ADA COUNTY
MEDIAN SALES PRICE —
- Pickings remained slimmer this month, resulting in higher sales prices compared to last year, but the MSP still eased from Oct 2023.
- Higher mortgage rates in early Nov may have catalyzed lower prices for the month.
HOMES SOLD —
- This year's seasonal slow-down from Oct to Nov was less abrupt than 2022 where we saw a steeper bog.
- For example, new homes saw 11 less sales since last month; there were 45 fewer closings from Oct 2022 to Nov 2022.
PENDING SALES —
- For the first time in 31 months, pending contracts experienced its first summit over the previous year.
- Paired with shrinking gaps in YOY data for sales, market hunger is keeping warm.
INVENTORY —
- Inventory had been on a slow incline since Jun 2023, only to revert this month.
- Existing/resale saw the greatest shrink in options, slipping from 825 available properties to 656.
DAYS ON MARKET —
- DOM for single-family homes decreased slightly by 4 days compared to Oct.
- In Nov, the homes that sold for less than $500k spent an average of 13 fewer days on market than those that sold for more.
A MESSAGE FROM BRR'S PRESIDENT —
"We are interested to see how the market responds to mortgage rates dropping nearly 0.75% since early November and what affect that may have on sales prices and Days on Market next month."
~Debbi Myers, Boise Regional REALTORS® 2023 President
CANYON COUNTY
- The price gap between new construction and existing homes has continued to diminish. In Nov 2022, the difference was approximately $120k but now sits at approximately $31k.
HOMES SOLD —
- New construction took the reins on home sales in Nov, bumping up from 141 sales in Oct 2023 and 129 sales in Nov 2022.
- Resale's contracts and closings cooled compared to last month and last year.
PENDING SALES —
- New construction accounted for a significant portion of this month's pending sales — 71.2% of the overall pot.
- Oct 2023 marks the 20th month of YOY pending sale declines (since Feb 2022).
INVENTORY —
- While there was a dip in inventory for all sectors aside from new construction, the MSI (below) remained the same compared to last month, showing supply and demand remained steady.
DAYS ON MARKET —
- This month was another historically speedier month when juxtaposed against the previous year. For example, single-family homes spent an average of 17 less Days on Market than in Nov 2022.
A MESSAGE FROM BRR'S PRESIDENT —
"We're seeing months' supply of inventory at play with the price divide between new construction and resale. As existing home supply struggles to keep up (MSI 1.7) and new construction makes headway (MSI 3.0), the sectors' prices are reflecting the balancing act."
~Debbi Myers, Boise Regional REALTORS® 2023 President
To view the Treasure Valley homes currently for sale, CLICK HERE
