July 12–Sixteen days.
In June, that’s the average time it took for an existing home in Ada County to go from being placed on the market until a sales contract was drawn up. The Boise Regional Realtors says that’s the shortest time ever since the group began keeping track in 2004.
Persistent trends — the shortage of used-home listings and high demand — sped up the sales pace, Breanna Vangstrom, CEO of Boise Regional Realtors, wrote in a blog post. Listings were down 27 percent compared with June 2017, Vangstrom wrote.
Meanwhile, home prices shot up by more than 6 percent in June in both Ada and Canyon counties, setting records for the third time this year.
The median home sales price in Ada County was $324,647, up 6.4 percent from $305,000 in May. That surpassed the record $308,950 set in March, the first time it had risen about $300,000, according to the Intermountain Multiple Listing Service.
For new homes, the Ada County median was $393,705, up from $349,900 in May. For used homes, it was $299,900, up from $287,000.
In Canyon County, the overall median was $224,900, up 6.6 percent from $211,000 in June. That also set a record, surpassing the $211,945 median set in March. The new-home median was $262,736, up from $249,995. The used-home median was $211,000, up from $201,000.
“We typically see the highest prices of the year recorded in June or July, and as new-home sales have increased, it’s not surprising that the data is reflecting an even bigger bump,” Vangstrom wrote.
In June, 311 new homes were sold in Ada County, 25 more than in June 2017. For the first six months of 2018, 1,525 new homes have been sold, up 27 percent from the same time period a year earlier.
Overall sales measured in dollars also kept setting records — good news for agents and lenders. For the second month in a row, the value of all residential home sales for the month in Ada County topped $400 million. The 1,166 homes that sold generated $428.7 million, up from $404.4 million raised from the sale of 1,160 homes the month before.
Three-quarters of the homes sold in Ada County for June were existing ones. Even so, the number of active listings was only slightly higher for used homes, 765 vs. 647 for new ones.
Other details from the report:
— Sales volume down slightly: 1,166 homes sold in Ada County, down from 1,182 in June 2017. In Canyon County, 473 homes sold, down from 488 for the same month a year ago.
— Listings decline: In Ada County, 1,412 homes were on the market, compared with 1,913 in June 2017. The inventory is 61 percent lower than in June 2006. In Canyon County, there were 566 homes on the market in June, down from 859 in June 2017. That’s 64 percent lower than in June 2006.
— Highest median prices: Eagle, $466,355; Northeast Boise, $462,500; North Boise, $460,500.
— Lowest median prices: West Boise, $251,250; Boise Bench, $231,250; Garden City, $195,000.
John Sowell: 208-377-6423, @JohnWSowell.
This article provided by NewsEdge.