Fall is typically the time of year when our local real estate market slows down when comparing activity month-to-month. The weather cools down, people head back to school, and holiday plans are starting to become top-of-mind for many. While this year is no exception, and we are seeing month-over-month decreases in most metrics, the better measure of market performance is a year-over-year comparison. Here’s what we mean…
Ada County Single-Family Home Activity
- There were 1,435 pending sales in September 2016, which is down 5.0% from August 2016, but up 15.9% compared to September 2015 showing that demand remains higher than last year.
- There were 976 closed sales in September 2016, which was 4.0% lower than in August 2016, but 18.0% higher than September 2015.
- The median sales price in September 2016 was $249,995, down just 1.2% from August 2016, but up 7.3% over the September 2015 median sales price.
Canyon County Single-Family Home Activity
- There were 606 pending sales in September 2016, which is down 5.2% from August 2016, but up 19.1% compared to September 2015.
- There were 392 closed sales in September 2016, which was 7.5% lower than in August 2016, but 5.7% higher than September 2015.
- The median sales price in September 2016 was $159,974, down 3.0% from August 2016, but up 11.9% over the September 2015 median sales price.
“Lack of inventory compared to the ongoing demand is the main driver of home prices in both counties,” said Carey Farmer, BRR’s 2016 President and Associate Broker with Group One Sotheby’s International Realty. “It’s a very different market than 5 or 10 years ago when prices and inventory tracked together, especially in Ada County. Today, the county’s median sales price is trending up while inventory remains well below the 10-year historical monthly average of 3,000 homes for sale, and is trending down.”
In Ada County, there were 2,171 homes for sale in September 2016, which was 9.9% less than in September 2015, and Canyon County’s inventory was 11.5% lower in September 2016 than the previous year, with 982 homes for sale.
“Homeowners considering selling their home this year should not let the conventional wisdom that fall isn’t a great time to sell, hold them back,” reiterated Farmer. “As you can see by demand, buyers are still shopping and the increasing prices may mean your home is worth more than you thought. A REALTOR® can show you the most current and accurate data to determine if now is the right time to sell your home and take advantage of the price appreciation we’re seeing in nearly all segments of the market.”
To find a REALTOR®, please use the “find an agent” feature REALTOR.com® or Intermountain MLS.
Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the September 2016 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.
Download the market snapshot graphics for Ada County and Canyon County:
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This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 3,800 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
