The median sales price for homes in Ada County moved to $534,950 in September 2021, marking a slight 0.8% increase over August when the median sales price was $530,500.
While prices remained steady month-over-month, the most notable statistic was the share of homes that sold for over list price dropped to 33.1% — the lowest level since June 2020.
Competition for homes has been fierce for nearly a year, and as market times fell, more buyers were willing to pay over list price, which became a primary factor driving up the median sales price. When the share of homes that sold over list price exceeded 40% in August 2020, the median sales price moved into the $400,000-range for the first time. When it reached nearly 65% in May 2021, that’s when prices exceeded the $500,000-mark.
(For more on this, and additional factors driving home prices, check out our blog post: “Making Sense of the Rising Home Prices in Ada County.”)
That jump in price likely brought prospective sellers to the market, which has helped inventory levels increase. In fact, September marked the sixth consecutive month of inventory growth. The 1,249 homes available for sale at the end of the month was an 11.1% increase from August and a staggering 165.7% increase compared to September 2020.
In addition, the average number of days between when existing homes were listed for sale and an offer was accepted increased to 17 days — the longest market time in the last 12 months — and 21.4% longer than the 14 days we saw in August 2021.
The increased inventory and a slightly slower pace are good news for buyers, and may be two reasons that fewer homes sold over list price last month.
That said, while the Months Supply of Inventory (MSI) continued to trend up — reaching 1.5 months in September — Ada County is still not in the 4-6 month range of supply which is typically considered a balanced market — creating ongoing opportunities for sellers.
This fall is still proving to be a great time for homeowners to capitalize on the current home prices. For those who are considering selling, we recommend talking to a REALTOR® about the different factors at play within our market and how they may affect different situations.
In each of our reports in 2021, BRR is focusing on the various phases of a real estate transaction to help consumers be prepared before, during, and after a real estate transaction, showing them what their REALTOR® will be doing for them along every step, and the key data points they can look for to make sense of the market. To find a REALTOR®, visit realtor.com/realestateagents.
The rolling 12-month median sales price reached $298,500 in September 2021, an increase of 30.1% compared to a year ago and a new high for Elmore County. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
There were 71 closed sales in September, an increase of 31.5% over the previous month, and the most we’ve seen since June 2020 (73 closed sales).
There was also a significant uptick in inventory, with 89 homes available for purchase at the end of the month, the most we’ve seen since April 2019. Of those 89 homes, 64 were existing/resale homes while the other 25 were newly constructed homes.
The increase in listings is good news for Elmore County, as demand has outpaced supply for years and subsequently drove up prices.
The average number of days between when existing homes were listed for sale and an offer was accepted was 16 in September, a slowdown compared to the eight days in August, but still 15.8% faster than in September 2020.
Even with slightly slower market times and more homes on the market, sellers are realizing great values for their homes. These shifts are also beginning to give buyers more time to weigh their options during their home search.
While the rolling 12-month median sales price remained steady at $354,950 in Gem County, the story of September was the 103 homes available for sale at the end of the month.
The 103 homes – 70 of which were existing/resale with the remaining 33 being new construction homes – is the highest monthly inventory figure for Gem County since October 2016.
Despite having more options, buyers were quick to make offers as indicated by the days on market metric which measures the time between when a home is listed for sale and an offer is accepted. Existing/resale homes that closed in September spent an average of just 21 days on the market — the fastest pace we’ve seen since April 2021.
The sustained median sales price provided ample incentive for prospective sellers to list their homes, which is great news for buyers and could be a trend that helps bring the market back in to balance.
Thinking about making a move? REALTORS® provide value to buyers by helping them understand their options, finding a property that fits their needs, and expertise in crafting strong offers that are likely to get accepted. Sellers benefit from their expert guidance on pricing and marketing, as well as strategies for helping sellers transition from their current home into their next one.
Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada County, Elmore County, Gem County, City Statistics, and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.
Ada County
Canyon County
Elmore County
Gem County
Condos…
City Statistics
Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Elmore County, and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t publicly report on Canyon County market trends. Members can access Canyon County snapshots and reports as well as weekly snapshots in the Market Report email, or login to our Market Statistics page.
In addition to the market reports and analysis BRR sends members each month, we send press releases to local media contacts in order to promote the local market expertise that REALTORS® bring to every transaction. BRR’s market report data and/or interviews are featured in the following articles. Feel free to share with your clients, adding your own analysis and comments.
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The data reported is based primarily on the public statistics provided by the Intermountain MLS (IMLS), a subsidiary of Boise Regional REALTORS® (BRR). These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. If you have questions about this report, please contact Pete Clark, Director of Communications for Boise Regional REALTORS®. For notes on data sources, methodology, and explanation of metrics, visit boirealtors.com/notes-on-data-sources-and-methodology.
If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation. For those seeking information on mortgage and rental assistance, including down payment programs, visit the Resources for Property Owners and Renters sections of BRR’s website.
Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, represents real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.
“REALTOR®” is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS® (NAR) and subscribes to its strict Code of Ethics.
