ADA COUNTY
MEDIAN SALES PRICE —
- Jan was the lowest single-family home MSP we've seen since Mar 2023.
- Resale saw a minor increase of $500 while new construction faced a $15k reduction in sold price compared to Dec 2023.
HOMES SOLD —
- There was a greater balance between resale and new build sales in Jan with a 93-home gap (compared to Dec's 112 home gap).
- Resale's +1.8% YOY change was the first positive rebound for sales in 21 months.
PENDING SALES —
- Pending sales leaped to the highest number of new contracts since Jun 2023, an uptick of 132 signings compared to Dec.
- New build pending sales have trended upward three months in a row.
INVENTORY —
- Inventory shrank to its lowest threshold for single-family homes in 20 months with resale home options slimming by nearly 140 listings compared to Jan 2023, down by 70 homes from Dec 2023.
DAYS ON MARKET —
- New construction accelerated from 59 days in Dec 2023 to 56 days in Jan, the only sector with quicker month-over-month speeds.
- With an MSI of 1.0 months, resale may benefit from a reprieve in market heat.
A MESSAGE FROM BRR'S PRESIDENT —
"Positive year-over-year trends in the median sales price show a shiny outlook on homeownership. Even as some aspects of the market fluctuate, the value of owning a home remains steadfast."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
- The single-family home MSP dipped below the $400k threshold for the second time in the past 9 months.
- Three homes sold under $200k in Jan while the lowest sold price in Dec was $240k, resulting in a MOM slip.
HOMES SOLD —
- Home sales have trended below the 300-home mark since Oct 2023 but edged closer in Jan at 293 sales.
- Resale and new builds shared a mostly equal boost at 22 (resale) and 19 (new) homes.
PENDING SALES —
- Dec's bump in contracts helped feed Jan's closed sales but new contracts have since cooled.
- New construction saw the only uptick in new signings.
INVENTORY —
- Jan's overall inventory in Canyon County dwindled to the smallest selection we've seen since May 2023. ▪
- Existing/resale options are the most limited they've been since Apr 2022.
DAYS ON MARKET —
- In addition to the increase in number of sales in Jan, the speed in which they went under contract also heated for all sectors.
- New construction's market times were nearly cut in half compared to Jan 2023.
A MESSAGE FROM BRR'S PRESIDENT —
"Canyon County's market warmed this month, particularly pinching availability and affordability for resale homes. Having a REALTOR® on your side will help consumers navigate competitive markets."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
