Earlier this month Boise received the #1 ranking for Forbes Fastest Growing City.
does that mean for the Treasure Valley's real estate market when all indicators are telling us that the housing market inventory is low?
In February, the Boise Regional Realtors Market Reports showed 1.8 months of supply of inventory which is -30.8% year over year from 2017. The result? A record high median sales price for Ada county of $297,500 which is up 16.7% over the same month last
Luckily we are hearing from local builders that 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 as reported
by Boise Regional Realtors.
"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." -boiserealtors.com
These numbers put pressure on home buyers to make quick decisions and strong offers. For tips and to discuss your buying strategy please reach out to me and let's chat!