After a harsh Idaho winter, you may feel like homes are finally springing up and the market is moving again – but maybe not as much as you think. Boise Regional Realtors recently published an Ada County market snapshot for March 2017.

BRR CEO, Breanna Vanstrom, tells us that “the continued shortage of inventory compared to buyer demand has pushed the median sales price of existing/resale homes up near the record high in Ada County and set a new record in Canyon County.”

Vanstrom goes on to say that “as of March 2017, the median sales price for existing homes in Ada County was up 8.4% year-over-year, reaching $233,000. While this was an increase of 5.5% over February 2017, the previous high point was in June 2016 at $239,900.

While more existing homes are being listed each month as we move further into the spring market, it’s not enough to keep up with buyer demand. This is especially apparent when comparing current inventory to last year’s levels.

According to Lawrence Yun, Chief Economist for the National Association of REALTORS®, the key to fixing the inventory crunch is with home builders. They must increase inventory in all prices points to not only help current buyers but also existing homeowners who don’t know where they will move if they sell. As more new inventory becomes available, existing homeowners could move and free up properties in the low to middle price points.”

 

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To read more of Vanstrom’s report, click here!