The Treasure Valley’s boom in home prices continued in Canyon County in February.
The median price for a single-family home in Canyon County jumped more than $20,000 in one month. It’s the largest month-to-month increase since at least 2006, which is as far back as data from Intermountain Multiple Listing Service online records go.
The median price in Canyon County went from $338,490 in January to $369,000 in February. Year over year the median price in Canyon County surpassed a $100,000 increase from February 2020, when the median price was $265,000. The county’s median price for homes is 39% more expensive than a year ago.
Nampa Association of Realtors President Steve Cordell said he’s been caught off guard daily by the surge in prices.
“I’ve been doing this 25 years,” Cordell said, “and it’s just like, ‘Wow.’”
He pointed to low inventory and low interest rates as key reasons for the bump in prices. The low interest rates have been highlighted by experts going back to last August, the Idaho Press reported.
Cordell also said 20-30% of home buyers have been paying cash, which is much more than he’s used to and helping to drive up prices.
“It’s just like every day is a new surprise,” Cordell said. “I would think there’s got to be some kind of a leveling off point, but I’ve been thinking that for the last few years.”
Ada County prices in February dropped slightly from January. The median price decreased in the past month from $454,000 to $452,400.
It’s just the second time the median price dropped in Ada County from month to month in the past year. It dropped in October 2020 and May 2020.
February’s median price for a home in Ada County is still nearly $100,000 more than it was in February 2020 ($360,500).
The average days a house for sale was on the market in Ada County in February was 19 days, just above the 18-day average in January. In February 2020, that average was 50.
In Canyon County, the average days on market remained at 15, which was the average in January, too. A year ago, that average was 53 days.
Both counties had a decrease in total single-family homes sold from January to February. Ada County went from 519 to 506 and Canyon County went from 288 to 269. There were more homes sold in February 2020 in both counties (703 in Ada County and 358 in Canyon County).