April 2021 - Market Statistics - Ada, Canyon, Elmore, and Gem Counties

April 2021 Housing Statistics - Ada, Canyon, Elmore, and Gem Counties

Historically low mortgage rates, which enabled some buyers to purchase at these higher price points, or, allowed them to increase their offers to be more competitive. In April 2021, the 30-year fixed rate was at 3.1%, on average, compared to 3.3% in April 2020 and 4.1% in April 2019.

The speed at which Ada County homes went under contract accelerated in April 2021 as the average number of days between when a home was listed for sale and an offer was accepted dropped to a record low of 14 — 36.4% faster than in March 2021. Existing homes had accepted offers within an average of just 10 days — 28.6% faster than last month.

The fast pace of the market was due to the insufficient supply of homes for sale compared to buyer demand. This imbalance in supply versus demand, as well as the fact that nearly 70% of buyers of existing/resale homes paid more than the list price last month, put upward pressure on home prices. The median sales price in April reached a record $489,000 for existing/resale homes — up 2.8% from March 2021.

The homes in Canyon County that sold in April didn’t spend long on the market — the average number of days between when a home was listed for sale and received an offer to purchase was 15 — 33.0% faster than in April 2020. 

The fast pace of the market was due to the insufficient supply of homes for sale compared to buyer demand, putting upward pressure on prices. In April 2021, the median sales price for homes in Canyon County reached $386,000, an increase of 42% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

There were 34 closed sales in Elmore County last month — a decrease of 10.5% compared to April 2021, but up 21.4% compared to April 2019. Of those sales, 31 were existing/resale homes, and three were new homes.

The homes that sold in April didn’t spend long on the market — the average number of days between when a home was listed for sale and received an offer to purchase was 13 — 48.0% faster than in April 2020 and 53.6% faster than in April 2019. Existing homes had accepted offers within an average of just 11 days — 45.0% faster than the year before and 62.1% faster than the same month in 2019.

The fast pace of the market was due to the insufficient supply of homes for sale compared to buyer demand, putting upward pressure on prices. In April 2021, the median sales price for homes in Elmore County reached $250,925, an increase of 24.4% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.