ADA COUNTY'S HOUSING MARKET CONTINUES TO BE DRIVEN BY LOW INVENTORY & HEIGHTENED DEMAND
Over the course of the month of April, homes across Ada County went under contract (i.e. went "PENDING") 36.4% faster than they did the previous month (March 2021). This is yet another repercussion of the imbalance we are seeing between the supply and demand for housing. Prices for both pre-existing/resale and newly constructed homes continue to be strongly impacted by this fierce competition, the heightened cost of lumber and low mortgage rates.
While there is no doubt that our current housing market is fast-paced, highly competitive and sometimes downright mystifying - we continue to work every day helping both sellers and buyers achieve their real estate goals. Our goal has always been - and continues to be - to ensure that YOU have access to the information, facts and resources necessary to make informed decisions about your real estate investments. We've got our finger on the Treasure Valley real estate market's pulse. If you've got questions - let's chat!
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 decreased 75.2%, the median sales price increased by 28.5% (coming in at $481,208), and homes sold 57.6% faster than one-year-ago.
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends noted above remain similar: the median sales price increased by 41.7% (coming in at $489,000), inventory dropped by 68.3% and homes sold quickly (37.5% faster than one-year-ago).
And finally, if you look just at newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median sales price of $469,900 (a year-over-year increase of 13%), there are substantially fewer of them available than there were one year ago (inventory is down by 81%) - and they are selling significantly faster than they were one year ago (by 64.1%).
Average Sold Price (April 20, 2021 - May 20, 2021)
- Boise: $546,278
- Eagle: $899,250
- Meridian: $552,897
- Star: $557,638
- Garden City: $415,595
- Kuna: $435,345
- Middleton: $478,132
- Nampa: $422,584
- Caldwell: $421,383
View all of our featured listings at Jonna Weber Premier Properties, or click on any of the houses below to learn more about the property.
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 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.