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February 2020 Ada County Housing Update from the BRR

Friday, March 20, 2020   /   by Bridget Redeker

February 2020 Ada County Housing Update from the BRR

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Key Takeaways:

  • There were only 1,039 homes for sale in February 2020 in Ada County — 23.4% less than a year ago, and the lowest number since at least 2004 (when the Intermountain MLS started tracking the metric).
  • Of the housing inventory available for purchase, only 344 were existing or resale homes, also a record low for our data set. This is down 37.6% from February 2019.
  • Persistent buyer demand compared to low inventory, as well as an increase in the share of new home sales, continues to influence home prices in Ada County. The median sales price in February 2020 was $361,350, up 11.3% compared to last year.

 

February 2020 saw a new record low number of single-family homes for sale in Ada County, falling below the previous low of 1,143 in March 2018, bottoming out at 1,039 homes for sale. This was 23.4% less than the number of homes for sale in February 2019 and the lowest number since at least 2004 (when the Intermountain MLS started tracking the metric).

While the inventory of new homes for sale was down 13.7% year-over-year, the lack of existing/resale homes for sale is the main drag on inventory, hitting a record low in February 2020 with just 344 existing/resale homes for sale — 37.6% less than the same month last year.

If you’re hoping to buy, keep in mind that low inventory isn’t the same no inventory. There are options available, and rates are making mortgage payments more manageable. On the other hand, if you’re considering selling, keep in mind sellers are getting a great value for their properties with today’s home prices.

Speaking of prices, the median sales price in February 2020 was $361,350, up 11.3% compared to the same month last year. The lack of existing supply compared to demand was a main driver of prices, as well as the increasing share of new home sales — which makes sense as buyers have limited options among existing/resale properties. New homes made up 42.7% of all home sales in February 2020, a 9% increase from a year ago. New homes are typically priced higher due to increasing cost of land, labor, and materials, so as the share of new construction sales grows, it will have a greater impact on the overall median sales price.

While our market reports typically look at single-family homes with or without acreage only, there are additional options available in the condos, townhomes, and mobile/manufactured homes segments throughout Ada County. For example, 47 townhomes sold in Ada County in February, with a median sales price of $289,900. The median sales price for condos was at $286,000, and for mobile or manufactured homes with an owned lot, it was at $153,000 in February 2020. 

Provided by the Boise Regional Realtors