Sales of existing homes in Ada County for September were down by double digits. It’s the first decline of that size since February of 2017.
In September, existing homes stayed on the market about 23 days. That’s up three days from August. Those extra 72 hours are making a difference in a housing market as hot at Boise’s. The brief window is giving buyers at least a little more time to try and negotiate down prices hovering in record territory.
Analysis from Boise Regional Realtors finds existing home sales tumbled by 24 percent compared to the same time last year and were down 25 percent from August. The group’s president, Gary Salisbury, says a lot of factors are contributing to the dip. However, the biggest reason for the decline is simple: Not a lot of existing homes are up for sale. Supplies have been running low for the last four years.
Other indicators the group is keeping an eye on are percent of original list price and that days on the market figure. The percent of original list price documents the difference between the asking price of the home and the final sale price.
September saw a single family home in Ada County going for just under $319,000 on average. In Canyon County the median price was about $230,000.
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