Ada County, Idaho Market Pulse Week of April 27 · from Luke Gilbert's team |
Sellers hoping for another price jump are in for a reality check this week. After last week’s surge, Ada County’s home prices barely budged, and more sellers are dropping their asking price to compete. At the same time, buyers are still facing high borrowing costs and homes are staying on the market longer. Both sides are waiting for the other to blink, and the result is a cautious market with little movement. For buyers, this means more room to negotiate as price cuts become more common. For sellers, the message is clear: patience is required, and pricing aggressively could mean your home sits for weeks. The market is still tilted toward buyers, but nobody is making desperate moves. Active Market The median price for an Ada County home ticked up about $8,000 this week to $694,900. That’s a much smaller gain compared to last week’s jump, and it suggests sellers are testing the waters but not finding huge success. Price per square foot is holding steady at $301, so this isn’t about bigger or fancier homes selling—it’s just a stable market. Inventory climbed slightly for the second week in a row, now sitting at 1,623 active listings. That means more choice for buyers, especially compared to last year. But here’s the real signal: 28 percent of sellers cut their price this week, up from 26 percent last week. Homes are sitting on the market for a median of 42 days, which is unchanged but still longer than earlier this spring. Sellers who aren’t realistic about pricing are finding their listings getting stale. If you’re shopping right now, you can afford to be picky. With more inventory and a growing number of price drops, there’s less pressure to rush. But if you’re selling, you need to watch your competition closely—overpricing is a risky bet, especially as the busy season winds down. New construction New construction saw a sharp reversal this week. The median price for a new build dropped nearly $90,000 to $599,997. That’s a huge swing and puts new homes back below the resale median. Builders may be feeling the squeeze from higher construction costs and cautious buyers, especially as global trade tensions push material prices up. If you’re shopping for new construction, this is the first real sign of relief in weeks—and it could mean builders are more willing to negotiate or offer incentives. The bigger picture Mortgage rates are still stuck in the 6.5 to 7 percent range, and that’s keeping monthly payments high. Even as prices stabilize, many buyers are stretching to make the math work. The strong national jobs report could keep demand steady, especially among people relocating for tech and healthcare jobs. But high rates and uncertainty about future Fed moves are keeping a lot of would-be buyers on the sidelines. Construction costs remain a wild card. With new tariffs and global supply chain issues, builders are having to watch their budgets more closely, and that could limit how many new homes hit the market in the months ahead. For Ada County, that means inventory could tighten again later this year, putting a floor under prices even if demand wobbles. The market isn’t moving fast, and that’s not a bad thing for most people. Sellers need to be patient and smart with pricing, and buyers finally have some leverage. If you’re waiting for a big shift in either direction, the numbers just aren’t giving you much reason to expect it soon. For now, steady and slow is the name of the game. | |||
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Prepared for you by Luke Gilbert |