Spring 2022 increased activity to the Treasure Valley Real Estate Market and all of us at TVPM. People are getting their homes ready to sell, putting in new floors, cleaning out their garages, and preparing to buy a new home this year.
Ada County’s median sales price hit $575,000 in the last month, and the median sales price of Canyon County was around $453,000. Ada County increased 22.6% compared to March of 2021, and Canyon County increased 18.3% year-over-year in March 2022. On average, homes are selling for a lower amount over the listing price than they had been this time last year, which is a good sign as prices continue to settle down.
About a third of the total housing sales during March 2022 were new construction homes with a median sales price of $606,050. Existing homes sold for a median sales price of $555,000.
Inventory in the Treasure Valley is slowly increasing, with a 103.1% growth since this month last year. New construction starts are adding numbers to the tight inventory, with close to 1.77 million homes starting across the country in February 2022. Since then, the number of new starts has slowed, but the number of existing-home sales grew.
The number of days a home is on the market in Ada County has dropped since February 2022, bringing the average number to 15 days. This is the shortest average we’ve seen since the summer of 2021, and the Spring real estate market may reach high competition.
Mortgage rates have been higher in March 2022 than in previous months. There is a prediction among economists that this rise in mortgage rates will enable home prices to finally even out. Mortgage applications, however, are lower; during February they fell 5.4% and during the second week of March they fell a further 1.2%.
Millennials are the next big group of homebuyers that we’ll be seeing in the marketplace. Millennials are inheriting money from their Baby Boomer parents and many millennials surveyed said they’re waiting to buy a home- they are paying off their debt and saving for a bigger down payment for their future home.
With the rising prices and competition in the housing market, it’s no wonder that many millennials are waiting to buy a home. But their day is coming.
We at TVPM are willing to help you navigate these new times in the housing market and find the perfect home for you and your loved ones.