Treasure Valley home prices continue rising

Published May 23, 2016

The same rising home prices and tight inventories in place across the country are also driving Ada County home prices to near record levels, with a steep drop in availability, according to Boise Regional Realtors.

BRR reports April’s median home prices of $239,000 in Ada County is just 3.1 percent off the July 2006 peak, while single-family new and existing home availability is 63.9 percent below the high inventory of July 2007.

Ada County home prices have soared 10.6 percent over April 2015, but homebuyers are not discouraged.
April home sales were 11.9 percent higher than they were the prior April, according to BRR’s April 2016 Market Report.
Canyon County mirrored Ada with a 14.6 percent median sales price increase to $160,000 from April to April and a 9.8 percent increase in sales.

Both counties reported tight inventories of only 2.1 months, a 32.4 percent decrease in Ada from April 2015 and a 40 percent increase in Canyon.
The most homes sold in any Multiple Listing Service area in April 2015 and April 2016 were in northwest Meridian, with a median price this year of $217,500, a 17.6 percent uptick from the prior April.

“Many people have held off listing their homes because they simply couldn’t afford to, and it’s been a main contributor to our current inventory situation,” said Carey Farmer, President of Boise Regional Realtors.

By: Teya Vitu May 23, 2016