Ada and Canyon Counties saw another record month for the median price of houses sold in March. That’s according to data from the Intermountain Multiple Listing Service.
In Ada County, the median price increased to $467,325 in March of 2021, versus $367,250 for March of 2020 – an increase of 27%.
In Canyon County, the median price increased to $386,000 from $271,900 a year ago, a jump of nearly 41% in a single year.
It’s important to note that median home prices across the nation are also rising, though not quite as fast as in the Boise area. The median price across the entire US standing at $313,000 as of February, an increase of 15% from the prior year, according to data from the National Association of Realtors.
The median price is the point “halfway” number for sales. It means half of all homes sold above the amount, and half sold for below the amount. The average price is far higher – $542,165 in Ada County and $411,471 in Canyon.
Low inventory a factor, but not the only one
The advocacy group for local real estate agents pins the rise in prices on a lack of inventory.
“The insufficient supply of available homes compared to buyer demand is the main reason the market is moving so quickly, and the competitiveness of the market continued to impact home prices,” Boise Regional Realtors noted in a news release.
Sales data from IMLS does show fewer active housing listing for both counties – a total of 589 homes for sale on March 31st. That’s down from 2,041 across Ada and Canyon on March 31 of 2020 at the outset of the COVID-19 pandemic.
But the number of overall pending sales actually went up. In Ada County, 1735 homes were listed as pending final sale, versus 1,460 a year ago. And in Canyon County, 1106 houses were pending final sale versus 651 a year ago.
While apparent inventory is low, more homes sold than the year before.
Part of the reason for the mismatch between homes listed and pending sales is the way the data is captured by IMLS. “Active listings” only captures what’s happening on March 31, not the entire month. BRR said homes are selling “within an average of 14 days,” which is 24% faster than the same time a year ago – again, at the outset of the COVID-19 pandemic.
If a home isn’t listed on the last day of any given month, it won’t show up in the active sales metrics. And since many home are selling in two weeks are less, the metric misses many homes that come up on the market and go back down within the space of a month.
BRR said the average home across Ada County sold for “approximately $18,000 over list price,” indicating offers are coming in above the amounts set by homeowners and real estate agents.
Disclosure: Boise Regional Realtors is a BoiseDev advertiser. It had no role in the selection or production of this story.
Ada Co. real estate reports from BoiseDev: