The latest data on median home prices in Ada & Canyon Counties is out. And both areas crossed a key psychological threshold for the first time.
The Intermountain Multiple Listing Service said the median price of a home sold in Ada County in May stood at $523,250. That’s up 30% from a year ago when the median stood at $360,000. It’s also the first time the median price crossed the $500,000 mark – up significantly from the $481,208 median in April of 2021. It’s the sharpest one-month rise in prices since the beginning of 2020.
In Canyon County, prices also continue to boom. The median price stood at $410,000 for homes sold in May, up 48% from just a year ago. The price also crossed the $400,000 mark for the first time.
The national data shows that prices are rising nationwide – though they are at a higher level in the Treasure Valley. The National Association of Realtors said the median price nationwide stood at $341,600 – up 19% from the prior year.
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.
Selling faster still
Homes continue to sell fast – and the pace continues to increase. In May, homes sat on the market for just 12 days before moving to pending status – a decrease of two days from April. In Canyon County, the average home went from “for sale” to “pending” in just 12 days as well – a decrease of three days from just a month ago.
In May of last year, the average Ada home sold in 28 days, while the average Canyon home flipped to pending in 33 days.
With homes selling fast, it means the supply of homes on the market remains low of course. On the last day of May, IMLS said homeowners offered 570 homes for sale in Ada County – down significantly from the 1,239 available on the last day of May 2020. In Canyon County, 357 homes were on the market on the last day of the month, versus 553 a year ago.
In all, 790 homes sold in Ada County in May, while 463 sold in Canyon County – 1,253 for the two-county region.
By price, just seven homes sold for less than $300,000 – all of them in Canyon County. In the $300,000-$400,000 range, 72 homes sold in May. In the $400,000-$500,000 price band, 162 houses found a buyer. The rest, 186 houses, went for more than $500,000.
Ada-Canyon “gap” widens again
Last month, we noted how the gap between the price of homes between Ada and Canyon counties had narrowed significantly in the last 18 months. For May, the gap increased for the first time this year.
Prices in Ada jumped 8.7% from April to May, while prices in Canyon rose at a slower rate, 2.6%.
We’ll look to the June report next month to see if the trend continues or this is just a one-month anomaly.
Ada Co. real estate reports from BoiseDev: