ADA COUNTY'S HOUSING MARKET UPDATE - PRICES REMAIN STEADY BUT A NOTABLE SHIFT IN HOMES BEING SOLD OVER LIST PRICE
Over the course of September, the median sales price for homes across Ada County remained pretty consistent with what we saw the previous month (up just slightly by 0.8%). One notable takeaway was that the share of homes that sold for over list price dropped to just 33.1% (the lowest level since June of last year). With fewer buyers willing to pay over list price and inventory ticking up, the pace of the market has chilled slightly (potentially good news for home buyers).
(For more insight into this, and additional factors driving home prices across Ada County, check out Boise Regional Realtors recent blog post blog post: Making Sense of the Rising Home Prices in Ada County) - or keep reading for more facts and figures.
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Graphics provided by Boise Regional Realtors.
SUMMARY: If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic): inventory increased by a whopping 165.7%, the median sales price increased by 31.1% (coming in at $534,950), and homes sold 26.9% faster than one-year-ago.
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics): the median sales price increased by 29.6% (coming in at $525,000) & inventory increased by an incredible 375.8%.
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $549,850 (a year-over-year increase of 33.3%), there are substantially more of them available than there were one year ago (inventory is up by 33%) and they are selling significantly faster than they were one year ago (by 50%).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (September 14, 2021 - October 14, 2021)
- Boise: $545,694
- Eagle: $895,579
- Meridian: $588,126
- Star: $635,306
- Garden City: $538,044
- Kuna: $479,804
- Middleton: $523,671
- Nampa: $438,734
- Caldwell: $416,114
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If you've been considering a move, this would
be a great time to connect with us to discuss the current value of your home and to
see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary
home or investment property evaluation.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and current rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next, simply hit the reply button to this email and tell us about them! We would love to be of service!
