Ada County Housing Market Update for February 2022 | Engel & Völkers Boise- Catherine Bonaminio3/13/2022
Market Update- Ada County February 2022
The Ada County housing market continues to be hot in February with sale prices and volume continuing to rise. According to the latest report from Boise Regional Realtors, the average sale price for a home in Ada County is now $549,900 - up over 21.6% from last year. While inventory levels are still tight, more homes are coming onto the market, which is good news for buyers. If you're thinking of buying or selling a home this spring, it's essential to stay up-to-date on what's happening in the market. So read on for an overview of the latest trends in Boise's housing market.
As the winter months start to melt away a once somewhat peaceful January market. Februarys typical hit the ground running market has taken over. The average homes sales rate is a pure reflection of this. Our median sales price has scored to an all time high. A new record breaking moment that has our sellers wanting to cash out quick and our buyers eager to get their foot through the door. It goes to say year after year our market has and will keep growing at a rapid pace.
One great indication that the Spring market will once again be fast paced this year is the number of days on market. From the moment a seller listed a home and locked in a contract was 23 days. Compared to January a seller had on average 33 days. According to the Boise Regional Realtors this a continuous year after year increase of 14 days which would be 155.6% this is a considerable drop! Taking these numbers into account we know our buyers have time to window shop for the right home. Even then we will need to make quick decisions on putting in offers and making them as clean as possible.
Considering our average sales price is at an all time high, it appears the on average our existing homes are receiving 99.6% of the original list price. Meaning buyers are paying slightly less than what sellers had expected In comparison to 2021 our buyers paid on average 105.5% of the asking price.
New construction home sales had a large inventory on our February market adding a large contributing factor to our record breaking sales. Builders have been hard at work making up for the hard loss in 2020 adding a whopping 30.6% more inventory than what we had last year. Our new construction homes made up 36.7% of our sales.
We saw 660 sales in the valley which 418 of those sales were exiting homes on the market from the previous months. This is an increase of 21.9% in comparison to 2021 market statistics. Taking our existing and recent data we are now up 7.1% from January 2021.
We ended February with 493 homes on the market. This is quite the leap by 62.7% more than last February. It's exciting to see more opportunities for our eager buyers yet we know this is still very low considering our high buyer demand.
Market stats from cities within Ada County
Summary Boise Market
(If you would like to view homes that are currently available within the above cities simple click the above link provided.)
It’s clear that the real estate market is on an upswing and there has never been a better time to buy and sell. Selling your home in today’s market will result in more equity for you, while buying now will give you the opportunity to grow your wealth quickly. Follow me on social media to keep updated on all things Real Estate and Idaho events – I’ll be sure to let you know when the next hot property comes up for sale. Thanks for reading!