We usually report on all the major housing choices buyers face in our market including single-family detached houses as well as condominiums, townhomes, and homes on acreages. For this report, however, we are focusing on just single-family detached housing.
Ada County housing unit sales in September were 20% lower than they were last September, and pending contracts were also down 20% lower compared to the end of last September. This should mean lower same month sales in the next several months. As you can see from the chart below, unit sales began to slow beginning in June, and average and median prices began to fall beginning in July. Unit sales in the last 4 months were 24% lower than they were a year ago for those same months and inventory has doubled, from 21 days to 42 days.
Average and median prices rose 32% from October 2020 to July 2021, a period of 9 months. That kind of month-to-month price escalation is untenable.
August saw the continuation of the Ada County market slide that began in July. Closings in August were 29% lower than closings last August. Pending contracts, which are the best indicators of the near-term future, were also down 19% compared to the level of pendings at the end of last August.
As a result of the decrease in
sales, inventory has increased by a factor of 322% since the end of last
April and by 171% over the last 2 months, increasing from 21 days of
inventory to 39, still quite low compared to a “balanced” level of
approximately 180 days.
In the week preceding this report, almost
90% of the price changes in the market were decreases. The chart below
shows the number of sales and the average prices for each month’s sales
for the last 12 months.
Anecdotal evidence from our agents (commenting on fewer
showings on listed properties, fewer people attending open houses, etc.)
has been backed up by recent results. Unit sales were down this July
compared to last July by 29%, the highest reduction of same month sales
in the last 14 years (see the chart below). Pendings – contracts in
escrow at the end of the month – were also down 18% compared to the
level of pendings at the end of July 2020. Pendings, of course, are the
best predictor of near-term future sales.
Part of the reason for the slowdown
is that the average price of properties sold this July ($624,881) was
43% higher than last July. The median price ($535,000) was 40% higher.
An aftereffect of lower sales is
higher inventory. Ada County housing inventory at the end of this July
grew by 19% compared to the level of inventory at the end of July 2020.
Despite that increase, we still have only 30 days of available
residential properties, far from an over-supplied “buyers’ market”.
What should we do? Sellers, if this trend continues, future prices
may be lower than current prices so, if you’re thinking of selling, now
may be the best time. Buyers, make sure the prices of potential
purchases make sense to you. A professional Group One Sotheby’s agent
can help in that regard.
The chart below shows the record of same month July sales for the last 14 years:
One of the most unique properties in all of Garden Valley. This scenic 15-acre estate can be just about anything, it is zoned for both residential and commercial use. Currently, Sixty Chapel Ln plays host to weddings as an operating event venue & AIRBNB business that features an outdoor amphitheater, swimming pond, guest cabins, glamping tents, RV parking, and more…
Sleep 50 guests
The property is permitted for up to 10 events per season, with an allowed 150 attendees per event, and through the combination of guest accommodations, up to 50 people can be housed on any given night.
A Turnkey Business Operation
The property is being offered fully furnished, with some pre-scheduled events through 10/3, so from day 1 it is prepared to host. The operators are even willing to discuss staying on to create a smooth transition.
Offered for $2,470,000 60 Chapel Ln, Garden Valley, Idaho 83622 listed by John May, Group One Sotheby’s International Realty MLS: 98810552
down, pendings down, prices up. Sound like 2007? The question often
heard is, will we repeat 2007-2009 again? The number of units sold and
the number of pendings during the first 6 months of this year are both
down compared to the same statistics for last year. And yet prices are
up. In 2007, this same pattern led to a major correction in 2008. Will
that happen in 2021?
chart below shows that the first 6 months in 2021 are similar to 2007
when unit sales were down, pendings were down and prices were up. The
same pattern is evidenced in the first 6 months of 2021. Although there
are similarities to 2007, there are some major differences. In 2007,
the inventory of available homes was high, while this year inventory is
very low. In addition, the equity in homes today is much higher than
2007 when there were many “no doc” loans which created a risky profile
of existing inventory.
there are similarities today to what the market was like in 2007, we
can witness several trends, such as solid loans and low inventory, that
protect us from another downfall.
The chart below presents a deeper dive into the current Ada County real estate market.
A state-of-the-art fireworks display is set to make its return to the city of Boise, in Ann Morrison Park!
“We have made huge strides in recent months in the fight against COVID-19 and I can’t imagine a better way to celebrate our citizens’ resiliency than with a state-of-the-art firework display for all to enjoy,” said Mayor McLean.
The fireworks display will begin at 10:15 p.m. (dusk) on July, 4th, Independence Day. Ann Morrison Park will be closed to vehicles, but people who plan to watch the fireworks are welcome to walk or ride a bike into the park throughout the day. Outside food and drinks will be permitted in the park, with the exception of glass bottles or containers. No alcoholic beverages are allowed within 250 feet of the Boise River Greenbelt. It’s also requested to leave your drones, pets, and fireworks/sparklers at home.
Sotheby’s International Realty is pleased to announce that it is the No. 1 real estate brand represented in the 2021 REAL Trends “The Thousand” Individuals by Sales Volume list. Year after year, the brand continues to have more sales associates represented in the rankings than any other real estate company, accounting for 20% of the category in 2021. The annual report ranks America’s top 1,000 residential real estate agents and teams based on 2020 annual sales volume and transaction sides.
Sotheby’s International Realty claimed 50 of the top 250 sales associates in the REAL Trends individual sales volume category.
“Sotheby’s International Realty continues to build off the momentum of a record-breaking year in 2020,” said Philip White, president and chief executive officer. “Sotheby’s International Realty leads the industry in the individual sales volume category and the rankings exemplify the hard work and achievements of our sales associates and teams across the country. Their performance made significant contributions to the brand’s record US$150 billion in global sales volume last year and we are proud to count them as ambassadors of the Sotheby’s International Realty brand.”
Perched on the rim, each of these stunning, one-of-a-kind residences are thoughtfully designed to provide a living experience that is as unique as its inhabitants. Crescent Rim is renowned for its carefully considered amenities intended to make life on the rim complete and carefree. Each residence offers all of the benefits of urban resort living. Lush gardens and water features overlook Boise’s premiere parks before revealing the growing, downtown Boise skyline. The foothills provide a stunning backdrop whether our treasured skyline is kissed by the setting sun or bathed in the evening moonlight.
Unit 107 & 205
The last two available units offer an unparalleled opportunity to live at an address that has always been associated with great character, charm, and elegance, an identity that continues to grow with each generation, and those fortunate enough to call it home.
Unit 107 | 2 bedrooms, Office, 2-1/2 baths, 1,837 sq. ft. plus 237 sq. ft. deck | Offered for $825,000
A gorgeous curved wall of windows in the main living area draws your eye to the views of the fountains and the mountains beyond. The generous master suite includes a private deck and an enormous walk-in closet. The open concept living room and kitchen help to maximize the space. A full-sized utility room makes living a breeze. Live here in quiet, carefree comfort!
Unit 205 | 3 bedrooms, Office, Wine Room, 2-1/2 baths, 3,109 sq. ft. plus 408 Sq. Ft . deck | Offered for $1,695,000
This condo is simply beyond compare. The V plan offers incomparable views and living space. This is the only true 3-bedroom condo at Crescent Rim. Superior downtown views and an eastern orientation continue to set this beautifully designed condo apart. Upgraded features include a wine room and an enormous master walk-in closet with direct access to the laundry. The V takes its place as one of our five premiere view condos, perfectly perched on the second level with northeastern exposure.
Building Amenities & Features
Private guest suites available for overnight visitors
Views of downtown from a serene setting
Immediate proximity to Boise’s parks and greenbelt
Helped by a 67% increase in inventory compared to the end of April, May 2021 saw a 12% increase in the number of sold properties in Ada County over May 2020. Properties sold increased despite inventory being less than half of what it was at the end of May 2020.
Even better news, most of the increase in inventory was caused by an increase in the availability of existing, not new, homes. Those can’t be manufactured; an increase in the inventory of existing homes depends upon the willingness of owners to part with their properties and move on.
During the past year, characterized by high demand and low inventory, average home prices sold in Ada County have increased by 21%; good for existing owners, but challenging for buyers. What a great time for sellers of existing homes! The price per square foot for existing homes sold in the past year was $229, roughly 6% higher than that of new homes ($216). Is this a once-in-a-lifetime opportunity for those who own homes in Ada County?
It might be.
To find out what your home is worth, contact your Group One Sotheby’s Realtor.
first 3 months of the year saw a reduction in same month sales; April
changed that trend. Even though we had 74% fewer properties available,
we sold 14% more units in April 2021 than we did in April 2020. Pending
contracts – contracts that are executed but not yet closed – were also
up 16% over the end of last April, promising the continuation of a
Although the number of properties sold in the first 4 months this
year were 3% lower than the comparable period of last year, the average
price was an astounding 31% higher and the median price was 28% higher
for sales during that period.
One surprising continuing trend is that the price per square foot of
resale homes is about 6% higher than the price per square foot of new
homes. Historically, new homes have sold for much more than resale
As a reminder, our data includes sales not only of detached single-family homes, but also of condominiums, townhomes and homes on acreages, covering all the expanded choices buyers enjoy in our modern market.
The table below shows a breakdown of units sold as well as the
percentage increase in average and median prices for each type of
residential property sold during the first 4 months of 2021 compared to
the same months in 2020: