During 2020, the Ada County real estate market lacked balance, according to the Boise Regional Realtors.
The group, which advocates for local real estate agents, provided a recap of the year in the local housing market. As we’ve covered each month, the median price for a home in Ada County steadily climbed, while inventory remained low. For the year-end report, the group conceded that the market lacked balance, and hoped a combination of factors would restore balance in 2021.
“To help balance the market out, again, we need more inventory among new and existing product,” BRR wrote in a news release. “We hope to see more homeowners list in the coming months and take advantage of the ongoing demand. One additional opportunity for more existing inventory, though, comes from investors holding single-family properties.”
BRR said it hoped investors in single family homes using them as rentals would look at selling the properties and reinvesting in other sectors.
Sales for 2020 started off strong, with January of last year 21.5% ahead of the same month in 2019. As we noted at the time, demand in February and March started to fall off, and in April and May activity dropped sharply.
Ada Co. real estate reports from BoiseDev:
But by June, the market started to leap back into action. So much so that BRR said nearly a year’s worth of home sales happened in just six months.
For the full year, 11,728 homes sold in Ada County, a jump of 5.2% from the previous year. The housing sales data shows that it was not a record year, however, with 11,974 homes sold in 2005 according to BRR’s data.
For November, the most recent month of data available, the median price of a home in Ada County sat at $425,000.
The lack of supply and large demand for homes in the county helped drive the median sales price to new heights. For the full year, the average home sat on the market for just 20 days – half as long as 2019 when the average home was listed for 42 days. In October, that metric dropped to 13 days.
BRR said the October number was a “record low based on data going back to 2004. This meant buyers had to act quickly and write a competitive offer when they found a home.”