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Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

Homes in Boise, Meridian, Eagle, Nampa, Caldwell, and greater Idaho areas.

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A Look at the Fall Housing Market

September 14, 2022

The median sales price for homes in Ada County was $565,000 in August, down 4.2% from July but 6.6% higher than August 2021. Higher mortgage interest rates and higher home prices have impacted monthly mortgage payments, causing some potential buyers to make budget adjustments, and others to press pause on their home search for the time being.

Home prices in our market are driven by supply and demand. Sellers are responding to the changes in the demand for housing and adjusting their prices according. This has caused the median sales price to come down from its peak of $602,250 in May.

One factor contributing to lower sold prices is the fact that buyers are typically paying less than list price. The average original list price received for existing homes in August was 94.0%, so on average, buyers paid less than asking through a lower accepted offer, price reductions, or seller concessions. In August 2021, the average original list price received was 99.8%, or just under asking.

While interest rates still pose a challenge, other market conditions have continued to move the right way for buyers — slower price growth, more options, and more time to decide before submitting an offer. Speaking of time, homes that sold in August spent an average of 29 days on the market before having an accepted offer, a much more normal market time compared to the 14 days average in August 2021.

Options abound with 2,374 homes available for purchase at the end of August, allowing buyers who were sidelined when the market was ultra-competitive to resume shopping for their next home. However, the current supply of homes is more nuanced than it appears at first glance.

We’re not out of the woods yet when it comes to inventory. Months Supply of Inventory, or MSI, is our best gauge on how well supply is keeping up with demand. MSI jumped up as demand cooled in recent months, but it held steady at 2.8 months in July and August. A balanced market, or one that doesn’t favor buyers or sellers, is typically 4-6 months of supply.

So, what does this mean for buyers and sellers?

Read full stats by county at Boise Regional Managers.

REad More

Filed Under: Articles, General Tagged With: Boise Housing, Housing Market, Market Statistics

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  • 1420 W Washington St
    Boise, ID 83702
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1802 S Eagleson Rd $724,900

1802 S Eagleson Rd Boise, Idaho

3 Beds 3 Baths 2,146 SqFt 0.160 Acres

3932 S Duston Pl $549,900

3932 S Duston Pl Boise, Idaho

4 Beds 3 Baths 2,508 SqFt 0.140 Acres

2706 S Malibu Rd $487,900

2706 S Malibu Rd Boise, Idaho

4 Beds 3 Baths 2,730 SqFt 0.210 Acres

10465 W Arnold Rd $449,900

10465 W Arnold Rd Boise, Idaho

4 Beds 2 Baths 1,520 SqFt 0.181 Acres

1814 S Rand St $449,800

1814 S Rand St Boise, Idaho

3 Beds 2 Baths 1,912 SqFt 0.150 Acres

7203 N Parkcrest Ave $439,900

7203 N Parkcrest Ave Boise, Idaho

3 Beds 2 Baths 1,310 SqFt 0.190 Acres

5889 S Tulip Pl $399,000

5889 S Tulip Pl Boise, Idaho

3 Beds 2 Baths 1,213 SqFt 0.160 Acres

1816 W Roberts Ave $375,000

1816 W Roberts Ave Nampa, Idaho

3 Beds 2 Baths 1,635 SqFt 0.180 Acres

5650 N Willowlawn Way $355,000

5650 N Willowlawn Way Garden City, Idaho

2 Beds 2 Baths 1,142 SqFt 0.140 Acres

427 7th Ave N $299,000

427 7th Ave N Nampa, Idaho

3 Beds 2 Baths 1,482 SqFt 0.140 Acres

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Sheila Smith Real Estate Group
1420 W Washington St.
Boise, ID 83702

(208) 254-2090

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