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‘Frantic:’ Homes in Ada & Canyon sell fast, with big increases over past year

The median price of a home in Ada County stood at $454,000 in January.

In January, 2020 – a year ago – the median price stood at $363,000.

That’s an increase of 25% in just a single year. Put another way, it means the median price of a home rose at a clip of $7,583 per month in the last twelve months.

The numbers come from data compiled by the Intermountain Multiple Listing Service, which tracks home sales in the area.

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The median price of a home in Canyon County also saw significant increases. The median stood at $338,490 last month – up from $256,000 in January of 2020. Prices grew at a faster percentage in Canyon than Ada, up 32.2%.

Going… gone

Buyers snapped up homes in both counties at a quick pace – but the average house sits on the market just 15 days in Canyon County – down sharply from a year ago when the average listing sat for 51 days. In Ada County, homes sit for just 18 days on average, compared with 53 days a year ago.

You’ve heard of buyers’ markets and sellers’ markets — this is a sellers’ market to the extreme.

Ada Co. real estate reports from BoiseDev:

Boise Regional Realtors, the advocacy group for local real estate agents, illustrated how homebuying has changed:

“This acceleration has made the market feel frantic for many homebuyers,” BRR wrote. “In 2015, for example, after being listed a seller could expect to accept an offer in about 43 days, on average. Prior to then, they may have fielded multiple showings, had a few open houses, and had some buyers back for a second or third showing before receiving an offer. By 2020, that timeframe dropped to just 17 days, on average, meaning, if a buyer saw a home they liked, they may only have a few days, or hours even, to decide whether to make an offer as there were likely others interested.”

On the flip side, it means a buyer once had lots of time to think about the biggest purchase they will likely ever make. Now, act fast or lose out.

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Inventory very low

Combing Intermountain MLS data for Ada and Canyon Counties shows 429 homes for sale as of January 2021. A year ago, 1,794 homes had a for sale in front – meaning inventory dropped by two-thirds over the year.

But more homes went into pending status across the two counties in January of 2021 than a year ago – 2,428 this year versus 2,076. You might be thinking… ‘if inventory is so much lower, how could more homes be pending?’ The homes for sale is a so-called ‘snapshot’ – merely showing how many homes sat on the market on the last day of the month, while the total sold is a cumulative number for the entire month. Because houses sell so quickly, it drives the number for sale at any given moment down.

Don Day - BoiseDev editor
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at [email protected].

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