The average sold price for existing homes (resale) in Ada County has risen to $365,243 from $327,438 this time last year. However, the average days on market and months of inventory have stayed relatively the same. Perhaps the biggest change is in the amount of inventory itself. In January of 2019, we were looking at 504 active listings, while currently there is only 374. This jump in average sold price, and decrease in inventory, is very indicative of the seller’s market we’ve been experiencing in the Treasure Valley. There’s less homes available to buy, which causes home prices to rise (basic supply and demand).
As far as new construction within Ada County, Boise Regional Realtors stats reflect that the Ada County housing market has been shifting to a new norm with new construction sales gaining more and more of the total market share. “In January 2020, new construction sales made up 40.2% of all sales — an 8.2% increase from a year ago. New homes are typically priced higher primarily due to increasing cost of land, labor, and materials. of land, labor, and materials.“
Something buyers might want to start to consider is purchasing a townhome or condo, rather than a single-family home. With most buyers being pushed out to areas like Star, Middleton, and Kuna due to rising home prices, purchasing a condo or townhome may get you closer to areas like Boise or Meridian. In addition, current low mortgage rates are helping to increase buyers purchase power. If you are considering a move, make sure you are working with a mortgage lender and a REALTOR® to understand all the options available to you for financing and inventory. Lucky for you, we have partnered with the best lenders in town and Gabriel is a REALTOR® (please note: not all real estate agents are REALTORS®).
Canyon County’s average sold price for existing homes (resale) has gone up just a tad from last month; currently sitting at $250,117. This is quite the jump from this time last year when the average sold price was just $218,517. However, the average days on market remains the same at 24 days. If you own a property in Canyon County and are thinking about selling, the “sweet” spot is anything priced between 150-199K and 200-249K where the average days on market is below that 24 day mark at 14 days and 19 days respectively. Homes in those two price ranges are also selling for 98.9-99.9% of their original asking price.
