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Record home prices in December? Welcome to the fastest-growing state

A home under construction in Boise.

A new home for sale in Boise. Ada County saw higher than expected median sales prices, and in some cases record high sales prices, in December. File photo

Canyon County set a new median home sales price record in December at $192,780 for all existing and new homes sold, while Ada County fell just $100 short of reaching its record all-time high.

The high prices are driven by record low inventory along with a new trend in 2017 of more higher-priced new homes selling than existing homes, according to Boise Regional Realtors. Also, The U.S. Census Bureau in December announced Idaho is the No. 1 fastest growing state.

The median home sales price in Ada County in December was $277,900, nearly reaching the record high of $278,000 achieved in August, according to statistic released by BRR.

Canyon County surpassed its prior record high in July at $185,700 by 3.8 percent.

Ada County in 2017 reached all-time high median prices in expected and unexpected months, starting in February and also in May, June and August and nearly again in December.

“Due to the shortage of inventory, increasing demand, and higher new home prices, we saw higher than expected, sometimes even record high, overall median sales prices in surprising months like February and December in 2017 for Ada County,” Boise Regional Realtors President Gary Salisbury said in an email.

BRR reports that Ada County had a record low number of homes on the market in December at 1,391 in the 10 years the agency has kept such records.

And of those homes on the market in December, there were 317 more new homes than existing homes with 854 new homes available and 537 existing homes. BRR determined that five months in 2017 had more new than existing homes on the market with December 2016 being the first time that dynamic came into play, based on BBR’s 10-year data set.

The median new home price in Ada County in December was a record high $361,030, a 13.5 percent increase over December 2016, and the median existing home price was $254,250. The Canyon County median new home cost $252,945 and the median existing home 179,000, according to statistics from Intermountain Multiple List Service, a fully owned subsidiary of Boise Regional Realtors.

 

About Teya Vitu

Teya Vitu is an Idaho Business Review reporter, covering commercial real estate, construction, transportation and whatever else may intrigue him in the moment. Join me on Twitter at @IBR_TeyaVitu.