Median Sales Price
The overall median sales price has soared by nearly $18,000 compared to last year, though it dipped slightly by $5,000 month-over-month.
Resale median sales price is an impressive $30,000 higher than May 2023.
May's new build median sales price was the third highest since November 2022, showcasing strong demand!
Homes Sold
May marked a high point with the most single-family home sales since June 2022, when the median sales price was $592,090 and the mortgage rate was 5.09%.
Only twice in the past 20 months did closed home sales exceed 500 units: May and June 2023, highlighting a vibrant market!
Pending Sales
While inventory surged, pending sales for existing homes took a brief nap, with a slight decrease of nearly 100 contracts this month.
However, pending sales bounced back with an increase of 20 contracts from the previous month and a remarkable gain of 170 contracts year-over-year.
Inventory
Ada County reached a milestone with the highest inventory for all sectors in 18 months as of May.
Existing home inventory saw a significant boost, rising by over 250 homes month-over-month, marking the highest resale inventory since October 2022.
Days on Market
The days of 40-50 days on the market from December to February for existing homes are over! May's days on market stayed in the 20s, indicating quick sales.
New build inventory's longer days on market, over 70 days, has helped keep the market balanced and healthy.
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