The first half of the Meridian Idaho real estate market is now in the books.
Now is a good time to look back on the past six months’ numbers and analyze where we stand.
Current Available Listings
- End of June 2016: 657
- End of June 2017: 531
- % Change: -19.2%
Pending Sales
- End of June 2016: 505
- End of June 2017: 536
- % Change: +6.1%
YTD Closed Sales
- 2016: 1,466
- 2017: 1,444
- % Change: -1.5%
Average Sales Price:
- 2016: $271,579
- 2017: $296,801
- % Change: +9.3%
Median Sales Price:
- 2016: $249,900
- 2017: $273,150
- % Change: +9.3%
Takeaways
- We have 19.2% less available listing inventory this year vs. last year.
- We have 6.1% more current pending sales this year vs. last year.
- We have closed 1.5% fewer homes this year vs. last year.
- Our current average sales price is 9.3% higher this year vs. last year.
- Our current median sales price is 9.3% higher this year vs. last year.
- 39.7% of our current pending sales are To-Be-Built or Under Construction.
- Many buyers are buying new homes because they can’t find existing resale homes.
- Our high pending sales number is partially caused by the time required to build new homes.
- Our lack of listing inventory is causing fewer closed sales this year vs. last year.
- We could sell more homes if we had more listing inventory.
Date range is January through June of each year.
Data pertains to Meridian Idaho single-family homes on lot or acreage.
Data does not include condo or townhome properties.
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Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.
During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.
Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.
