After passing the $600,000 mark in May 2022, the median sales price for homes in Ada County dropped to $592,090 in June. This was 12.8% higher compared to the same month a year ago. Since 2005, the average year-over-year percent change in home prices in Ada County has been 8.1%.
The incredible price growth we’ve seen since the onset of the pandemic was fueled by a rapid increase in demand for housing as people transitioned to remote work, the continued household formation of millennials, and historically low mortgage interest rates. With an already undersupplied housing market prior to the pandemic, prices shot up as demand outpaced supply.
We’ve seen the buyer pool shrink due to higher mortgage rates and home prices. Cooling demand has given inventory a chance to catch up a bit, giving the remaining buyers more options.
There were 2,135 homes available for sale at the end of June, a 192.9% increase from June 2021, and the highest inventory we’ve seen since September 2016. Even with the welcome inventory gains, the months supply of inventory in June was 2.4 months. A “balanced” market, or a market that does not favor buyers or sellers, is typically between 4-6 months supply.
Metrics that indicate competition in the market continued to show signs of normalizing. Focusing on the existing/resale segment, homes that closed last month spent an average of 14 days on the market before going under contract, compared to 10 days in June 2021. Additionally, the average original list price received for existing homes in June was 98.4%, which that on average, buyers paid less than asking through a lower accepted offer, price reductions, or seller concessions. In June 2021, the average original list price received was 103.9%, which means on average, buyers paid more than asking price.
The housing market conditions we experienced for the last two years were unique. Historically low inventory, coupled with rampant demand, resulted in above average price growth and a highly competitive market. The changes we’re seeing in price growth, inventory, and slower market times is moving us toward a more normal market — one where bidding wars are the exception and not the rule, and buyers aren’t having to make split-second decisions and waive contingencies for their offer to even be considered.
Sales also continued to lag in June. There were 818 closed home sales last month, down 16.0% compared to June 2021, and the fourth month of consecutive year-over-year declines.
As the market shifts, sellers may have to adjust their expectations slightly. Offers may not fly in within the hour or first day you list, and your home may not sell for over list price. This isn’t necessarily a bad thing — in fact, it may make your experience less stressful, and sellers are still receiving great values for their homes. Your best bet for selling in today’s market is to price your home appropriately, based on the relevant data, comparables, and expertise offered by your real estate agent, and then allow your agent to market your home on the multiple listing service to reach the widest audience possible.
The rolling 12-month median sales price for Elmore County home sales was $325,000 in June 2022, a 22.7% increase from the year before. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
With 46 closings last month, the number of home sales decreased 19.3% compared to the same month a year ago. Of those, 42 were existing/resale homes and four were newly constructed homes. There were 51 pending sales, properties with an accepted offer that are expected to close within 30-60 days, a decrease of 30.1% compared to June 2021, and the fourth consecutive month of year-over-year declines.
We’ve seen the buyer pool shrink due to higher mortgage rates and home prices. Cooling demand has given inventory a chance to catch up a bit, giving the remaining buyers more options.
There were 68 available homes for purchase at the end of the month, an increase of 65.9% compared to June 2021. Of those, 61 were existing/resale listings and seven were new homes.
Despite the gains in inventory, demand continued to outpace supply. Months Supply of Inventory (MSI) was at 1.3 months, meaning, if no additional homes were listed, the supply of homes would run out in just over a month. A balanced market, not favoring buyers or sellers, is typically between 4-6 months of supply.
As the market shifts, sellers may have to adjust their expectations slightly. Offers may not fly in within the hour or first day you list, and your home may not sell for over list price. This isn’t necessarily a bad thing — in fact, it may make your experience less stressful, and sellers are still receiving great values for their homes. Your best bet for selling in today’s market is to price your home appropriately, based on the relevant data, comparables, and expertise offered by your real estate agent, and then allow your agent to market your home on the multiple listing service to reach the widest audience possible.
The rolling 12-month median sales price for Gem County home sales was $453,086 in June 2022, a 31.9% increase from the year before. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
With 30 closings last month, the number of home sales decreased 37.5% compared to the same month a year ago. Of those, 24 were existing/resale homes and six were newly constructed homes. There were 52 pending sales, properties with an accepted offer that are expected to close within 30-60 days, a decrease of 33.3% compared to June 2021.
We’ve seen the buyer pool shrink due to higher mortgage rates and home prices. Cooling demand has given inventory a chance to catch up a bit, giving the remaining buyers more options.
There were 113 available homes for purchase at the end of the month, an increase of 126.0% compared to June 2021. Of those, 56 were existing/resale listings and 57 were new homes.
The recent inventory gains have moved the Gem County housing market closer to a “balanced” market, or one that has between 4-6 months of supply does not favor buyers and sellers. Months Supply of Inventory (MSI) was at 3.3 months in June, the highest level we’ve seen since October 2016.
As the market shifts, sellers may have to adjust their expectations slightly. Offers may not fly in within the hour or first day you list, and your home may not sell for over list price. This isn’t necessarily a bad thing — in fact, it may make your experience less stressful, and sellers are still receiving great values for their homes. Your best bet for selling in today’s market is to price your home appropriately, based on the relevant data, comparables, and expertise offered by your real estate agent, and then allow your agent to market your home on the multiple listing service to reach the widest audience possible.
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, 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
BRR is no longer able to access the resource we were using for these reports, so the City Statistics report has been retired for the time being. We apologize for any inconvenience.
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 in the Market Report email, or login to our Market Statistics page. Boise and Owyhee County snapshots can also be accessed on our Market Statistics page.
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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 Cassie Zimmerman, Project Manager for Boise Regional REALTORS®. For notes on data sources, methodology, and explanation of metrics, visit boirealtors.com/notes-on-data-sources-and-methodology. For definitions used for each Market Metric, visit our glossary.
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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