For the first time in 3 years there is a significant upward movement in meidian resale pricing in the Treasure Valley. This chart looks at a 6 month rolling median for resale homes in Ada County with July 2011 showing the move up after 35 months of decline!
A15 Ada County Existing Last 6 months Median Sales Price
Why are prices moving up? Supply and demand. There is an acute inventory shortage. Builders are not building a lot of specs so the resale inventory is shrinking. Bank owned property is now less than 5% of the inventory and short sales are still a struggle; so buyers are pulling down the normal existing resale inventory at a record rate!
For more information on the market contact Jere Webb, Realtor with Coldwell Banker Tomlinson Group at 208.861.2222
