April 2018 brought with it a significant increase in the number of existing homes for sale compared to March 2018, helping to ease the median sales price for existing homes by $15,000, landing at $275,000 in April 2018. This is good news for buyers currently in shopping for a home, but potential sellers should not be concerned. Monthly fluctuations like this are typical during the spring and summer, and the April 2018 median price for existing homes was still 15.3% higher than the same month last year.
The introduction of more existing homes to the market, compared to the number of new homes for sale, is what we’ve needed to keep the overall median sales price in check. The rising cost of new construction had pushed Ada County’s overall median sales price over $300,000 (for the first time ever) in March 2018, but the overall median sales price (based on existing and new home combined) dropped below that mark to $295,000 in April 2018.
These lower price points are not a reflection of waning buyer demand, however, as the number of existing homes under contract in April 2018 was up 16.5% from the previous month. New construction contracts were up 9.5% from March 2018.
Even with additional inventory, buyers interested in an existing home still need to make quick decisions as the number of days on market for existing homes was at 22 days in April 2018. This was even with last April but 5 days faster than in March 2018. New construction buyers can take a bit more time shopping, as days on market for that segment was at 65 days in April 2018.
- In April 2018, the overall median sales price for homes in Ada County was at $295,000, a decrease of 4.5% compared to the previous month.
- The change in the overall median sales price was driven by a significant increase in the number of existing homes for sale in April 2018, up 27.7% from March. This additional supply helped to bring down the median sales price in the existing home segment by 5.2% from March, to end the month at $275,000.
- These lower price points are not a reflection of waning buyer demand. The number of existing homes under contract in April 2018 was up 16.5% from the previous month, and new construction contracts were up 9.5% from March 2018.
This information is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. Source: MORE EXISTING HOMES FOR SALE HELP EASE ADA COUNTY HOME PRICES IN APRIL