The share of homes in Ada County that sold for over list price dropped to 33.1% in September, but the median sales price for homes remained relatively unchanged, according to a press release from Boise Regional Realtors.
The median sales price for homes increased 0.8% from August to September, rising from $530,500 to $534,950.
“Competition for homes has been fierce for nearly a year, and as market times fell, more buyers were willing to pay over list price, which became a primary factor driving up the median sales price,” the release said. “When the share of homes that sold over list price exceeded 40% in August 2020, the median sales price moved into the $400,000 range for the first time. When it reached nearly 65% in May 2021, that’s when prices exceeded the $500,000 mark.”
Inventory levels have increased 165% since September 2020, with 1,249 homes available for sale at the end of September 2021. The average number of days between when homes were listed for sale and an offer was accepted also increase to 17 days, which is the longest market time in the last year.
But Ada County is still not considered a balanced market, the release said, meaning it is still the best market for sellers.
“This fall is still proving to be a great time for homeowners to capitalize on the current home prices,” said Jeff Wills, president of Boise Regional Realtors. “If you’re considering selling, talk to your realtor about the different factors at play within our market and how they may affect your specific situation.”