05/18/2023
Key notes for the Ada County Market for April 2022 vs. April 2023
In the statistical data reflected below, we see a trend in reduced single-family home sales in comparison to new construction sales. The biggest indicator would be months supply of inventory. Although both existing and new construction have increased their inventory in comparison to April of 2022, there are still more opportunities for buyers to choose from in the new construction realm.
Closed sales YTD reflect negatively for existing homes, whereas new construction has seen an increase. Several factors could indicate the above (limited inventory in existing homes) as well as higher interest rates. In order to continue building homes, builders have offered incentives to lure buyers such as rate buy downs and large buyer credits. Some existing home sellers have taken this route to compete and lure buyers as well.
Single-Family Homes:
Closed Sales YTD: 2,462 (-17.1%)
Median Sales Price: $499,000 (-11.3%)
Days on Market: 69 (176%)
Months Supply of Inventory: 1.7 (54.7%)
Existing/Resale:
Closed Sales YTD: 1,448 (-28.6%)
Median Sales Price: $485,000 (-11.0%)
Days on Market: 47 (135%)
Months Supply of Inventory: 1.3 (55.3%)
New Construction:
Closed Sales YTD: 1,014 (7.6%)
Median Sales Price: $519,000 (-14.4%)
Days on Market: 100 (177.8%)
Months Supply of Inventory: 2.4 (43.3%)
Should you have any questions about your neighborhood and current home value please feel free to contact me directly. Certain price points are performing different than others in today’s market. If you are curious about how that affects you and your home I am happy to have a discussion with you as well.
Carlo Audagnotti
Silvercreek Realty Group
208 964 2253
