Idaho Real Estate | Idaho Housing
Posted by Kevin Ortiz on Tuesday, November 17th, 2022 at 11:00 am
What are the Trends?
In Ada County, the median sales price for homes was $561,500 in October up 5.4% year-over-year to October 2021. In September the median sales price for homes was $540,000, showing a 4% increase for October. According to Boise Regional REALTORS® until last month, there have been month-over-month declines in median sales prices since the peak of $602,250 in May 2022.
In 2022 higher interest rates have decreased the purchasing power of buyers which has cooled demand. According to Freddie Mac, retrieved from FRED, Federal Reserve Bank of St. Louis, the average 30-year-fixed rate mortgage was 7.08 on November 10th, 2022, more than double the 3.09% rate on November 4th, 2021. The decrease in buying power & market conditions has attributed to fewer homes being sold. In October 670 homes were sold, down 32.5% year-over-year.
Fewer homes sold attributed to more inventory build-up in October 2022. According to Boise Regional REALTORS® overall inventory is up, due in part to listings spending more time on the market before going under contract. In October Days on Market was 42 up 82.6% year-over-year.
Those are some insights from October's Ada County Market snapshot. Do you have any predictions for how 2022 will end? Any Predictions for 2023?
As an agent how can the ONE help you?
In a market that is shifting, we believe that it's time to double down your efforts as a real estate agent. Realty ONE Group Professionals offers a plethora of support that can help you succeed in this market. Whether you are a new agent or an experienced ONE, we provide value to all. For newer agents, we provide mentoring and coaching programs that help support you in your early journey as an agent. Tie that to our ONE University education platform and you truly get a path to success as an agent. For all agents, we offer the latest tools & technology to streamline your business & help give you an edge in this market. Sprinkle in a 100% commission model that helps agents take home more earnings and you have a full-service real estate Brokerage.
Learn more about how we can help you stay successful in any market with the doors we can open!
Request more information about the ONE! Joel Hess our managing broker is happy to meet with you. We are ROG Professionals, your local RE experts. Contact us online or call our office at (208)-375-3720 today.
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