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October 2020 - Ada & Canyon County Market Update


Just when you thought real estate in the Boise area couldn't get any wilder this happened... September 2020 shattered records all across the Valley in real estate, driving up prices and driving buyers mad.


Home prices continue to soar in Ada County with a 30+% increase over last year, and we still have a few more months to go. Here are the highlights of the wild world of Boise Real Estate as of September 2020:

  • In Sept. Ada County hit a record with the median sales price at just under $409K.

  • New Construction homes for sale drastically declined from 938 homes for sale in September 2019 to just 330 in September of this year.

  • The City of Boise alone saw a 15% increase in the median home price compared to last year reaching $395K.

  • Canyon County went up nearly 20% from last year with the median price in September at a record $310K compared to one year earlier the median price was $250,000.

  • Homes are selling quicker than in months and years past with the median days on market dropping to 5 days, compared to 15 days the same time last year.

  • Mortgage interest rates continue at record low rates ranging from 2.5% to 2.8%.

The charts below demonstrate the increase in average price for existing homes in both Ada and Canyon County. Please note: The above-mentioned market statistics demonstrate median sales price and include new construction.


Ada County Average Home Price Year Over Year as of September 2020

(courtesy of KW Realty Boise Market Dynamics)



Canyon County Average Home Price Year Over Year as of September 2020

(courtesy of KW Realty Boise Market Dynamics)

In September inventory in the Valley hit a record low with only 273 existing homes for sale, that's less than a 2 week supply. If you compare that with September of 2019 there were nearly 900 existing homes for sale on the market, just over a month supply. New construction is dramatically declining in homes for sale in Ada and Canyon County as well. In Ada County, in September there were 330 new homes active on the market or under construction compared to 938 in September 2019. To have a balanced market, meaning the market is not in the favor of the seller nor the buyer we would need at least five or six months' worth of inventory or roughly 5,000+ homes available for sale during those months. As the charts below demonstrate we are nowhere near that balance.

Ada County Market Trends in September 2020

(courtesy of KW Realty Boise Market Dynamics)

Ada County New Construction Market Trends in September 2020

(Courtesy of KW Realty Boise Market Dynamics)



Canyon County Market Trends in September 2020

(Courtesy of KW Realty Boise Market Trends)


Low Inventory Brings on Market Madness

As the home market shrinks and demand continues to increase bidding wars are becoming even more prevalent. Highly desirable homes in Boise are seeing 5 or more offers on homes and the most sought after homes in the $300-$350K price range have reported up to 30 offers on one home. Some buyers, frustrated with the process are opting to remove protective contingencies that allow for an inspection and repairs to be done on the home. Others are agreeing to forfeit earnest money while some are agreeing to pay the difference on a low appraisal. These tactics are desirable for a seller looking to close quickly with maximum gain but can be risky for the buyer. This is why hiring a real estate agent that understands the competitive market in the area is necessary. Buyers need to protect their interests and lower risk when purchasing a home and a knowledgeable real estate agent will be able to keep these important contingencies in place while still making a buyer's offer stand out from the crowd.

What We Can Expect As We Close the Year 2020

As the colder months and the holiday season approaches we typically see a decline in homes for sale on the market. With an already unprecedented low inventory in the area and more buyers moving here daily we can expect prices to continue to increase with the decreasing supply. After the first of the year, we can expect more homes to start trickling onto the market, but the prices will continue to tick upwards as well. Now is the time for those considering purchasing a home to get their affairs in order. This means getting financing ready to go, having a backup plan for housing should it take longer than expected to purchase a home, and have a clear idea of exactly what home they are looking for before starting to shop.


If you would like to know more specific details about the current real estate market in Ada or Canyon Counties please contact jennlouis@welcometoboiseandbeyond.com for more details.


Jennifer Louis is the owner and operator of Welcome to Boise and Beyond, a full-service real estate company dedicated to those relocating to the area and locals looking to sell their home, and maximize value. Jennifer writes and produces with her team weekly updates on the real estate industry in Boise and the surrounding Treasure Valley. Her blog contains insights into some of Boise's best local businesses, places to visit and neighborhoods to discover. If you'd like to schedule a free consultation please call: (208) 509-9122 or via email.

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(208) 509-9122 
jennlouis@welcometoboiseandbeyond.com
1099 S Wells Street, Meridian, IDaho 83642