Ada County on Simmer While Canyon County Heats Up
The Boise real estate market in October for the most part stayed true to recent trends—sales flat to slightly down while prices continue to rise. In Ada County closed sales were off 2.1% from October 2018 although they were up 9.2% from September 2019. New construction is bucking that trend and sales were up 8.6% to 317 last month. The overall average days on market did take a jump to 41 days (+32.3%) but the months of available inventory remains critically low at 1.8. Prices meanwhile continue to go up at near a double digit pace. The average price per square foot in October was $184, up 8.2% and a new record, while the average sold price jumped 9.9% to $390K.
A lot has been said about a looming affordability crisis in the Boise real estate market, and one symptom of that is evident in comparing Ada and Canyon County. Buyers seeking more affordable options seem to be finding them in Nampa, Caldwell, and Middleton. While sales in relatively more expensive Ada County are flat to down, in Canyon County, where the average price of a home is over $100K lower, sales are showing a moderate gain– up 3.7%. And prices in Canyon County are skyrocketing which may eventually narrow the gap. The average price per square foot in Canyon County was $153 in October (also a new record) and was 15.9% higher than last year. Similarly, the average sold price jumped 18.8% to $285K.
SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR OCTOBER 2019
*Does not include manufactured homes **see detailed graphs below for more information.
|Type||# Sold||% +/-||% of Total Sold||# For Sale||% +/-||% of Total For Sale||$/SF||% +/-||Average Sold Price||% +/-||Days on Market||% +/-||Months Inventory|
Expect the current trends to continue in the short term with the usual seasonal drop off that occurs each winter. With interest rates still low, a generally strong economy, and a steady supply of people moving to Idaho we continue to be able to kick the affordability can down the road. At some point it may reach somewhat of a “breaking point” and the market may need to correct itself but for now that doesn’t seem to be happening. Please feel free to contact me with your questions and comments.
Windermere Real Estate/Boise Valley
1412 W Idaho St.
Boise, ID 83702