Ada County, Idaho Market Pulse Week of April 13 · from Luke Gilbert's team |
More homes are hitting the market in Ada County, but buyers still hold most of the cards. Inventory just saw its biggest jump in months, yet prices are barely budging and homes are selling a little faster than last week. If you’re thinking about selling, that means more competition. If you’re buying, you might finally have more options to choose from, even as high mortgage rates keep budgets tight. The story this week is all about balance: more choices for buyers, but sellers are not slashing prices just to get a deal done. Most listings are holding steady, but about one in four sellers are trimming their asking price. The market is moving, but not rushing. It’s still a buyer’s market, but only just. Active Market Let’s start with the numbers that matter: inventory jumped by 79 homes this week, bringing the total to 1,631. That’s the biggest increase we’ve seen in a while, and it means more options for buyers who felt boxed in earlier this spring. But don’t expect fire-sale prices. The median sale price only slipped by about $1,000 to $674,000, and the price per square foot is stuck at $299. Sellers are holding the line, but the sheer number of homes for sale means they can’t ignore the competition. The median days on market dropped to 35, down a full week from last report. Homes are moving a little faster, maybe because some sellers are finally adjusting their prices or buyers are tired of waiting for rates to drop. Still, 25.7% of all listings saw a price cut, and 5.2% actually increased their price, a small uptick. That tells me there’s a little more confidence among some sellers, but most are feeling the pressure to negotiate. New construction New construction prices took a noticeable dip, falling nearly $15,000 to land at $604,495. That’s well below the resale median. If you’re eyeing a new build, this could be your moment to lock in a deal before rising material costs push prices back up. Builders may be feeling the squeeze from increased inventory and higher costs, so watch for incentives or price adjustments in new neighborhoods. The bigger picture Mortgage rates are still hovering around 6.5% after the Fed kept its policy steady. For Ada County, that means monthly payments are higher than many buyers are used to, so affordability is front and center. This is keeping first-time buyers on the sidelines and forcing move-up buyers to do the math twice before making an offer. Nationally, strong job growth is keeping Idaho’s economy healthy, especially in tech and healthcare. That’s bringing new buyers to the area and could support demand even as inventory climbs. But on the flip side, global trade tensions are raising the cost of building materials, which may slow down new projects and keep the lid on how much inventory actually hits the market in the coming months. Sellers, you need to price right and expect competition. Buyers, you finally have more choices and a little more negotiating power, but high rates mean you should be careful not to overextend. The market is neither hot nor frozen—it’s that rare middle ground where both sides have to stay sharp. It’s not the wild seller’s market of a few years ago, but it’s not a deep freeze either. With more homes to choose from and prices holding steady, the next few weeks could tip the balance. Keep an eye on inventory and watch how quickly homes move—the market’s direction depends on whether buyers step up or wait things out. | |||
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Prepared for you by Luke Gilbert |