Quarterly Real Estate Update
Boise ID Metro AreaQ3 2020 Report
SW Idaho Housing Boom Gets Crazy in Q3. Record low mortgage rates and growing population are driving unprecedented demand in the face of extremely low housing inventory and this is driving prices up faster than ever. Normally, I look forward to winter for a softer market and bargain opportunities for my clients, but not this year- expecting bidding wars on most homes, hoping to be the only offer on the table.
Boise Metro Home Prices- Q3 2020
Quarterly Median Existing Home Prices are the most reliable indicator of housing market price trends. Monthly numbers are too small and erratic. I use only existing homes in my chart, as the ebb & flow of new construction can skew the numbers.
The Ada County median existing home price for Q3 2020 jumped an amazing 11.5% from the previous quarter to $389,900. That is a $40,000 jump in just 3 months! Normally, sales peak in June/July around here, but the rush has continued through the third quarter this year and I expect the fourth to be very positive as well.
Year over year, the Ada County median existing home price is now up 17.66% from Q3 of 2019. We may see a 20% gain by year end.
The Canyon County median existing home price for Q3 2020 continued a very strong pace, rising 5.8% from the previous quarter to $282,500. That is now up $5k a month for 6 months straight!
Year over year, the median in Canyon County is now up 16.25% when compared to Q3 of 2019. Supply remains extremely low, so do not miss out on the rest of this year, especially with mortgage rates setting new record low.
Housing Inventory Shortages
As of late September in the USA, the number of homes on the market was down 39% year over year and median list prices set a record pace, rising 11.1% yoy. Realtor.com researchers also had the Boise-Nampa Metro (all blended together) down 67% yoy on listings and up 12.3% on median price.
The national supply of homes stands around 3 months and prices are expected to rise. Locally, our supply levels are a fraction of that:
Today in the Boise Metro, we have just over a one week supply of homes. Half the homes sold in Ada/Canyon last month sold in 4 days! Home prices are going up, until something changes this cycle. Cold weather will slow things down temporarily, but prices will explode upward again in the spring.
I have many more charts. See My Market Monitor for more information on Boise Metro housing markets and trends, updated monthly.
I am always happy to answer real estate questions; recommend a good lender, provide a free CMA or neighborhood history, an investment analysis, should-I-refi-or-remodel questions, first-timer education, etc.