ADA COUNTY
MEDIAN SALES PRICE —
- The MSP for single-family and resale homes rebounded from Jun 2024. Single-family homes slipped by nearly $25k and resale homes shrank by over $59k from Jun to Jul.
- In contrast, new build's MSP rose by nearly $25k.
HOMES SOLD —
- Closed activity bumped up across the board with resale boosted nearly 70 sales from Jun 2024. M
- This is the highest number of single-family sales in a month since Jun 2022.
PENDING SALES —
- We've surpassed Jul 2023 by nearly 200 pending sales for single-family homes. Most of that hunger was appeased by new construction homes.
- This increased YOY hunger fortunately didn't dry up Jul's inventory reserves.
INVENTORY —
- Inventory for all single-family homes has been rising for 6 months now, giving buyers a summer treat: options.
- Jul marked the highest single-family inventory in 20 months.
DAYS ON MARKET —
- In Jan, the market speeds for both resale and new construction were nearly identical but now new builds are remaining on the market nearly twice as long as existing homes.
"The importance of accurate pricing and stronger marketing is increasing with recent market changes - minor interest rate declined, the flattening of the Median Sales Price, Days on Market fluctuations, and inventory increases. Prep yourself for those trickier conversations with sellers." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- With a spike in closings and shorter market speeds, new construction saw a slight MSP boost in Jul (a contrast to the previous 2 months).
- Even with the $7k MOM dip, resale's MSP remains above 2023's MSPs.
HOMES SOLD —
- Both sectors saw 30-60 more homes sold in Jul compared to Jun, a welcome sign that consumers are continuing to buy/sell in the later summer months.
PENDING SALES —
- New build's incoming contracts took a snooze for the first time since Apr 2024, a surprising contrast to the metrics that would typically point to a rise in market hunger (MSP, DOM, and closed sales).
INVENTORY —
- This is the third consecutive month with >1,000 available single-family homes, a trend we hadn't seen since early winter 2022.
- We're nearly double Jul 2023's options.
DAYS ON MARKET —
- Similar to Ada County, the chasm between resale and new construction's market speeds has stretched since late Summer 2023. The length of time that a home is listed prior to it being fully built can contribute to this.
"Statistically, you are in a seller's market. The data indicates you may be headed toward a 'balanced' market by Fall if the trend continues. This is a great time to get a buyer into a home if they have been waiting." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
