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Economy

Despite Tight Treasure Valley Real Estate Market, New Home Sales Pushing Up Prices

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As 2018 winds down, real estate prices continue to tick up. Real estate trade group Boise Regional Realtors is out with its latest report on the Treasure Valley housing market in November.

If you’re in the market for a home in the valley, be prepared to pay. According to Boise Regional Realtors, the overall average cost of a house – new construction or existing – was $324,250 in November. That’s up a staggering 20 percent from November of 2017.

Nearly a third of all the homes sold last month were new build. That’s way above average. The group says normally new home sales make up around 22 or 23 percent of the market. The President of Boise Regional Realtors, Gary Salisbury, says costs behind new homes are raising prices generally.

“Between construction costs, land costs, new construction is just more expensive, and that – because of the ratio – it brings the median up,” says Salisbury.

Boise Regional Realtors finds supplies of older homes have consistently been going down for more than four years. Salisbury has some advice for buyers looking for a house in the tight market.

“Be prepared,” Salisbury says. “Have a game plan. Be available or ready to view it. Have your priorities of lending and whatnot ready set, so that you can make a good, strong offer.”

In November the median price of a new home in Ada County was $390,000. In stark comparison, the average cost of an existing home was $295,000.

The trade group says there’s no indication prices will see a dip over the winter.

For more local news, follow the KBSX newsroom on Twitter @KBSX915

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