The rolling 12-month median sales price in Gem County rose to $354,950 in August 2021, once again marking a new high.
The 85 homes that were available for purchase at the end of the month represented a healthy combination of existing (56) and new (29) homes.
The number of existing homes for sale more than doubled from a year ago, presumably as homeowners were encouraged by area price gains. Further, new construction options remained as high as they’ve been since 2007 offering more choices for buyers throughout the county.
There was an average of 24 days between when a home was listed for sale and an offer was accepted in August. While faster than the same month last year, buyers in Gem County aren’t feeling quite as quick a pace as those in Ada County, where the market times there have been at or below two weeks for the past few months.
One factor that is contributing to some of the price gains, are the number of homes that are selling for more than their original list price. In August, 34.2% of homes sold for more than list price, and for an average of $21,148 over. This was up from last year when 28.9% of homes sold for over list and for an average of $11,265 more.
“While the share of homes selling for more than list price has grown in the county, the majority are still selling at or under,” said 2021 President of Boise Regional REALTORS®, Jeff Wills.