ADA COUNTY
MEDIAN SALES PRICE —
- In Feb 2024, single-family homes sold for nearly $10k more than Jan 2024 and almost $30k compared to Feb 2023.
- New construction leaped by approx. $25k compared to last month and Feb 2023.
HOMES SOLD —
- Sales are still in a slumber compared to 2023 but experienced double-digit MOM boosts across the board since Jan 2024.
- Of the 527 sales, 44 of them sold for over $1 million.
PENDING SALES —
- Feb 2024 was the first time pending sales have crested over 1,000 signed contracts since May 2023.
- New construction hasn't seen this much market heat in pending sales since Aug D 2022.
INVENTORY —
- The spike in inventory has us drooling. While we saw an uptick in MSP (likely due to overall market warmth), the increased options give buyers variety in the market. We're still in a seller's market but there's room for negotiation.
DAYS ON MARKET —
- While it may be expected for higher-priced homes to sit on D the market longer, the 44 homes sold for more than $1 million stayed only slightly longer than the overall average (51 days compared to 49 days).
A MESSAGE FROM BRR'S PRESIDENT —
"Shorter Days on Market can increase seller confidence in the market, knowing their listing won't lag longer than necessary. The statistics are showing signs of a strong Spring market for both buyers and sellers."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
- As inventory slipped away quicker and the average mortgage rate hovered below the 7% we saw in late Fall 2023, a resulting hunger likely caused this month's $10k bump in single-family home MSPs.
HOMES SOLD —
- Affordability within and outside the housing market remains a pain point for many buyers, holding some back from pulling the trigger on a home. We can see here that the MSP bumped up while sales cooled.
PENDING SALES —
- Resale activity revved compared to the previous 5 months, trending similarly to Aug 2023.
- New construction has fluctuated minimally since Aug 2023, staying between 467-494 contracts.
INVENTORY —
- Feb 2024 marked the first YOY uptick in inventory since Apr 2023.
- Resale carried the weight in inventory rebound, adding 30 homes to the pile while new construction options decreased by 14 homes.
DAYS ON MARKET —
- The market has cut its wait times nearly in half compared to early Spring 2023.
- Days on Market have consistently shortened (compared to the previous year's data) since Aug 2023.
A MESSAGE FROM BRR'S PRESIDENT —
"Canyon County's market is showing signs that it is officially on the rebound. Both median prices and inventory are up, alluding to a strong Spring market for sellers and more selection for buyers."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
