December 2017 Real Estate Market Report

2818 Bluegrass Dr Nampa Clearsprings Subdivision

Low Inventory

The Treasure Valley Real Estate Market Report story of 2017 was low inventory. Throughout the year we suffered from a consistently low volume of available homes for sale. In December 2017 Ada county had 1391 homes for sale a 6.6% drop from December 2016.

New Construction:

Home builders are responding to the low inventory and building new homes at an accelerated pace. In December 2017 there were 317 more newly constructed homes for sale in Ada County than existing homes available. Five months in 2017 the number of new construction homes surpassed the number of existing homes available.

Ada County Real Estate Stats December 2017:

The median sales price in Ada County was $277,900.00 +13.5% Year-Over-Year.

The average days on market for a listing was 42 days -20.8% Year-Over-Year.

There were 805 homes sold in Ada county +2% Year-Over-Year.

There was 1.7 months of available inventory available in December 2017 -5.6% Year-Over-Year.

Canyon County Real Estate Stats December 2017:

The median sales price in Canyon County was $192,780 +15.1% Year-Over-Year.

The average days on market for a listing was 43 days -14% Year-Over-Year.

There were 325 homes sold in Canyon county -0.9% Year-Over-Year.

There was 2 months of available inventory available in December 2017 -13% Year-Over-Year.

Gem County Real Estate Stats December 2017:

The median sales price in Gem County was $190,000 -11.6% Year-Over-Year.

The average days on market for a listing was 39 days -42.6% Year-Over-Year.

There were 22 homes sold in Gem county -29% Year-Over-Year.

There was 2 months of available inventory available in December 2017 0.0% Year-Over-Year.

Summary

The consistently low inventory and increased demand from new buyers in the market have driven home and land prices up across the area. Idaho was the fastest growing state in the nation in 2017 according to U.S. Census Bureau estimates. Idaho saw a 2.2% increase in population from July 1, 2016 to July 1, 2017.

Looking Forward:

We expect this growth to continue through 2018 and as a result expect to see further low inventory concerns throughout the year. Until we see a leveling in supply and demand expect to see further advancements in average sales prices moving forward.

For a more detailed market report enjoy the following market report provided by Boise Regional REALTORS® Association.

Real Estate Market Report December 2017

For fullscreen click on an image:

All Data provided by Boise Regional REALTORS® Association.

To Search Current Idaho Real Estate Listings Click Here:

Share