BOISE — The median sales price of Gem County homes sold in January reached $331,000, up 34.9% from the same month a year ago. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
For many sellers, higher home prices usually mean greater equity, which can be used for another home purchase, to fund a new business, send a child to college, or a variety of other opportunities.
For some buyers, the higher prices have caused affordability challenges, while others have found the low mortgage rates have increased their purchase power, despite the rising prices. The average rate for a 30-year fixed mortgage was 2.73% in January 2021 compared to 3.60% last year.
There were 19 homes available for purchase at the end of the month, down 54.8% from the year before. While the Gem County housing market is experiencing low inventory, this does not mean there is “no inventory” available. There were 22 homes sold in January 2021, an increase of 37.5% compared to January 2020, and another 79 homes were under contract, a 92.7% increase year-over-year. High demand and low inventory make it imperative to work with a REALTOR®, whether you’re looking to buy or sell.
“A REALTOR® provides buyers the advice and data needed to make informed quickly and may be able to identify properties that are not yet on the market,” said Jeffrey Wills, 2021 President of Boise Regional REALTORS®.
Wills went on to say that “sellers find value in a REALTOR®‘s ability to help them evaluate multiple offers, oversee the negotiating process, as well as all the legal, financial, and administrative steps that come after the offer has been accepted. And for both groups, a REALTOR® can provide guidance in planning and preparing for a purchase or listing, long before any offers are accepted or for sale signs are put up.”
The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.