The median sales price for homes in Ada County reached $525,000 in June, nearly even with May 2021.
While our region has faced insufficient supply for years — the main driver of home prices — June marked three consecutive months of inventory growth. While still low compared to previous years, there were 729 homes available for sale at the end of the month, up 27.9% from May.
After home prices rose above the $500,000-mark last month, homeowners may have been encouraged to list in June, as existing/resale inventory was higher than the previous month and year for the first time since March of 2020, just before the pandemic put the brakes on the Spring market. At the end of June, there were 485 existing homes available for purchase, up 27.0% from May 2021 and up 10.7% from June 2020.
Analyzing weekly listing activity, we saw a jump in the number of existing properties coming onto the market starting the week of June 6th. Listing activity has been much higher than 2020 (expected due to the COVID-related restrictions in place at that time) and mostly ahead of 2019.
Despite more inventory, the speed of the market reached a new low, as the average number of days between when a home was listed for sale and an offer was accepted dropped to 10 — two days faster than in May 2021 and 22 days faster than June 2020.
That said, low inventory does not mean no inventory.
While buyers have access to listings from a variety of real estate websites, we often hear from people who find a home they like online, but by the time they reach out to a REALTOR® for information, the home has already gone under contract. While the recent uptick in listing activity is very positive, you still have to act quickly. Your REALTOR® can help you secure a showing, submit an offer, and alert you to existing properties that may be available soon, or, if you have time to build, they can identify new construction options that haven’t yet broken ground.
Connecting with a lender and getting pre-approved before searching for a home is also imperative for buyers using a mortgage. In June, nearly 70% of existing homes sold for more than the original list price — another factor behind rising home prices. On average, buyers paid 6.8% more than the original list price on existing homes. Knowing how much you’re able to borrow allows your REALTOR® to search within a price range to help stay on budget if you’re shopping for homes that tend to go over list price, or possibly a bit higher if there’s room to negotiate. For the 30% of existing homes that sold for less, buyers and their REALTORS® were able to negotiate 3-5% off the original list price, on average, depending on price point.
Current home prices and competitive market conditions can be challenging for those looking to get into the market, particularly at the lower price points. Some may decide to wait awhile before starting their home search or continue to save for a down payment to improve their purchase options, while others may consider expanding their search area for homes farther from the Boise metro. But for those who are ready to buy, we want to stress that while it may take more work right now, it’s not impossible. There are hundreds of home sales each month and REALTORS® are there to help guide buyers and sellers through the fast and complex process.
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 climbed to $263,500 in Elmore County as of June 2021 — an increase of 28.9% over the same period last year.
The continued price growth may be encouraging homeowners to list, as monthly existing inventory has been climbing for the past three months — a trend we hope to see continue. At the end of June, there were 27 existing homes available for purchase, up from 16 at the end of May, and nine in April. Inventory of new construction has also been improving slowly, and as of June, there were 14 available for purchase.
Analyzing weekly listings against 2019 and 2020, while still mostly behind previous years, there has been consistent growth in the number of existing properties coming onto the market since mid-March, despite some weekly fluctuations.
Despite the uptick in inventory, the speed of the market reached a new low, as the average number of days between when a home was listed for sale and when an offer was accepted dropped to six — 19 days faster than June 2020.
That said, low inventory does not mean no inventory. Homes are selling, they’re just doing so very quickly. In June, 51 of the 57 sales in June came from existing homes, the highest share since September 2020.
While buyers have access to listings from a variety of real estate websites, we often hear from people who find a home they like online, but by the time they reach out to a REALTOR® for information, the home has already gone under contract. The recent gain in available inventory is very positive, but buyers still have to act fast. Your REALTOR® can help you secure a showing, submit an offer, and alert you to existing properties that may be available soon, or, if you have time to build, they can identify new construction options that haven’t yet broken ground.”
During this competitive market, it’s crucial for buyers to work with a REALTOR® and be prepared with a plan prior to beginning their search for a home. Conversely, even with a consistent demand and an uptick in sale prices, sellers who work with a REALTOR® will have an edge in handling multiple offer situations and maximizing their home’s value.
The rolling 12-month median sales price climbed to $341,000 in Gem County as of June 2021 — an increase of 29.7% over the same period last year.
The continued price growth may be encouraging homeowners to list, as monthly existing inventory has been climbing for the past two months compared to 2020. At the end of June, there were 36 existing homes available for purchase and another 14 new construction options on the market — the highest number since December 2019.
Despite the uptick in inventory, days on the market remained relatively steady in June, dropping to an average of 24 days compared to 27 in May. With COVID-related restrictions affecting much of the data from 2020, the 24-day average from June 2021 marked a relative improvement compared to 2019 and 2018, which were at 19- and 18-day averages, respectively.
Looking at closed sales, the 80.8% were existing homes (or 38 of the 47 transactions in June) which was the highest share in one month since August 2018.
This month’s report has positive signs for both buyers and sellers in Gem County, with more inventory and ongoing price growth. The market remains competitive market, though, making it crucial for buyers to work with a REALTOR® and be prepared with a plan prior to beginning their search for a home. And with consistent demand and an uptick in sale prices, sellers who work with a REALTOR® will have an edge in handling multiple offer situations and maximizing their home’s value.
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.
