The Intermountain Multiple Listing Service (IMLS) has released its monthly update for home sales in December, which looks at both residential resales and new construction sales in the Treasure Valley and beyond.
Home Sales Statistics
As residents, we know the Treasure Valley of Idaho is one of the hottest real estate markets in the country. And according to Realtor.com, the area is expected to be the top real estate market in the country for 2020. Both Ada and Canyon Counties saw pretty significant year over year growth in terms of homes sold and values for the month of December.
Ada County saw a 7.69% increase in the median price of homes when compared to December 2018. In 2018 the median price was $325,000 with December 2019 checking in at $350,000. The average price of homes in December 2019 was $404,874, a 9.55% increase in average value of $369,585 for the same period in 2018.
Ada did have a 16.24% increase year over year in total number of homes sold. Additionally, there were about 140 more residential listings in 2019 than in 2018.
For the year, Ada County saw a 9.87% increase in the median home price and a 9.63% increase in the average home price. The median price was $345,000 and the average price was $390,486.
New home prices were essentially flat year over year, with the median price being $399,900. Resale prices were up 15.79% with a median value of $330,000, up from $285,000 in December 2018.
Canyon County saw double digit increases in year over year prices, with the median price for December 2019 reaching $255,000. That represents a 10.89% increase over the $229,950 price from a year ago. The average price was $283,126, an increase of 12.59% from December 2018 when the price was $251,459.
New home prices saw modest increases of about 3.33% year over year, with a median price of $288,745. The average price of new homes went up about 8% with a price of $318,282. Resale prices increased from a median of $208,750 to $237,950, about 14% higher year over year.
Canyon County has about 236 additional listings in December 2019 than it did. In 2018.
Interestingly, as the new Amazon warehouse nears completion, expectations are housing prices in Canyon Country are going to steadily rise as there will be even more demand for houses in the area. In the December year over year numbers, we’re already starting to see that movement.
Currently, both Treasure Valley counties have significant inventory strains. Ada County has less than two months of inventory available, and there's just over two months of housing inventory in Canyon County. Both of these figures show that this is a seller’s market as there’s far more demand than available homes for sale. Having four to five months of inventory is considered average.
The Last Word
For January, sales volume seems to be trending upward as buyers are trying to take advantage of the “slow season” here in Idaho. With significant early sales indications, it would seem that once the main buying season commences, the market is going to be white hot.
Housing demand will continue being high as more people are moving into the Treasure Valley. Home prices will continue climbing as demand will outpace supply.