ADA COUNTY, Idaho — This article originally appeared in the Idaho Press.
Ada and Canyon counties both had heightened numbers of home sales in September 2024 compared to the same month last year, according to recent Intermountain Multiple Listing Service (MLS) housing data.
The ninth month, which is the most recent for which statistics are available, saw 716 sales in Ada County, compared to 582 in September 2023. The median home had a sales price of $534,900, which was 97.3% of the original listing price.
There, median prices have declined $35,000 since June.
Canyon County’s year-over-year increase was more modest, with 422 sales in September 2024 compared to 406 a year earlier.
There, the median sales price was $423,896, which was 96.9% of the original listing price. It is a $13,000 increase from August’s median sales price and $8,000 higher than that of September 2023.
Ada County’s housing market is currently at 2.7 months of inventory, while Canyon County’s sits at about 3. Typically, inventory is highest in spring and summer, with the summer of 2023 seeing more modest increases than the years before and after.
Ada County’s inventory is now slightly down from a summer peak that tied with that of 2022. Canyon County’s has plateaued at a two-year high since May. About half of Ada County’s inventory is in the $300,000-$450,000 price range, while slightly more than half of Canyon County’s is between $450,000 and $600,000.
”The shortage of homes available for sale over the last few years have driven prices up. As we’ve seen more homes come on the market in the last year, we have seen the pressure and prices come down a bit,” Cassie Zimmerman, marketing manager for The Agency Boise, said. “They might still go up a little bit, year over year, but they’re not rising at the same rate as a few years ago.”
The rise in Canyon County’s median sales prices, according to Zimmerman, had more to do with a higher number of new construction sales, rather than a persisting trend.
”We might see them come down next month, if [fewer] new homes sell,” she said.
Of the sales in Canyon County for September 2024, 43% were for new homes.
“Those newer homes typically cost more than the existing resale homes do,” Zimmerman said. “I think that kind of pulled the median sales price up for Canyon County a little bit.”
Sales figures are slightly down from the COVID-era environment, while median prices peaked in 2022.
“People are still interested in moving into the Treasure Valley,” realtor Jodi Harada of The Agency said. “Our market is a little bit more balanced than it used to be, and so we are able to have more negotiation and be on the market a little bit longer.”
This article originally appeared in the Idaho Press, read more on IdahoPress.com.
