June Market Report 2021
The Treasure Valley housing market is still moving at a quick pace, but it is slowing down compared to how quickly it was moving during January through April. We now have more homes on the market, up to 800 as of today, and the majority are not selling in a weekend like they were only a few months ago. Some of this is most likely due to buyer fatigue, buyers who are worn out after losing so many offers.
Another reason why we might be seeing homes stay on the market for longer than they had been previously is because they are priced too high. Homes need to be put on the market at appraisal value. If it sells for more then that’s great news for the seller, but it still needs to be priced correctly and fairly.
We still have many homes pending on the market, between 2,700 and 3,000 any given day. This alone shows us that we’ve had many homes on the market and that inventory is not suffering as much as some would think. Still, active listings are higher than they’ve ever been, and consumer prices were up 5% year over year in May of 2021. The amount of houses on the market is improving in many states across the country, and Idaho has gained 15% inventory just in the past month.
In Ada County, the median price for a sold home in May 2021 was around $523,250; that’s up 30% from May of 2020 when the median stayed at around $360,000. It is the first time the median price in Idaho crossed the $500,000 mark, and it has gone up significantly from the $481,208 median in April of 2021.
In Canyon County, the median price in May of 2021 was at $410,000, up 48% from May of 2020. The price crossed the $400,000 mark for the first time in that county. The Treasure Valley is experiencing the sharpest rise in one month since January of 2020. While the prices are rising quickly, the time it takes to sell them is slowing down. The national housing market prices are also rising, although the Treasure Valley’s prices are at a higher level.
If you are planning to purchase a house in these market conditions, make sure you get preapproved for a mortgage, make a good money deposit, be ready to bid, and be patient and flexible. There’s a perfect home on the market for you and we’ll help you find it.