Ada County, Idaho Market Pulse Week of April 20 · from Luke Gilbert's team |
Sellers in Ada County are getting a shot of optimism this week, but buyers might be scratching their heads. After a spring of rising inventory and slow-moving deals, prices just jumped by nearly $13,000 in a single week, and new construction prices shot up even more. The catch? Homes are sitting longer than they have all month, and the supply of listings actually ticked down. This is not what most people expect from a buyer’s market. If you’re trying to time your move, here’s what matters: the market is sending mixed signals. Prices are up, but homes are taking longer to sell. Inventory dipped, but it’s still high by local standards. The balance of power is still tilted toward buyers, but sellers are clearly not panicking. Active Market Ada County’s median home price jumped to $686,990, up almost $13,000 from last week. That’s a big swing for one week and the biggest upward move we’ve seen this spring. Price per square foot nudged up to $301, so it’s not just bigger homes selling—overall pricing is climbing. Inventory pulled back slightly to 1,613 homes for sale, but that’s still a lot of options compared to last year. Here’s the flip side: the median days on market just climbed to 42 days, a full week longer than last report. That means buyers are still taking their time, and more homes are sitting without offers. About 26 percent of sellers cut their price—same as last week—which tells me that even with prices up, plenty of sellers feel pressure to negotiate. Only about 5 percent of listings raised their price, a tiny drop from last week. The bottom line is buyers have more power, but the sharp price jump could be sellers betting that spring demand will bail them out. New construction The biggest shock this week is in new construction. The median price for a new build shot up over $84,000 in just seven days, now sitting at $689,000. That’s a huge leap after last week’s dip. If you’re shopping for new construction, expect sticker shock compared to even a month ago. Builders may be pricing in higher costs or betting that the busy season will bring more buyers. Either way, the days of bargain-hunting for a new build seem to be on pause for now. The bigger picture Even with these price jumps, high mortgage rates (still around 6.5 percent) are keeping a lid on how much buyers can actually afford. Every $1,000 increase in price adds more to your monthly payment, and there’s no sign of rates dropping soon. Locally, the job market is strong—especially in tech—which is helping some buyers stretch their budgets, but not everyone can keep up with these price moves. Global events are quietly shaping the picture as well. Rising oil prices could push up your utility bills and transportation costs. That could mean less room in household budgets for housing, which might cool demand if prices keep rising this fast. On the other hand, Ada County’s economy is holding up better than most, so demand is not disappearing. If I had to guess, I’d say we’re in for a few more weeks of this push-pull—rising prices, but buyers refusing to rush. Sellers, this is your best shot in months to test the upper end of the market, but patience will be key. Buyers, you have more choices than last year and more power to negotiate, but don’t expect desperate sellers. Both sides should keep an eye on how long homes are sitting and whether this price jump sticks. If prices keep climbing but homes linger on the market, something will have to give—likely in buyers’ favor. | |||
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Prepared for you by Luke Gilbert |