Boise Idaho Housing MarketRemains Strong, Unaffected By Elections.
Elections occur during the seasonal, annual slowdown in the real estate sales cycle and don’t typically have a short-term impact on the housing market. This year is no exception.
Year-over-year growth in pending sales shows that we’ll continue to have strong sales through the end of 2016 in both Ada and Canyon Counties.
Prices continue to be driven by limited supply and high consumer demand, not market speculation as was experienced a decade ago.
Elections occur during the seasonal, annual slowdown in the real estate sales cycle and don’t typically have a short-term impact on the housing market. The 2016 elections were no exception, according to Jonathan Smoke, Chief Economist for REALTOR.com®, in his article about how Presidential elections affect the U.S. housing market.
Potential changes in policies and programs related to taxes, lending, employment, student loan debt, and so on, will certainly affect housing over the long-term, but how and what that impact will be remains to be seen. These are issues that REALTOR.com and the National Association of REALTORS® (NAR) will monitor, and that Boise Regional REALTORS® (BRR) will analyze locally through these monthly market reports.
This month’s report looks at local activity through October 2016, so we’ll have a better look at how local homebuyers reacted when we get our November numbers. That said, year-over-year growth in pending sales shows that we’ll continue to have strong sales through the end of 2016.
There were 1,319 pending sales in Ada County in October 2016, up 7.8% compared to October 2015. Canyon County had 585 pending sales in October 2016, up 21.9% over last year. These are homes that will closed within the next 30-90 days.
Of those homes that did close in October, the median sales price was up in both counties. Ada County’s median sales price was $252,000, up 9.6% compared to October 2015, and in Canyon County, the median sales price was up 9.9% year-over-year, reaching $164,000. “Home prices are down slightly from this summer, but still near the historical high points,” said Carey Farmer, BRR President and Broker Associate at Group One Sotheby’s International Realty. “Prices continue to be driven by very low supply and high consumer demand, not market speculation as was experienced a decade ago.”
The number of homes for sale in Ada County dropped back below the 2,000-mark for the first time since April 2016, reaching 1,950 in October 2016, a decrease of 12.5% compared to last year. Canyon County had just 945 homes for sale in October 2016, down 8.9% from October 2015. Inventory in that county has been under the 1,000-mark since November 2015.
Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the October 2016 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.