COVID 19 Update
RMA wishes all our owners safe sequestering!
Please read our COVID 19 update:
Idaho has had a turn for the best with the COVID-19 spread! Hospitalizations are still on the decline. As of May 26th, 149 new cases were recorded that day bringing the total number to 191,546 with 2,087 deaths. As of May 26th, 1,2076,200 doses of vaccine have been administered to Idaho residents. Idaho has been advanced to Stage 3 Order.
For more information click HERE
For Stage 3 Guidelines Click HERE
For Idaho COVID-19 Vaccine information click HERE
What is the State of the Market for Current Owners?
By Jonna Weber, Jonna Weber Real Estate
The combination of heightened buyer demand, record-low inventory, historically low mortgage rates, increased lumber costs and booming migration rates has resulted in one incredibly hot, fast-paced, and fiercely competitive housing market for the Treasure Valley. If you’ve recently perused the internet for real estate listings – or taken a drive and actively looked for “For Sale” signs – you’ve undoubtedly noticed the stark lack of pre-existing homes listed for sale. Meanwhile, the valley’s rapid growth comes up in just about every conversation. Regardless of setting – social or professional – Boise’s population boom is being discussed in every coffee shop, playground, bar, gym, etc. across the valley. Thus, we are seeing ECON 101 play out in our local real estate market: the balance or rather imbalance between supply and demand – and its effective impact on pricing is being felt throughout the valley.
If you look at all the single-family home sales that took place across Ada County throughout the last full month (April 2021) – so this includes both pre-existing homes being resold and newly constructed homes – and compare those numbers to the same month one year ago (April 2020), the numbers speak for themselves. The median sales price increased 27.2% (reaching $467,325), inventory decreased 78.8% and homes sold 50% faster than they did one year ago.
With those high-level stats in mind, it is interesting to take a step back and rewind TWO years ago when we were also witnessing what were (at the time) record high prices – due largely to low inventory and, you guessed it, high demand. Today we are witnessing the same trend – only intensified (and undeniably more intricate due to the impact of other factors such the pandemic, skyrocketing lumber costs, high migration rates, etc.).
The “Boise boom” we are seeing is impacting all of the cities that make up the Treasure Valley. Here is a quick snapshot of the average median sales prices’ city-by-city between January 1, 2021 and May 14, 2021:
- Boise: $517,718
- Meridian: $506,390
- Eagle: $863,205
- Star: $538,605
- Garden City: $422,514
- Kuna: $430,780
- Middleton: $470,216
- Nampa: $383,732
- Caldwell: $380,056
Please keep in mind that thanks to historically low mortgage rates and its impact on increasing buying power – buyers do still have options! My team and I are continuing to help buyers each and every day achieve their housing goals.
In this market, it really is more imperative than ever that buyers and sellers work with experienced and professional real estate agents they can trust to have their best in interest at heart. Jonna and her team have provided our clients with exceptional service over the years, whether it’s selling their rental, or adding to their portfolio. If you have questions about your current housing situation or quandary – Jonna and her team would be happy to provide you with answers. Please feel free to contact Jonna and her team if you would like further information. www.jonnaweber.com or 208-608-4884
RMA would like to let you know that we are scheduling the optional services for 2021.
Optional Services being completed in June are:
All Spring Services are completed and you should see the bills for those on your owner statements!
- Spring Lawn Clean Up
- Spring HVAC Services
- Sprinklers turned on
RMA will be sending out the Summer Services sign up soon. Those items include:
- Dryer Vent Cleaning
- Crawlspace/Attic/Roof Inspections
- Whole Home Inspections
The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email your property manager to let them know.