The Boise-area real estate market continues to shift, with the latest data showing both increases in prices — as well as a slowing pace of sales.
The Intermountain Multiple Listing Service issued its metrics report for September across both Ada and Canyon Counties. Both areas saw a return to growth in median price after declines in August – but that doesn’t tell the full story.
In Ada County, the median price of a home sold in September stood at $534,950, up less than 1% from August. The median stands 31.2% higher than the price in the same month a year ago.
For Canyon County, the median price hit $422,000, up 2.7% over August, and an increase of 36% from September of 2020.
The median price is the “halfway” point for sales. It means half of all homes sold above the amount, and half sold for below the amount.
Nationally, the median price has seen signs of cooling. Though the data lags one month behind, home prices saw a dip in August across the country, down about 2%.
Market slows – a bit
The number of options for homebuyers reached its highest level since the early days of the COVID-19 pandemic. A total of 2,029 homes were available to buy as of the last day of the month, with 1,249 homes in Ada and 780 in Canyon. The last time more than 2,000 homes were available on the last day of any month was April of 2020. Inventory quickly declined before bottoming out in January of 2021 when just 429 homes were for sale on the last day of that month. Inventory has increased every month so far this year.
With more inventory, homes are taking a bit longer to find buyers, though the pace is still historically quick. For Ada County, the average house for sale got a buyer in 19 days – that’s a full five days slower than in August. In Canyon County, the metrics are exactly the same – 19 days in September versus 14 days in August.
Homes are still selling faster than a year ago when it took an average of 26 days in Ada and 25 days in Canyon to attract a deal.