The median sales price for homes in Ada County reached $540,000 in July, up 2.9% from June.
While our region has faced insufficient supply compared to demand for years — the main driver of home prices — July marked five consecutive months of inventory growth. While still low compared to previous years, there were 1,055 homes available for sale at the end of the month, up 44.7% from June.
After home prices rose above the $500,000-mark in May, homeowners may have been encouraged to list, as existing inventory was higher than the previous month and year for the second month in a row, something not seen since March of 2020 just before the pandemic hit the market. At the end of June, there were 729 existing homes available for purchase, up 50.3% from June 2021 and up an astonishing 116.3% compared to July 2020.
Despite more inventory, the speed of the market continues to be fast. The number of days between when a home was listed for sale and an offer was accepted (also referred to as Days on Market) was at 13 days, on average, in July — 22 days faster than the same month last year.
While the uptick in the number of homes for sale is great news for buyers, they must still be prepared to act quickly. Buyers must also know that an offer acceptance is only the beginning of the work that a REALTOR® will complete throughout a transaction working on behalf of their clients.
Following the average 13 days on market, as noted above, there was another 52 days between the offer acceptance and closing, on average, based on the homes sold in July. During this time period, there is typically a home inspection and title search, and if the buyer is purchasing with a mortgage, an appraisal and final loan approvals.
The REALTORS® representing the buyer and seller help keep these tasks on track and work through any follow-up items, such as: negotiating repairs based on the inspection report, providing documentation to the escrow agent at the title company, requesting documents and financials from a homeowners’ association (if applicable), and confirming closings costs or mortgage payoffs with the lender. Other behind the scenes duties include helping clients coordinate movers, obtain homeowners insurance, switch over utilities, schedule painters, assist with changes of address, maybe locate temporary housing, and much (much) more.
Research from the National Association of REALTORS® indicates that most people move every 10-15 years. Those gaps in time are where REALTORS® show their value in understanding every step involved, knowing that each home and transaction will be different. REALTORS® guide their clients through the listing, search, and offer processes, and then make sure all terms agreed to in the contract are fulfilled and done on time. They do this in coordination with lenders and escrow officers, etc., to ensure the financing and legal transfer of the property are done correctly.
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 $273,500 in July 2021 — a new high for Elmore County.
Inventory continued to rise, as the 59 homes available for sale at the end of the month represented four consecutive months of inventory growth and was the highest since March 2020.
While the growing number of available homes can be largely attributed to existing inventory (35 homes) there was also a jump in new construction inventory. The 24 newly built homes available for purchase in July marked a 71.4% increase over the previous month.
The increased inventory helped cause a correction in days on market, as the average number of days between when a home was listed for sale and an offer was accepted was 21. The 21-day average was 15 days faster than the six-day average from June.
While the slowing speed of the market is encouraging, July’s days on market average was still below July 2020 when the average number of days was 36.
The expertise of a REALTOR® can help prospective buyers determine when they must be swift and deliberate when making an offer on a property, or if there may be additional time to explore other properties and exercise patience.
Regardless of the amount of time a home stays on the market, the work for a REALTOR® is just beginning once an offer is accepted. Coordinating the buyer and seller on a home inspection, title search, and if the buyer is purchasing with a mortgage, an appraisal and final loan approvals, are just a few of the duties that a REALTOR® assists with in the transaction.
The rolling 12-month median sales price in Gem County rose to $347,500 in July 2021, once again marking a new high.
The 72 homes that were available for purchase at the end of the month represented a healthy combination of existing (42) and new (30) homes. While the number of existing homes for sale doubled from a year ago in July 2020, the 30 newly constructed homes represented the largest number of new home inventory in Gem County since October 2007.
The growing availability of newly constructed homes, combined with 12 sales from new homes in July, may be having a small effect on the rolling 12-month median sales price for newly constructed homes, as the median stayed at $379,173 for the second consecutive month and was a 3.7% drop compared to May.
Gem County’s growing inventory has also caused a leveling in average days on market. There was an average of 25 days between when a home was listed for sale and an offer was accepted in July — the fifth consecutive month of at least a 20-day average.
July’s report once again showed encouraging signs for both buyers and sellers in Gem County. Sellers are realizing great value for their homes and prospective buyers have increased options when it comes to both existing and newly constructed homes.
Working with a REALTOR® can help prospective buyers determine their budget and explore different housing options. Even once an offer is accepted, a REALTOR®’s work continues in coordinating the financial and legal transfer of the property.
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.
