Low home inventory throughout the Treasure Valley continues to drive up the home prices in the area. The shortage of existing homes on the market compared to the buyer demand for housing
Low Home Inventory Throughout The Treasure Valley Continues To Drive Up The Home Prices In The Area
Low home inventory throughout the Treasure Valley continues to drive up the home prices in the area. The shortage of existing homes on the market compared to the buyer demand for housing has driven the median sales prices up near the record highs for Ada County and has already set a new record out in Canyon County.
At the end of March, the median sales price for Ada County was $250,000. This is only slightly below the record high which was set in June of 2016. Meanwhile out in Canyon County the median sales price has surpassed the old record high and now sits at $175,000.
While more homeowners are beginning to see that they can take advantage of the equity that they have in their homes, we still have a very large shortage of existing homes on the market. Simply put we just do not have enough inventory on the market to supply the large influx of buyer demands. The key to fixing this problem is getting current homeowners to look at the possibility of moving up and building new homes. This will free up some of the mid range homes that fit the needs of the first time homebuyers that are flooding our market.
So to put things in laments terms: Existing homeowners should look at building a new home which will be more affordable due to the fact that they will get higher than average sales prices on their existing homes. This then puts more existing inventory on the market, and will help to eventually level out the home prices.
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