Ada County experienced a drop of 4.5% in the median sales price for homes last month.  This is not a condition of waning buyer demand or a sign of a bursting bubble but rather the normal result of increased inventory.  The number of existing homes for sale in April was up 27.7% from March, giving buyers more options to choose from and helping to slightly ease pent up demand.  As more buyers were able to find homes, the number of existing homes under contract went up by 16.5% and new construction contracts were up 9.5%.

 

 

Although increased supply has resulted in more options and helped ease the upward pressure on prices, buyers need to understand that competition is still high.  It most certainly remains a seller’s market, and those buying must be prepared financially, act quickly, offer attractively, and expect to compete with multiple offers.   For sellers, this slight decrease in home prices should not be discouraging.  This is a trend that is common this time of year, and although we saw a dip, the median price for existing homes is still up 15.3% from the same time last year!  Now is still a great time to sell, and we’d be happy to talk with you more about this option if you are considering it.

 

Below are the current Ada County market statistics for April 2017 compared to April 2018:

Existing/Resale...

  • Closed sales – 647 (down 3%) 
  • Median Sales Price - $275,000 (up 15.3%)
  • Days on the Market - 22 (no change) 
  • Pending Transactions - 1,072 ?(down 3.2%) 
  • Inventory: 636 ?(down 28.6%) 
  • Months of Supply – 1 ?(down 28.6%)

New Construction...

  • Closed sales – 209 (up 10.6%) 
  • Median Sales Price - $371,476 (up 16%)
  • Days on the Market - 65 (down 28.6%) 
  • Pending Transactions - 954 ?(up 32.5%) 
  • Inventory: 605 ?(down 23.4%) 
  • Months of Supply – 2.6 ?(down 31.6%)

We also wanted to show how the number of months supply of inventory fluctuates based on the price range.??The current month’s existing supply condition in each price range is as follows: 

  • $159,999 or less: 1 month
  • $160,000 - 199,999: 0.3 month
  • $200,000 - $249,499: 0.4 month
  • $250,000 - $299,999: 0.6 month
  • $300,000 - 399,999: 1 months
  • $400,000 - 499,999: 1.7 months
  • $500,000 - $699,999: 2 months
  • $700,000 - $999,999: 4.8 months

 

If you’re interested in knowing more about the current state of the market, check out these informative? April 2018 Boise Regional Realtors Market Reports for both Ada and Canyon ?counties.