The median sales price for homes in Ada County reached $602,250 in May 2022, an increase of 16.1% compared to the same month last year, and a new record for the county.
Like we saw in March and April, higher prices in the new construction segment contributed to overall price jump. New home sales made up 28.2% of all sales in May with a median sales price of $639,105, up 17.5% from last year. Home prices also rose to a new record in the existing segment with a median sales price of $586,750, a gain of 16.0% over last year.
There were 894 closed home sales in May 2022, a decrease of 5.8% compared to May 2021, and the third month of consecutive year-over-year declines.
While continued price growth is somewhat puzzling when national economists are predicting a slowdown in prices and sales due to higher mortgage rates and home prices, the data is also beginning to show signs of a shift when it comes to pending sales, or properties with an accepted offer that are expected to close within 30-60 days.
In Ada County, there were 1,446 pending sales in May, down 12.7% compared to the same month a year ago. Pending sales have declined year-over-year each month since May 2021.
“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” said Dr. Lawrence Yun, NAR’s chief economist. Referring to the national sales data as a whole, Dr. Yun noted that, “The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.”
Competition in the market waned some compared to a year ago. Existing homes that closed last month spent an average of 11 days on the market, compared to eight days in May 2021. Additionally, 50.7% of buyers paid over list price, resulting in an average original list price received of 100.9% for existing/resale homes in May 2022, compared to 105.0% in May 2021.
Agents are used to fielding questions about what’s happening in the market, and today’s market is no exception. Higher rates, price growth, and economic uncertainty are top of mind. but prospective buyers will have more options than have been available in over two years because of the increases in housing inventory we’ve seen in recent months. On the flip side, sellers have continued to receive great values for their homes.
For the third consecutive month, Elmore County experienced triple digit year-over-year percentage gains in inventory, with 47 available homes at the end of the month, an increase of 123.8% compared to May 2021. Of the available inventory, 40 were existing/resale listings and seven were new homes. Inventory increases have slightly moved the needle toward a more balanced market that doesn’t favor buyers or sellers.
The rolling 12-month median sales price for Elmore County home sales was $316,500 in May 2022, a 21.5% 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 44 closings last month, the number of home sales decreased 17.0% compared to the same month a year ago. Of those, 42 were existing/resale homes and two were newly constructed homes. There were 56 pending sales, properties with an accepted offer that are expected to close within 30-60 days, a decrease of 30.0% compared to May 2021, and the third consecutive month of year-over-year declines.
The rolling 12-month median sales price reached $445,586 in May 2022, an increase of 33.5% compared to the same month last year. 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.
Home prices have been primarily driven by insufficient supply compared to buyer demand; however, inventory has increased compared to last year, due in part to a number of new homes coming online in recent months. There were 79 homes available for purchase at the end of the month — a 64.6% increase compared to May 2021. Of those, 38 were existing/resale homes and 41 were new.
With 30 closings last month, the number of home sales increased 11.1% compared to the same month a year ago. Of those, 20 were existing/resale homes and 10 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 33.8% compared to May 2021, and the tenth consecutive month of year-over-year declines.
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 (not yet available), 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
(not yet available)
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, 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.
