Boise homes prices continued to rise, reaching new records. In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This data mostly reflects home sales that opened escrow in June and July — the highest on record — indicating that many buyers offered higher prices to compete in multiple offer environment. High demand for the persistent low inventory once again drove Boise and Ada County prices to new records. Inventory is needed in all prices points, and that will help our market come back in to balance.
Median sales price for new construction was at $386,470 in August 2018, up 8.6% over August last year. In comparison, the most recent record high for the new home segment was $393,705 in June 2018.
The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July. This is a new record.
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. 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 selling, contact me for a Free home evaluation of your Boise home. Now may be the best time to sell your home.