ADA COUNTY, Idaho — Note: The video above is from a Jan. 5 story on what is driving Treasure Valley home prices.
The Treasure Valley's white-hot housing mark hit a new high last month, with a record-breaking median home sale price of $546,000 in Ada County.
According to Boise Regional Realtors, more homes were on the market in Dec. 21 than in previous months, but housing supply is still far outpaced by demand.
In a Wednesday release, Boise Regional Realtors President Becky Enrico Crum called last year's housing market "incredibly competitive."
"One could easily argue that this past year brought the most fast-paced market we've ever seen, particularly in the first half of the year," she said.
Nearly 70% of homes sold in Ada County were going over asking in May, with an average of $44,075 over the listing price. The amount over listing had dropped by December, with houses on average going for $16,487 over asking.
A smaller percentage of homes were sold at above their list price in Ada County last month, according to Boise Regional Realtors, which likely indicates that prices "have become more aligned with what buyers are willing or able to pay."
The median sales price for existing homes was $510,000 in December 2021, up 21.4% compared to a year ago. When new construction homes and existing houses are combined, that median jumps to a whopping $546,000 in Ada County, reflecting the higher prices of new-built homes.
For all of 2021, the median sales price for homes was $505,000, a 34.7% increase over 2020 "and the largest annual gain since we began tracking this data in 2006," according to the group's release.
However, Boise Regional Realtors noted that house sales appear to be slowing down in Ada County - and more homes are now on the market. At the end of December, there were 582 homes available, more than 75% more than in December 2020.
A total of 10,855 home sales were recorded last year, an 11.8% drop from 2020 and the lowest number of total annual home sales for Ada County since 2017.
"Much to the relief of buyers, we saw more normal market times and increases in inventory in the last few months of 2021," said Enrico Crum. "However, we're still a long way from a balanced market and we hope more homeowners are able to realize the great values for their properties by listing in the coming months."
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