MORE EXISTING HOMES FOR SALE HELP EASE
ADA COUNTY HOME PRICES IN APRIL
Key Takeaways:
- In April 2018, the overall median sales price for homes in Ada County was at $295,000, a decrease of 4.5% compared to the previous month.
- The change in the overall median sales price was driven by a significant increase in the number of existing homes for sale in April 2018, up 27.7% from March. This additional supply helped to bring down the median sales price in the existing home segment by 5.2% from March, to end the month at $275,000.
- These lower price points are not a reflection of waning buyer demand. The number of existing homes under contract in April 2018 was up 16.5% from the previous month, and new construction contracts were up 9.5% from March 2018.
Analysis:
April brought with it a significant increase in the number of existing homes for sale compared to March 2018, helping to ease the median sales price for existing homes by $15,000, landing at $275,000 in April 2018. This is good news for buyers currently in shopping for a home, but potential sellers should not be concerned. Monthly fluctuations like this are typical during the spring and summer, and the April 2018 median price for existing homes was still 15.3% higher than the same month last year.
The introduction of more existing homes to the market, compared to the number of new homes for sale, is what we’ve needed to keep the overall median sales price in check. The rising cost of new construction had pushed Ada County’s overall median sales price over $300,000 (for the first time ever) in March 2018, but the overall median sales price (based on existing and new home combined) dropped below that mark to $295,000 in April 2018.
These lower price points are not a reflection of waning buyer demand, however, as the number of existing homes under contract in April 2018 was up 16.5% from the previous month. New construction contracts were up 9.5% from March 2018.
Even with additional inventory, buyers interested in an existing home still need to make quick decisions as the number of days on market for existing homes was at 22 days in April 2018. This was even with last April but 5 days faster than in March 2018. New construction buyers can take a bit more time shopping, as days on market for that segment was at 65 days in April 2018.
GEM COUNTY HOME SALES UP IN APRIL
In April 2018, 32 existing homes sold in Gem County, up 33.2% compared to April 2017. That left 40 existing homes available for sale at the end of the month, down 13.0% from the same month last year, but up 11.1% from March 2018.
While new construction is typically limited in Gem County, an additional 11 new builds sold or went under contract in April 2018, up from six the previous month.
The median sales price for existing homes in Gem County was $190,000 as of April 2018, based on activity over the past 12 months — an increase of 12.8% over the same period last year.
For new homes, the median sales price was $204,900 as of April, also based on activity over the past 12 months. This was up 10.1% over the same period in the previous year.
Specifically, in the city of Emmett, closings were up 19.3% year-over-year, as 31 homes sold in April 2018, for existing and new construction combined. Based on activity in both segments over the past 12 months, the median sales price for Emmett was at $178,674 in April 2018, a gain of 8.2% over the same period last year.
Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available in the April 2018 Ada County, Canyon County, Gem County, and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.
Download the latest (print quality) market snapshot graphics for Ada County Existing/Resale, Ada County New Construction, Canyon County Existing/Resale, Canyon County New Construction, and Gem County:
# # #
This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing 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.
If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
The data reported is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com. 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. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).
