The median sales price for homes in Ada County was $530,500 in August, down nearly $10,000 from July, although 32.2% higher than the same month last year.
While our region has faced insufficient supply compared to demand for years — the main driver of home prices over the past few years — August marked the fifth consecutive month of inventory growth. There were 1,124 homes available for sale, up 6.5% from July and up a tremendous 90.8% compared to August 2020.
These inventory gains were very encouraging — and likely prompted by higher prices — although still low compared to what they might have been had they tracked with the historical trendline.
On the other hand, both pending and closed sales tracked with their respective trendlines. In August, there were 1,606 pending sales — homes with an accepted offer that should close within the next 30-60 days — and another 931 homes closed during the month.
Both pending and closed sales were down compared to last year, at 22.9% and 28.3%, respectively. Some in the national news have speculated that declines in national sales activity indicates buyers are backing off. This may be the case in some situations, especially among more price sensitive buyers, but the declines likely have more to do with the seasonality and limited inventory.
As evident in the chart above, sales activity begins to increase each December/January, typically peaking around May/June, then tapering off throughout the fall and winter as kids go back to school and the weather gets colder. The past two years haven’t had that same seasonal feel with the pandemic compressing the traditional market cycles, but any additional declines in activity from now through the end of the year are not completely atypical.
Note on Historical Trendlines: These are helpful tools but should be used in conjunction with other metrics to understand why something may be trending higher or lower than past data might otherwise suggest. To that point, we released a blog post about a recent Florida Atlantic University study suggesting Boise metro homes were overpriced compared to historical trends, which you can read here. You can also check out our mid-year housing summit presentation for insights as to why inventory levels continue to be constrained despite ongoing demand.
The uptick in the number of homes for sale continues to be good news for buyers, but buyers must still be prepared to act quickly once they’ve found a home to purchase. We advise buyers to work with a REALTOR® and lender to determine ways to make an offer as competitive as possible.
One the most popular ways buyers have competed is on price, offering to pay more than the listing price. Of the homes that closed in August, 42.3% sold for more than list price, paying on average, $22,675 more than list, which is a change from the past few months when a majority of homes were selling over list price.
For homes that sold under their original list price in August, buyers paid $24,423 less, on average. That said, decisions on what price to list a home at, or whether a buyer might offer more or less, can be made easier with the help of a REALTOR®.
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 $284,000 in August 2021 — a new high for Elmore County.
Inventory continued to rise, as the 75 homes available for sale at the end of the month represented four consecutive months of inventory growth and was the highest number since December 2019.
Breaking this down by property type, there were 52 existing/resale homes available for sale, 30 more than the same month last year. The other 23 were newly constructed homes, up 22 from just one that was listed last year at this time.
The increased inventory hasn’t completely altered the days on market metric (eight days). This measures the average number of days between when a home was listed for sale and an offer was accepted.
While the increased inventory is encouraging, the Elmore County housing market is still competitive.
One indicator of this competition is the number of homes selling for more than their original list price. In August 2021, 50.0% of homes sold for more than list price compared to just 36.4% in the same month last year. For those that sold over list price in August 2021, they did so for $10,220, on average — up just slightly from last year’s average of $7,515.
While the share of homes selling for more than list price has grown in the county, the decision on what price to list a home at, or whether a buyer might offer more or less, can be made easier with the help of a REALTOR®.
The rolling 12-month median sales price in Gem County rose to $354,950 in August 2021, once again marking a new high.
The 85 homes that were available for purchase at the end of the month represented a healthy combination of existing (56) and new (29) homes.
The number of existing homes for sale more than doubled from a year ago, presumably as homeowners were encouraged by area price gains. Further, new construction options remained as high as they’ve been since 2007 offering more choices for buyers throughout the county.
There was an average of 24 days between when a home was listed for sale and an offer was accepted in August. While faster than the same month last year, buyers in Gem County aren’t feeling quite as quick a pace as those in Ada County, where the market times there have been at or below two weeks for the past few months.
One factor that is contributing to some of the price gains, are the number of homes that are selling for more than their original list price. In August, 34.2% of homes sold for more than list price, and for an average of $21,148 over. This was up from last year when 28.9% of homes sold for over list and for an average of $11,265 more.
While the share of homes selling for more than list price has grown in the county, the majority are still selling at or under. In addition, the decision on what price to list a home at, or whether a buyer might offer more or less, can be made easier with the help of a REALTOR®.
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.
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