Idaho is known for its fickle weather patterns and this spring was no exception. Regardless, April’s Treasure Valley real estate market remained unaffected with sales activity staying relatively consistent with March’s numbers.
New Home Sales
New home sales fell by about eight percent versus March. Compared to a year ago, new home sales are down by about 21 percent which demonstrates the continuing inventory problem affecting the market.
Existing Home Sales
Existing home sales are mostly inline with March 2022 volume and are up about 47 percent from a year ago.
Building Permits
Building permits posted an impressive gain of nearly 60 percent from the month prior; filings are down just 20 percent from a year ago.
Average Treasure Valley Sales Price
With limited inventory, we are seeing Ada County’s average sales price (ASP) slowly inch its way towards the $700k mark landing at $680,451. Canyon County’s ASP is just as impressive coming in at $517,272. Thusly, the combined April ASP for Ada and Canyon arrived at $598,862 – an increase of two percent from the month prior and nearly 26 percent from a year ago.
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The PTC Index is a monthly measurement of the vibrancy of the Treasure Valley real estate market. Based on a custom-weighted algorithm, it combines nine critical measurements of the real estate market into a single, useful number: the PTC Index.