Boise is exploding with growth, and we’re in a red-hot seller’s market. The time to list your home is now.
What do the latest Ada County market statistics mean if you’re a home seller in our area? Let’s find out.
First, a few things to keep in mind. In addition to Boise, Ada County also encompasses Meridian, Garden City, Eagle, Kuna, and Star. According to the 2017 census, Ada County has a population of roughly 457,000 people. The entire state of Idaho has a population of 1.7 million, so in essence, Ada County makes up about a quarter of the state’s population.
Now onto the numbers. Just last April, Ada County had less than a one-month supply of housing inventory. Housing inventory is calculated by dividing the number of available homes on the market by the number of homes that sold that month. As you see in the video above, we had 649 active homes on the market during April and 9,105 total home sales, which equates to 0.9 months of inventory.
Typically, a market with an inventory supply of less than six months is considered a seller’s market. With April showing less than a one-month supply, it’s easy enough to do the math and connect the dots.
In addition to us being in a seller’s market, you won’t find a lot of competition among other sellers. There are far more buyers in our market than there are sellers, and home prices are reflecting this imbalance of supply and demand. Over the past three years, the average sold price has increased 18%.
Our guess is you could sell your home for a higher price now than at any point over the past three years. We don’t have a crystal ball, but we don’t see this growth slowing down anytime soon.
If you want to list your home now and take advantage of today’s red-hot market, call us or shoot us an email so we can get you the deal you’re looking for.
If you have any other questions or real estate needs, don’t hesitate to reach out to us as well. We’d love to speak with you.