MARKET NEWS October 2016
Idaho Real Estate Newsletter
Which Price Points are Selling Best for Ada County Homes? Conventional wisdom says home buyers aren’t shopping this time of year. But as the weather has stayed warmer longer, and our local economy continues to be strong, buyers are still on the hunt. Closed sales in September 2015 were up 20.6% year-over-year, and up 18.9% year-to -date compared to this same time last year. Continue on page two.
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Market Report September
Ada Price Point
Supply of homes
New Construction in Idaho Tips and what you can expect.
The Ada County Association of REALTORS®
Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gmail.com www.findhomesinidaho.com
Continue from page one. “understanding activity within price points can gauge potential demand, which is helpful for homeowners who may be considering listing their home yet this year.”
What do these numbers tell us? Homes priced $300,000 and above have had impressive year-over-year increases in closed sales, and those priced $400,000 and above have seen modest growth in inventory. More sales in these higher price points is one reason that the median sales price continues to rise—up 13.5% across all price points compared to September 2014, and up 8.1% yearto-date. However, inventory is way down for homes priced $250,000 and below, which is the typical price point for first-time home buyers. With a lack of homes to choose from, some firsttime buyers may reluctantly choose to delay their home search, and continue to rent or live with family or friends. Without first-time buyers, move-up buyers could end up staying in their current homes longer than they’d like.
NEW CONSTRUCTION IN IDAHO TIPS AND WHAT YOU CAN EXPECT. Just as in buying a previously owned home, buying a new construction home can bring stress and confusion. Having a realtor by your side during this process will definitely help you feel at ease and save you both time and money. A lot of people ask what’s different about buying new construction. First of all, you’re buying from the person who built it, not the person who called it home. The property is often one of many the builder is trying to sell. This can lead to a different dynamic both in negotiating and throughout the transaction. Click picture continue article
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FindHomesInIdaho.com Allen Pedersen, Coldwell Banker Tomlinson Group (208) 703-3499 pedersenallen@gamail.com www.findhomesinidaho.com