ADA COUNTY
MEDIAN SALES PRICE —
- The Median Sales Price increased slightly this month, driven by an 8% increase in the median price of new construction homes.
- The size and acreage of new homes and resale homes sold in October were nearly identical, yet 95% of new homes had a sales price above $400,000. This means that very few new homes currently being sold are available at price points below $400,000.
HOMES SOLD —
- In October, the number of new and existing (resale) homes sold increased from last month and is up 44.5% from October 2023, the greatest YOY jump since August 2011.Â
- This is the first MOM increase in resale home sales since July. This may be tied to the 8.4% increase in pending homes for sale that was recorded in September. Many of these pending homes from September may have had their sale finalized in October.
PENDING SALES —
- Pending Sales decreased in October for the first time since July. This decrease in pending sales was seen more significantly with resale homes than with new homes.Â
- The new homes included currently in pending sales look almost identical to those sold in October in terms of median sales price.Â
- Higher-priced pending homes have been on the market 15 more days than the average home sold in October.
INVENTORY —
- Inventory decreased slightly for the second month in a row, driven by an almost 10% decrease in resale homes available. Resale and new construction options remain higher than this time last year.
- The slip in October's overall inventory was driven by a second straight month of decline in resale homes.
- The resale homes that remain in inventory have been on the market for over two months on average.
DAYS ON MARKET —
- Single-family homes' Days on Market declined slightly, nudged by a 12%+ dip in Days on Market for new homes.
- While the Days on Market for new homes is still higher than resale, there was an hike in the number of new homes on the market for under 30 days. In September, 43% of new homes sold were on the market for less than 30 days. In October, nearly half (49%) of new homes sold were on the market less than 30 days.
"The market showed resilience in October, with a slight increase in median sales prices and a rise in both new and resale home sales. While inventory has declined slightly, it remains higher than last year, offering buyers more options. October's trends highlight a balanced and evolving market with opportunities for both buyers and sellers. " ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- Median Sales Price declined slightly in October. This decline in sales price was seen with both new and existing (resale) homes.
- On average in October, homes sold $31,000 lower than the original list price. This may indicate that buyers feel they have more negotiating power when it comes to final sales price than sellers. This trend was true for both new and resale homes, but stronger for new homes.
HOMES SOLD —
- The number of homes sold increased for the second straight month in October. While the number of new and resale homes both increased, the percentage increase was higher for new homes from September to October.
- Many of the new builds sold in October were priced lower than similar ones sold in September, indicating that October's new homes were more flexible with pricing, potentially driving an increase in number of homes sold.
PENDING SALES —
- Pending Sales declined this month for both new construction and resale homes.
- The median price of pending homes is almost $100,000 higher than for those closed in October.
- The sales price of homes in November will indicate if this is a meaningful increase in sales price or if final prices will be negotiated to be lower, making November Median Sales Prices closer to current levels.
INVENTORY —
- Inventory of new homes and resale homes both declined in October, but remain higher than this time last year.Â
- The inventory slip in October was pressured by a second straight month of decline in resale homes.Â
- The combination of interest rates remaining high and the election in early November may have contributed to sellers holding onto homes in the short term or buyer reluctancy to enter into a mortgage at current rates.
DAYS ON MARKET —
- Days on Market remained constant in October overall, however, days on market for new homes increased while resale homes decreased.
- A significant portion of resale homes continue to be sold within the first 30 days. For new homes, over 30% were on the market for over 90 days in October driving that average up.
"October brought a steadying of the local market, with a slight decline in median sales prices and an increase in the number of homes sold, particularly new homes. Buyers are seeing more negotiating power, especially with new homes, while inventory remains higher than last year despite recent declines. This balance creates opportunities for both buyers and sellers to navigate the market with confidence." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
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