Business

Ada, Canyon home prices just set these records. The outlook: ‘It’s going to be crazy’

After a brief lull, home prices are setting record highs again.

The median house price in Ada County jumped $10,000 from February to March to $335,000, the Intermountain Multiple Listing Service reports. That’s the highest median price since a record $334,400 last August.

In Canyon County, the median rose to $230,000, slightly above the previous record of $229,945 set last July.

Rick Gehrke, a real estate agent with RE/Max Executives in Nampa who sells in both Ada and Canyon counties, said he expects prices will rise even higher during the busy spring and summer sales period.

“You’d better hit the saddle and tighten up your seat belt, because it’s going to be crazy,” he said.

Gehrke recently wrote an offer for a $172,000 house. The offer was $8,000 over the asking price, but the buyer lost out to someone offering more.

“It’s just a precursor to what we’re going to have coming down the pipeline,” Gehrke said. “Rates are still really, really good, inventory is really skinny and buyers are coming out of the woodwork wanting to grab something.”

20190412_162314
This four-bedroom, two-bath house at 5123 W. Emerald St. on the Boise Bench is listed for $298,500. Built in 1940, it has 2,286 square feet. It is zoned for a home-occupied business. John Sowell jsowell@idahostatesman.com

In the past couple of weeks, Gehrke said he’s seen a flurry of activity, with three or four people a day looking to buy or sell a house.

In March, existing-home sales in Ada County made up 60.5 percent of the 498 homes sold. There were 498 existing homes sold for a median price of $309,000, up from $290,000 in May 2018. A total of 325 new homes sold during the month for a median price of $377,630.

Existing homes sold, on average, after 30 days on the market. New homes took longer, 80 days. Sometimes, that’s misleading, Gehrke said, because a number of new homes get listed before they’re completed, adding to the days listed.

In Canyon County, it took 32 days on average for existing homes to sell and 74 days for new homes.

Other details from the report:

Highest median prices: North Boise, $575,000; Northeast Boise, $494,000; Eagle, $440,000.

Lowest median prices: Northwest Caldwell $206,517, Southwest Caldwell $219,000, Northwest Nampa $229,774.

Business Editor David Staats contributed.

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Reporter John Sowell has worked for the Statesman since 2013. He covers business and growth issues. He grew up in Emmett and graduated from the University of Oregon.If you like seeing stories like this, please consider supporting our work with a digital subscription to the Idaho Statesman.
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