‘Toward a balanced market’: Ada County home prices continue their plummet. By how much?
Home prices continue to go down in the Boise area.
The latest data from the Intermountain Multiple Listing Service shows the median price of a newly constructed single-family home in Ada County dropped in March to $507,500, a decrease of more than $20,000 from February and more than $100,000 from March 2022.
The sales price of existing homes has been dropping as well, though at a somewhat less dramatic rate.
The median cost of an existing Ada County home in March was $475,000, down 14% from the $555,000 of a year ago.
In Canyon County, the median price of an existing home was $380,000 and the price of a newly built home was $409,000. That compares to $420,500 and $505,562 a year ago in March, respectively, meaning new houses in the Nampa and Caldwell area have fallen nearly $100,000 in price.
The latest report on home sales in Ada County showed a fifth consecutive month of an annual decline in price, according to Boise Regional Realtors.
Closings were 9.3% lower than a year ago, with a total of 742 sales in the county.
“We are still working toward a balanced market,” said Debbi Myers, president of Boise Regional Realtors, in a news release.
A balanced market means neither buyers nor sellers are particularly favored by current conditions.
The numbers from March show there was 1.6 months of inventory for all single-family homes in Ada County, meaning that if no more homes came on the market, it would take 1.6 months for all of the available houses to sell. Real estate agents say a balanced market has a 4-to-6-month supply of houses.
There were 1,134 single-family homes available in March, with 613 existing homes and 521 new ones.
Myers said inventory is continuing to accumulate. She predicted that demand would tick back up this spring.
“Buyers still have negotiation power,” Myers said. “Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years.”
Other details from the latest monthly listing-service report for Ada County:
- Single-family houses spent an average of 72 days on the market, compared with 20 days a year ago.
- Highest median prices: North Boise, $905,000; Eagle, $832,495; Northeast Boise, $788,750.
- Lowest median prices: Kuna, $385,000; West Boise, $398,900; Northeast Meridian, $408,000.
More details from the latest report for Canyon County:
- Single-family homes spent an average of 80 days on the market, compared with 25 days a year ago.
- Highest median prices: West of Lake Lowell, $653,397; Parma, $491,000; Middleton, $465,400.
- Lowest median prices: Wilder, $343,250; Southwest Caldwell, $357,990; Northwest Caldwell, $368,000.
This story was originally published April 20, 2023 at 4:00 AM.
