ADA COUNTY
MEDIAN SALES PRICE —
- The median price of new homes sold in November decreased by $52,000, the lowest MSP for new builds since March 2023. New homes sold continue to be more affordable for buyers than existing homes.
- 84% of these new homes were on standard or small lots as compared to 63% of existing homes sold. New homes sold this month had 10% less square footage than existing homes sold.
HOMES SOLD —
- While the number of homes sold decreased for both new and existing homes, the drop was more significant for existing homes in November.
- Existing home inventory declined while sales price remained flat, indicating that lower inventory doesn't appear to have increased demand for these homes.
- 70% of resale sales were 20+ years old and had an MSP of $515,000 which is more in line with new homes.
PENDING SALES —
- 58% of pending sales are new homes.
- The median price of these pending new homes is currently over $100,000 more than the MSP of new construction homes sold in November.
- 63% of pending homes that went off the market in November were existing homes (not new builds). This may indicate an increase in the number of existing homes sold in future months once these sales are final.
INVENTORY —
- The decrease in inventory was seen primarily for resale homes, which appears to align with national market trends. With interest rates remaining high and future cuts anticipated, sellers may be more likely to wait to put a home on the market.
- Total volume of resale homes sold decreased by 19.3% in November — along with a decrease in inventory — pointing to a cooling market as we head toward winter.
DAYS ON MARKET —
- Days on market was unchanged for resale homes in November and increased by one day on average for new homes sold.
- When looking at the ages of homes sold in November, older resale homes seem to have the lowest average number of Days on Market. The bulk of resale homes sold in November (70%) were older and had sales prices more aligned to new homes sold in November.
"While new home prices have decreased, offering more affordability, inventory remains tight, and the number of homes sold has dropped. With more older homes being sold and fewer listings available, a REALTOR® can help buyers navigate negotiations and find the best opportunities in this shifting market. " ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- The MSP for existing homes increased in November for the first time since June. When comparing resale homes sold in November versus October, the square footage and acreage between the two sets of homes is similar.
- Resale homes sold in November were more likely to be newer (between 1-5 or 11-20 years old) than home sold in October. The lower age of homes sold in November may be a reason for the increase in the MSP of resale homes.
HOMES SOLD —
- The number of homes sold in November decreased for both new and resale homes. The inventory of both sectors also decreased in November, along with minimal changes in MSP. This may indicate that buyers are less willing to purchase a home right now.
- On average, the sales price of a home was $16,000 less than the original list price. This deduction was more significant for resale homes between 11-30 years.
PENDING SALES —
- The decrease in pending sales was only seen with resale homes. The resale homes that are currently pending have an average days on market that is over a week longer than similar homes sold in November. Prices of these homes has decreased from the original price across all age categories but appears most significant for the resale pending homes.
- 65% of all pending sales are new homes.
INVENTORY —
- This is the third straight month of inventory decline for new homes and the fifth straight month of inventory decline for resale homes, but inventory remains above levels seen in November 2023.
- Inventory of existing homes is getting closer to levels seen in November 2023. Currently, there are 32 more new homes in inventory than there were in November 2023.
DAYS ON MARKET —
- The average days on market increased by 5 days for new homes and 7 days for resale homes.
- The average days on market continues to be pulled up by a few homes that have been on market for over 90 days in November (27% over 90 days; 15% over 120 days).
"November in Canyon County saw a slight increase in resale home prices, but with fewer homes sold and more days on market. Buyers have more negotiating power as prices drop below listings. With declining inventory and pending sales, a REALTOR® is key to navigating this evolving market." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
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