BOISE — A new report about the market for single-family homes in the Treasure Valley shows big price gains in the past year.
From January 2019 to January 2020, resale home prices increased by over $58,000 in Ada County and nearly $32,000 in Canyon County, according to a monthly report from Realtor Mike Pennington with John L. Scott Real Estate.
“In the 20 plus years I have done these reports I have never seen such growth in sales and values,” Pennington wrote.
Ada County’s average resale home price in January was $384,010, up 18% year over year. The average new home sale price was $450,518, up 9%.
Canyon County’s average resale home price in January was $242,589, up 15% year over year. The average new home sale price was $316,357, up 9%.
Pennington bases his reports on data from the Intermountain Multiple Listing Service.
In January, 1,030 homes, both new and resale, closed in both counties, 214 more than January 2019.
New home sales were up dramatically in January. The number of new homes sold was up by 38% in Ada and 61% in Canyon over January 2019, according to the report.
The inventory of new homes on the market is down in both counties.
“We simply cannot build homes quick enough to satisfy demand,” Pennington wrote, and that lack of supply will lead to even more of an affordability crisis for both local buyers and out-of-state folks looking to relocate to the Treasure Valley.
“With the economy on fire,” Pennington wrote, “there does not seem to be any slowdown in sight.”