Prices followed suit with nearly 70% of buyers willing to pay over list price for existing homes in May 2021, compared to 30% from a year ago. With delays in new home delivery, demand for existing homes that are ready to move-into, further increased.
As a result, new construction home prices reached a median sales price record of $544,986 in May 2021 - an increase of 16.0% from the previous record of $469,900 in April 2021. New construction has often been an option for those looking to sell their existing home however, due to rapid increases in material costs - especially lumber - coupled with supply chain disruptions, not only are new construction homes more expensive, some builders have held back available inventory until they are closer to delivery so they can price the property based on final materials costs. Buyer demand remains high due to historically low mortgage rates, and the added ability for more people to work remotely has likely increased in-migration due to our relative comparative affordability in comparison to more expensive metro areas.įurther, the supply of homes for sale continues to be restricted by longer homeownership tenure, baby boomers aging in place, and a hesitancy from potential sellers who may be concerned about finding another home in these competitive market conditions.
SAN CARLOS CITY STANDARD NOTES DRIVER
The Boise region has faced insufficient supply for years, which has been the main driver of home prices, but several factors have accelerated the growth in recent months. Crossing this threshold may have been anticipated by some, considering the recent report from shared by the Idaho Statesman noting that the Boise metro’s price growth was the highest in the country over the past four years. The median sales price for homes in Ada County reached a new record of $523,250 in May, up 8.7% compared to April 2021. Since there will be stark fluctuations when comparing activity this year to last year, we will focus on month-over-month changes instead. Sales were down because REALTORS ® and consumers heeded the statewide stay-home order that was in place at that time, and sales quickly rebounded as we moved through the phased re-opening plan. Note: Last year, our May 2020 market report showed a nearly 30% drop in sales year-over-year in Ada County, the largest drop since 2008.
SAN CARLOS CITY STANDARD NOTES PROFESSIONAL
Boise State Center for Professional Developement.Virtual Meeting and Local Elected Officials Contact Information.
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