In what’s becoming a familiar refrain, home prices continue their record-setting ascent in the Treasure Valley. Huge demand, coupled with a lack of available homes, continues to push prices skyward.
Out-of-state buyers who are paying cash for homes are also setting the home prices, as appraisals aren’t necessary for cash transactions. And home appraisers who base a lot of their prices on comparable properties can’t deviate too much from what the market dictates.
In a year that has been marred by a global pandemic, record-low mortgage interest rates are also fueling demand, making homes a highly coveted commodity. And even though sales slowed minorly earlier this year, on the whole, sales continue to be up for the year.
Let’s take a look at the counties individually.
The Capitol County saw a record-low 470 houses listed for sale in September – 288 new construction homes and 182 were existing resale. In August, 589 homes were available, which was also a record, since the MLS began tracking numbers in 2006. The availability of households stands at just under a half of a month’s worth of supply.
The median price of the 1,172 homes sold in September was a record at $409,945, nearly $10,000 above August’s median, which also set a record.
Total home sales for Ada County are up 5.3% year-to-date compared to last year.
The situation isn’t any better in Ada County’s neighbor to the west, with only 190 listings available in September, also a record low. That’s down from the 237 homes that were available in August.
Canyon County also set a record with its median price of $310,000. That’s the eighth consecutive month of setting a record, and that’s up to $45,000 since February.
Canyon County has seen its total home sales rise 13.4% year-to-date compared to last year.
The Last Word
Competition for homes is going to continue to be fierce in the Treasure Valley. With experts expecting home prices to continue their ascent for at least the next year, sellers are in a great position to capitalize on the market.