COUNTY MEDIAN. PRICE $319,570. Both counties hit record median home prices (new and existing) in May. Home Price VS. Inc
Second Quarter 2017 DEMAND
SUPPLY
PRICES
New Construction Median Home Prices Both counties hit record median home prices (new and existing) in May ADA COUNTY
COUNTY MEDIAN PRICE $319,570
Market Trends »» Home prices are expected to continue climbing locally – the Treasure Valley typically sees highest home prices in June, July, and August »» Some potential sellers have to hold off because they can’t find another home in this tight market »» National construction spending was flat in May, following a report that housing starts fell for the third straight month
Kuna is seeing very strong growth with 24 housing developments under or pending construction, with nearly 3,500 anticipated homes in city records CANYON COUNTY
COUNTY MEDIAN PRICE $224,817
Home Price VS. Income Ada County Avg. Home Price
$319,570
Avg. HH Income
$55,805
Affordability Ratio
17.46%
Canyon County Avg. Home Price
$224,817
Avg. HH Income
$43,108
Affordability Ratio
19.17%
»» Homeownership rates have stagnated nationwide, in part because high rents have made it difficult for prospective buyers to amass a down payment for a house »» Much of the apartment construction in recent years has been luxury developments catering to affluent renters, pricing out middle-income and entry level renters »» The housing market is tight everywhere: new and existing, owning and renting
950, Star
7.1%
200, NE Boise
13.5%
Building Permits
800, NW Boise 1010, SW Meridian
Single Family Homes | Q1
6.4%
Ada County Canyon County
Permits
Value
1,035
$285,736,442
418
7.7%
Treasure Valley Totals
1,435
300, SE Boise Units
1,035
650, W Boise/Garden City
$73,862,817 12.6%
100, N Boise
418
500, S Boise
$359,599,259
1,435 600, West Boise
»» Millennials’ demands on the housing market include style and budget but there is greater demand for community amenities and connecting to their neighbors
400, Bench
»» Sense of place is an important aspect of residential development as well as retail
8.6% saw a greater margin of increase in building Ada County permits 700, Garden City 8.7% this quarter
6.3%
3.6%
8.6% 32.0%
Both counties saw a slight increase in new homes sold, but there was a significant spike in median sale prices from May to June, partly due to seasonal trend, steady 1260, S Nampa demand, and continued 1280, SW Caldwell tightening of supply 1285, Middleton
752 sales
11.0%
1275, NW Caldwell
CANYON 1250, NE COUNTY Nampa 1270, NW Nampa
1260, S Nampa 1280, Caldwell 1293,SW Wilder 1285, Middleton 1275, NW Caldwell 1250, NE Nampa 1270, NW Nampa 1293, Wilder
15.6% 21.3% 1.3% 2.3%
1.6%
1.1%
1.0% 0.8%
1030, NW Meridian
ADA COUNTY 900, Eagle
16.3%
550, SW Boise/Meridian 1030, NW Meridian 900, 1020, Eagle NE Meridian 550, 1000, SW Boise/Meridian SE Meridian 1000, SE Meridian 1100, Kuna 1020, NE Meridian 1100, 950, KunaStar
3.3% 5.4%
7.1%
13.5%
2,619 sales
6.4%
12.6%
7.7%
8.6%
8.7%
200, 200, NE Boise NE Boise 950, Star 800, NW Boise 800, NW Boise SW Meridian 1010, 1010, SW Meridian
»» Focus on a sense of community – focusing on the infrastructure that will facilitate social activities in residential areas »» Builders are spending more time than ever before with focus groups and market research to determine what people want in their homes and finding ways to creatively deliver those things
CONTACT
New Construction Sales
John Starr 208 472 2836
[email protected]
300, 300, SE Boise SE Boise 100, N Boise 100, N Boise 500, S Boise W Boise/Garden 650, 650, W Boise/Garden City City 400, 500, Bench S Boise 600, West Boise 600, West Boise 700, Garden City 400, Bench Source: Group One via Intermountain MLS
700, Garden City
Idaho LAND BROKERAGE
Jimmy Roumanis 208 472 2840
[email protected]
755 W FRONT ST. STE 300 3.6%| BOISE, ID | 208 345 9000 | COLLIERS.COM/BOISE 6.3%
Copyright © 2017 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
