10/15/2024
Ready for the latest insights on the Ada County housing market? Here we go! 🏡📈
➡️Buyers had 1,729 available homes to choose from in September — 108 fewer than in August, but 10.6% more in September 2024 compared to September 2023.
➡️There were 1,214 pending sales, or homes under contract in September, up 43.5% compared to a year ago. Pending sales saw a boost in September due to declines in mortgage interest rates.
➡️With 716 sales for the county, there were 23.0% more closings last month than the same month a year ago.
➡️Homes that closed in September spent an average of 43 days on the market before having an accepted offer, four days longer than in September 2023.
➡️The median sales price for homes that closed in September was $534,900, approximately $5,000 less than in September 2023.
➡️The average percent of the original list price received for homes that closed in September was 97.3%, meaning that on average, buyers paid 2.7% less than the price for which the home was originally listed. After peaking at 99.1% in April 2024, the average percent of original list price received has trended down in the last five months due to price adjustments and increased buyer negotiation power.
➡️Months supply of inventory dropped to 2.7 months in September, down from the 2.9 months in August . Months supply is calculated by dividing the current inventory by the average sales from the last 12 months, and indicates how long current inventory would last if no new listings were added. A balanced market, not favoring buyers or sellers, is typically considered 4-6 months of supply.
➡️The most popular price range for home sales was $450,000-$600,000 with 265 sales, or over a third of all home sales for the county. Of those, the average days on market before going under contract was 47 days and the average percent of original list price received was 97.5%.
➡️As of October 10, 2024, the list price range with the most inventory was $450,000-$600,000 with 534 listed homes. Of those, the average days they’ve spent on the market so far is 58 days. On average, those listed homes have undergone an average of a 3% price drop from the original listing price.
