ADA COUNTY
MEDIAN SALES PRICE —
- The MSP for all sectors is up nearly $18k from the previous year but down by $5k MOM.
- Resale's MSP remains a hefty $30k more than May 2023.
- May's new build MSP was the 3rd highest we've seen since Nov 2022.
HOMES SOLD —
- May showed the highest units sold since Jun 2022 for single-family homes. At that time, the MSP was $592k and mortgage rate was 5.09%.
- There were only 2 instances in the past 20 months that closed homes crested over 500 — May and Jun 2023
PENDING SALES —
- While inventory boosted, pending sales for existing homes napped this month, snoozing by nearly 100 pending contracts.
- Pending sales gained 20 contracts from the previous month and 170 contracts YOY.
INVENTORY —
- Ada County had the most available units for all sectors in 18 months in May.
- Existing homes carried the weight of inventory increases this month, rising by over 250 homes MOM (highest resale inventory since Oct 2022).
DAYS ON MARKET —
- Gone are the 40-50 DOM trends we saw from Dec-Feb for existing homes. This month's DOM stayed in the 20's in May.
- While new build inventory lagged, the 70+ DOM has helped keep the market from being drastically imbalanced.
A MESSAGE FROM BRR'S PRESIDENT —
"CalculatedRisk's Bill McBride pointed out that monthly payments have more than doubled in the past three years. It is unlikely that we'll get back to 4% mortgage rates and home values continue to climb. It is more important than ever to show buyers historical price increases in our valley."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
- Canyon's MSP for all sectors took a $10k breather from Apr 2024.
- We checked our math — resale's MSP is INDEED a mirror of both Apr 2024 and May 2023.
HOMES SOLD —
- Sales for single-family homes have picked up to Aug 2023 quantities, the highest we've seen in 9 months.
- New builds felt a pinch in May sales, slipping below the previous 3 months' trend.
PENDING SALES —
- Pending contracts for all sectors have trended at the 700s for 3 months, a great recovery from a 600s streak from Sep 2023-Jan 2024.
- May marked the 6th month of back-and-forth MOM shifts for new build pending sales.
INVENTORY —
- Prior to May, Canyon's single-family inventory hovered in the three-digits for the past 18 months.
- Existing options expanded a steep 69% from May 2023's 336 home inventory.
DAYS ON MARKET —
- Market times are warming up as we get closer to summer and dipped by 7 days from Apr 2024.
- Before May, it had been 21 months since we'd seen DOM dip below 30 for resale homes.
A MESSAGE FROM BRR'S PRESIDENT —
"Your market is trending positively for both buyers and sellers. With increasing inventory, it is important to guide sellers to price correctly. You are still in a sellers' market; however, your buyers have more to choose from and can find the best house at the right price. Pending sales were down nationwide — the other indicators show you are in a strong market."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
