Low inventory, high demand, and rising interest rates make now a good time to both buy and sell in our market.
What’s the latest market news from Treasure Valley?
As we’ve discussed over the last few months, inventory is still at an all-time low. We’re still hovering around a 1.8-month supply in Ada County and a 1.9-month supply in Canyon County. This means if no new homes came on the market in these areas, we’d run out of supply in less than two months.
Demand for homes is still high because of so many people moving to Boise, and this has led to an increase in new construction to accommodate that demand. This has also led to some really high price points—homes on the market now are almost worth double what they were back in 2010 and 2011.
Our collective median price point is at an all-time high. In Ada County, it’s currently $297,000, which is about a $15,000 increase since January. In Canyon County, the increase hasn’t been as substantial, but it’s still risen from the lower $180,000 range to the higher $180,000 range.
"Now is a great time to both buy and sell in our market."
This means now is a great time to sell your home and get a lot of equity out of it that you’ve likely accumulated over the past few years. If you’re a buyer, I recommend buying now as well. Prices are high, but interest rates are at an all-time low and they’re predicted to rise over the next year or two, which means what you can afford now may not be what you can afford next year.
As a buyer, you may encounter multiple offer situations, so make sure you hire an agent who understands how to advance your offer above other buyers and make it more attractive to sellers. This can include adding an escalation clause or writing a personal letter to the seller.
It’s an interesting market we find ourselves in right now, so if you have any further questions about it or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. My team and I would love to help you.