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.