July is one of the top months for home sales. Here in the Treasure Valley, the real estate market is booming, but experts say there's a limited supply for the growing demand.
Houses are getting sold faster than they can be listed; but even with new developments popping up around the area, Ada County is experiencing record-low inventory.
"The month supply inventory in Ada County in June was 1.7 months," said Katrina Wehr, President of Boise Regional Realtors. "Just for an example, a balanced market is four to six months of supply. So in this instance, what it's doing is demonstrating that it's a seller's market."
The average price for a single family home in Ada County sits just under $274,000; and when homes are put up for sale, they don't spend many days on the market.
Realtors say the demand for homes in Ada County is so high that properties typically only stay on the market for about 33 days.
Even though it's a competitive market, there is some good news for first-time home buyers. Wallet Hub recently ranked Boise as the eighth best city in the country for first-time buyers.
"It makes a lot of sense, really, when you compare our market to other metropolitan areas, like Seattle, Portland and Denver," Wehr said. "Seattle's median home price is $722,000, so that's obviously a huge difference from our median price of $273,950."
To navigate this tight market, experts say that it's best to get pre-approved, work with a licensed realtor, and have patience.
