Last month, the median sales price for homes in Ada County reached $602,250, a new record and a year-over-year increase of 16.1%. Higher prices in the new construction segment continue to contribute to this price increase. New home sales made up 28.2% of all sales in May with a median sales price of $639,105, up 17.5% from last year.
With national economists predicting a slowdown in prices and sales due to higher mortgage rates and home prices, it may seem a bit puzzling that we're are continuing to see price growth. We are keeping a close on our local market and the data is showing signs of a shift when it comes to pending sales (i.e. properties with an accepted offer that are expected to close within 30-60 days). In Ada County, there were 1,446 pending sales in May, which is a year-over-year decrease of 12.7%. Pending sales have declined year-over-year each month since May 2021.
If you've been contemplating selling, this is a fantastic time to evaluate and capitalize on the equity of your home. Our dedicated team would love to help you get top dollar for your home or investment property. Let's chat!
And/or if you are looking to buy, our team continues to help our clients every day take advantage of their heightened buying power & find homes in our highly competitive market. Let's connect!
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 notable 166.7%, the median sales price increased by 16.1% (coming in at $602,250) and they took a slightly longer amount of time to go under contract (but still took just 14 days).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price increased by 16% (coming in at $586,750), inventory increased by 136.1% & homes took a longer amount of time to go under contract (but still took just 11 days).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $639,105 (a year-over-year increase of 17.5%) and there are more of them available than there were one year ago (inventory is up by a whopping 228.7%).
TREASURE VALLEY HOUSING MARKETS
Average Sold Price (May 16, 2022 - June 16, 2022)
- Boise: $639,355
- Eagle: $930,765
- Meridian: $645,783
- Star: $758,473
- Garden City: $547,743
- Kuna: $520,519
- Middleton: $596,351
- Nampa: $494,409
- Caldwell: $455,471
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.