Ada County, Idaho Market Pulse Week of April 6 · from Luke Gilbert's team |
If you’re trying to buy or sell in Ada County right now, the biggest story is how long homes are sitting on the market. The median days on market just jumped to 42 days. That’s not a typo. Homes are taking six weeks or more to sell, which is a dramatic slowdown compared to what we’ve seen in recent years. For sellers, that means patience is back in style, and price cuts are starting to creep up across the board. For buyers, there’s a little more breathing room — but not a flood of bargains. Inventory is basically flat, but prices are holding steady. The median price is $674,945, which is almost unchanged from last week. Price per square foot is stuck at $299, which means sellers aren’t panicking or slashing prices, even as homes take longer to move. Still, more than a quarter of all listings saw price reductions, and that number ticked up slightly this week. It’s not a freefall, but it’s a sign that some sellers are adjusting as the market cools. Active Market Ada County is squarely in “buyer’s market” territory right now. The Market Action Index sits at 38.8, which means buyers have more leverage than they’ve had in a while. There are 1,552 homes for sale — just one less than last week — so supply isn’t surging, but it’s not shrinking either. The real shift is in how long it takes to get a deal done. If you’re selling, expect to negotiate, and maybe wait a while. If you’re buying, you’ve got more time to consider your options, and you might see a few more price drops as listings age. Price decreases are up to 25.6% of active listings. That means about one in four sellers has already trimmed their asking price. On the flip side, only 4.3% of listings increased their price, and that number actually dipped this week. The takeaway: sellers are more likely to come down than to hold out for higher offers. If I had to guess, we’ll see this trend stick around as long as rates stay high and buyers take their time. New construction New construction is back on the radar with a median price of $619,440. That’s a big swing since last week had no new-construction data at all. Builders are listing again, which could mean they’re feeling a little more confident or simply need to move inventory. Either way, new builds are coming in below the overall median, so they might appeal to buyers who want something move-in ready but are watching their budget. The bigger picture Nationally, the Fed is holding rates steady, so 30-year mortgages are still hovering between 6.5% and 7%. That’s putting a cap on how much buyers can afford, especially first-timers. In Boise, this is translating to slower sales and more negotiation. At the same time, strong job numbers are keeping the local economy afloat, and demand for housing isn’t falling off a cliff. If you’re waiting for a crash, don’t hold your breath. But if you’re hoping for a quick sale, you’ll need to price right and be patient. Global uncertainty and trade tensions are making some sellers hesitate, but for now, the biggest factor is affordability. With prices holding steady and homes sitting longer, buyers have more time to make decisions, and sellers need to be realistic about what today’s buyers can pay. The market has shifted from fast and furious to slow and steady. If you’re buying, take your time and watch for price drops. If you’re selling, expect some negotiation and be ready for a longer timeline than you might remember from the last few years. The next few weeks will tell us if this slow pace sticks or if spring brings a little more life to the market. | |||
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Prepared for you by Luke Gilbert |