With January heralding the new year and decade with spring buying season-like activity, what would February bring? Like January, inventory continues to be in short supply as demand is outpacing available supply. When compared to February of 2019, prices in Ada County saw roughly an 11% increase. Canyon County saw a nearly 16% increase year-over-year.
The good news, for those looking to buy a home in Ada County, property values remained relatively flat in comparison to the previous month. Canyon County, on the other hand, saw a modest 3.5% increase in the median price for homes sold in February.
While we haven’t officially entered the spring buying season, indications are still pointing toward the market being strong for sellers.
Now let’s take a closer look at each county and how the numbers settled for February.
Ada County saw the median home price of $361,350, which, as mentioned above, was up just over 11% versus February of 2019, but was slightly down from January 2020. Seven hundred homes were sold in February, a modest 3% increase year-over-year. Listings are down again for the month, illustrating the tight supply the area is experiencing. The resale supply is just under one and a half months.
Canyon County had less inventory in February 2020 versus February 2019 but did manage to see a 14% increase in homes sold. The area also saw a nearly 16% increase in the median home price since last year. Additionally, it saw inventory supplies lower than where they were a year ago. Like we saw in January, inventory levels are deficient and have dropped to 1.65 months of supply.
The Last Word
As we approach the spring buying season, lack of supply is going to continue pushing prices higher. The good news is that if you’re a homeowner looking to capitalize on the market, there’s no time like the present to sell your home.