Local news. Locally owned.
We put readers first.

Ada Co. home prices dip slightly – demand remains strong

Idaho's Biggest Toy Drive

Home prices in Ada County didn’t break another record in October, but they remain sky high.

The median sales price for homes sold last month was $406,684, which is a slight drop from September 2020’s record-breaking $409,945, according to data from advocacy organization Boise Regional Realtors. Even though this is a slight reprieve in skyrocketing costs, it’s up 14.7% over the same time last year.

[Local home prices are rising fast. Median income is not]

Prices first topped $400,000 in September and high demand for homes in the Treasure Valley shows no signs of slowing down. This average comes from the sale of 1,112 homes, which is 11.9% higher than in October 2019. At the same time, significantly fewer homes were left on the market at the end of October than the same month last year. Only 443 single-family homes were available for purchase at the end of last month, a 73.7% decrease from last October.

Lack of inventory keeps pushing prices up, with homes spending an average of only 20 days on the market before going under contract. This is so quick BRR said some homes may not even be recorded in the reported inventory numbers.

- Story continues below -
Tamarack Catch the Life
landproDATA

Ada County real estate reports from BoiseDev

September l August l July l June l

There are a variety of reasons for the low inventory. BRR found some homeowners are delaying listing their home for sale until they can find a new one, which takes longer due to the lack of availability or they are concerned about being able to afford a higher-priced home due to the rapid increase in prices. Mortgage refinancing, which has reduced some homeowners’ payments, makes it more affordable to stay in their current home instead of moving. Other homeowners may be hesitant to sell due to COVID-19 and the risk of interacting with people outside of their household or they are dealing with the stress of working from home and virtual schooling.

“These kinds of situations are when a Realtor can be incredibly valuable to a homeowner in helping them understand their options,” Michelle Bailey, President of Boise Regional Realtors said in a press release. “Discussing new construction opportunities for those worried they won’t be able to find their next home, or explaining how virtual open houses and showings can limit in-person visits while still exposing the home to the widest pool of potential buyers can help homeowners find a path forward.” 

Newly built homes are also flying off the market. BRR found inventory for new homes was down “significantly” from October 2019 while sales were up 16.7%. Difficulty finding some home appliances or building materials and shortages of workers in the construction industry has forced some builders to alter their construction timelines and move to preselling units through model homes. Homes sold this way show up as a closed sale, but they will never be actively listed on the market for sale.

Despite these difficulties in building, BRR reported 3,374 permits were approved for single-family homes throughout Ada County between January and September and another 380 permits in October alone.

Margaret Carmel
Margaret is a BoiseDev reporter focused on the City of Boise, housing, homelessness and growth. Contact her at margaret@boisedev.com or by phone at (757)705-8066.

Out with the gowns, in with the sweaters: Locally owned boutiques weathering COVID-19

The pandemic shut down more than just big national stores mall last spring.  Locally-owned clothing stores in Boise also shut their doors alongside their corporate...

Explain this to me: How do impact fees work, and who foots the bill?

Impact fees are a regular topic of public discussion in the rapidly growing Treasure Valley, but some residents misunderstand what the fees actually entail....

Idaho women leaving the workforce at higher rates than men during the pandemic

Cara Starr is glad to be back cutting hair at her Boise Bench salon Haven Hair Lounge, but everything is not back to normal....

Idaho Millenials and restaurant workers hit hardest by COVID-19

Austin Amaro had big plans for 2020, but then the COVID-19 pandemic began to impact Idaho. He started hitting the books at the College...

Popular

You asked: What’s the large Christmas display at Expo Idaho for?

A new Christmas experience will open at Expo Idaho this year - just in time for a socially distanced holiday season. Christmas in Color set...

COVID spreads in Boise homeless shelters: one Boise Rescue Mission guest and staffer dead

Eight months after Idaho announced it’s first case of COVID-19, the pandemic is hitting Boise’s homeless community harder than ever.  In the past two weeks,...

Over the leftovers? Check out our takeout & delivery guide with more new options!

We had snow this week - and hopefully lots of Thanksgiving goodies. But if you're ready for something different - our Boise and Meridian...

In-N-Out Burger sets plan for Boise, but it will be a while still

It’s the question we get more than just about any other inquiry: When will the Boise area get an In-N-Out Burger? The California-based chain of...

Related

Ada Co. housing market keeps climbing — fast

Ada County's hot housing market is showing no signs of slowing. Data from Boise Regional Realtors showed another increase in median home prices in...

Local home prices are rising fast. Median income is not

The gap between median home prices in Ada County and median income has widened to a gulf over the past decade.  Between 2010 and 2020,...

Ada County median home price breaks $400,000 barrier for first time

The median price of a home in Ada County crossed a key psychological barrier for the first time in August. $400,000. That's according to...

Another record for Boise-area home sales; median price nears $400,000

If it seems like we're a broken record on broken records - we are. The real estate market in Ada County again hit a new...
SERVPRO Certified

Latest

Get Local: Ideas on where and how to shop local this season

NEWS ANALYSIS Every holiday season, we hear about the importance of shopping local. This year, however, shopping Treasure Valley businesses is vital to the survival...

Over the leftovers? Check out our takeout & delivery guide with more new options!

We had snow this week - and hopefully lots of Thanksgiving goodies. But if you're ready for something different - our Boise and Meridian...

COVID spreads in Boise homeless shelters: one Boise Rescue Mission guest and staffer dead

Eight months after Idaho announced it’s first case of COVID-19, the pandemic is hitting Boise’s homeless community harder than ever.  In the past two weeks,...

Boise-based Norco purchased Utah-based automation & welding company

By Idaho Press staff Norco, a large, privately owned welding, safety, medical, and gas supplier, announced in a press release the acquisition of Arc Services...

‘I have never, ever felt this ill:’ Ahlquist, family contract COVID-19

By Nicole Camarda / Idaho News 6 Crush The Curve co-founder Tommy Ahlquist brought the first public COVID-19 tests to Idaho last spring. Now he...

Popular old Vista Ave. cafe reopens in new Boise mall-area location

After starting as a cafe on Vista, converting to a cafeteria at MK Plaza and a catering company out of a call center, Rooster's...