671
# Vacant: 1097 (66%)
# Short Sale: 4 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $374,460

Pending Sales
# Pending: 1553
Median Asking Price: $345,000

Closed Sales—August 2017
# Closed: 1080
# Short Sale: 2 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $277,975
Median Days on Market: 12

Closed Sales—August 2018
# Closed: 1043
# Short Sale: 1 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $330,000
Median Days on Market: 8


Heading into Fall…

Inventory continues to increase, up by 159 homes since last month. This is a good thing since we need more inventory to help stabilize the prices. Home values going up to quickly is not a good thing for several reasons: first it is not sustainable especially if local incomes do not rise with it. Secondly, as a home owner these increases in home values will be reflected in your June 2019 taxes. Some will have a bit of sticker shock when the tax assessment arrives.

Something new we did see in August was that for the first time in 18 months we have less homes sold year over year. It is only down by 37 from last year but it is the first time we have seen a lower year over year total. Could just be an anomaly but worth watching to see if the same holds true for September.

Prices for sold homes is way up from this time last year though. The median sales price in August 2017 was $277,975. This year it is $330,000. That is a $52,000 increase! Anyone who bought this time last year are looking at some nice equity in their homes already!

Brokerage: Silvercreek Realty Group-1099 S Wells St Ste 200, Meridian, ID 83642

All statistics are taken from the information provided by the Intermountain MLS

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