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.
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%.
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:
- 2021: January | March | April | May | June
- 2020: December | November | October | September | August | July | June | May | April | March
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.
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.