As of this morning, we have 4,534 single-family homes on the market in Ada County.
The average asking price is $370,910; the median asking price is $299,000.
This represents a 50% increase in listing inventory since June, when 2,978 single-family homes were on the market.
Our listing inventory has tripled since January, when we had approximately 1,550 homes for sale.
We are adding about 300 homes to our listing inventory each month; if this trend continues through the winter, we will have 6,000 homes for sale by next Spring ~ quadruple the listing inventory of a year earlier.
7,811 Ada County homes have closed escrow year-to-date, indicating an average absorption rate of 822 homes closed per month, resulting in a 5.5 month supply of listing inventory.
It is interesting to note the average asking price for a home in Ada County remains at $371,219 while the average closed price is $267,384. This doesn’t mean that the average seller is conceding $100,000+ to sell their home; it means that the mix of homes actually selling is below the average asking price.
I am seeing a lot of price reductions, seller-paid buyer’s closing costs, and offers of bonus commissions to buyer agents!
This is good news for buyers, but many sellers have yet to realize they are now in a buyer’s market.