NAMPA, Idaho — Editor's Note: This article was originally published by The Idaho Press.
The median price of a single-family home in Canyon County in April was almost $400,000.
According to data from the Intermountain Multiple Listing Service, the median listing price was $399,856. That’s a 46% increase from the April 2020 mark of $273,117.
While home prices in the Treasure Valley have soared recently, and especially in the past year, this marks another big increase. Compared to five years ago in April 2016, when the median home price was $160,000, it’s a 150% jump.
Tracy Kasper, a Treasure Valley real estate agent for 24 years, pointed to rising lumber and building materials costs driving up overall costs in addition to high demand and low supply.
In April, 164 new homes in Canyon County were sold compared to 256 existing homes, per IMLS. Since new homes made up 39% of overall sales, that’s also going to factor into rising prices, she said.
The median price for an existing home in the county last month was $380,000, compared to the new home median price of $418,985.
Kasper cautiously predicts an eventual leveling out in the market, but that still may be a year away. For things to change, more resale homes would likely need to come on the market, more new homes would need to be sold and potentially increased interest rates could help too.
“I don’t think it’ll go down very much. I think we’re seeing a new county,” Kasper said. “I think you’re going to start to see these homes rise in value and rise in price. The best we can hope for is to have single-digit year-over-year increases, not double.”
Kasper also said part of the demand in Canyon County could relate to new residents viewing a 20-30 minute commute relative to where they’re moving from.
“The commute is so much less than what they’re used to,” Kasper said. “… That does make Canyon County very attractive.”
In Ada County in April, the median listing price of a home was $481,208. That’s about $107,000 — or 29% — more than the median price a year ago: $374,450 in April 2020.
Single-family homes spent an average of 14 days on the market in Ada County in April, a decrease of eight days from March. Existing homes in both Ada and Canyon counties spent an average of 10 days on the market.
In April, 796 homes sold in Ada County while 420 sold in Canyon County. Both are the highest number of homes sold in a month thus far in 2021. Since low inventory is a major driver of the rising prices, more homes for sale is a way to alleviate the pressure on the market.
According to the Boise Regional Realtors, 70% of buyers purchasing existing homes paid more than the listing price last month.
“Your agent might suggest various pricing strategies to ensure the home is listed within common price range searches to get in front of more buyers, or, suggest a price below similar market comparables to encourage more offers, which often results in higher sales-to-list price ratios, or multiple offer situation,” Boise Regional Realtors president Jeff Wills said in a news release.
“Ultimately, the decision on what the property will be listed for is made by the seller based on their goals,” Wills said, “and the sold price is determined by what buyers are willing to pay.”
Editor’s Note: This story has been updated with the correct median price for a new home in Canyon County in April and the correct median price in April in 2020.
Paul Schwedelson covers growth, Nampa and Caldwell. Follow him on Twitter @pschweds.
