ADA COUNTY
MEDIAN SALES PRICE —
- Median sales price (MSP) for existing homes dipped slightly while a slight increase was seen for new homes. The MSP for new homes is around $15K higher than existing homes sold in December.
- The MSP of these homes in December was $10K less than similar aged homes sold in November.
- New build's MSP rise was driven slightly by 9.7% of new homes sold at or above $1M (up from 7% in November).
HOMES SOLD —
- The number of existing homes sold in December declined for the second straight month while the number of new homes sold increased. In December, 42% of homes sold were new homes compared to November's 36% divide.
- These additional newly built, never occupied homes sold in December were located in Meridian with an MSP of $525K and Eagle with an MSP of $898K.
PENDING SALES —
- 64% of December's pending sales are new homes, indicating a different age composition of homes sold may occur in January 2025. Of these new homes pending sale, 64% are currently under construction and were on the market on average under 15 days. ▪ Pending existing home sales on average have a lower current price than the original listing price. This trend is not true for all new homes that are pending sale.
INVENTORY —
- Inventory of existing homes continues to decrease at a faster rate than inventory of new homes (28.7% drop compared to 4.5%). Currently, 57% of all homes in inventory are new homes.
- Only 37% of single-family homes in inventory are priced at or below the MSP seen in December. We will wait to see if these homes experience price reductions or if these homes remain in inventory in January 2025.
DAYS ON MARKET —
- This metric was pushed up due to a 13-day increase seen with new homes in December. The increase in average Days on Market was pressurized by homes sold that were under construction in December.
- If two outlier homes are removed from the group (one that was on the market for 291 days and one on the market for 195 days), the average returns to a value similar to previous months.
"As we move into 2025, Ada County's real estate market is stabilizing, with inventory and sales maintaining a healthy pace. New construction remains attractive, possibly due to builder incentives aimed at buyers. With rising interest rates, working with a REALTOR® is key to navigating these changes and making informed decisions for your long-term goals." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- The Median Sales Price (MSP) dipped slightly (1.6%) in December.
- 58% of homes sold in December were priced between $282-450K. No new builds were priced below $300K.
- 28% of new homes and 47% of existing homes sold in December were priced under $400K. This indicates that new homes may be less affordable for individuals searching below this price point.
HOMES SOLD —
- A more significant decrease is sales was seen for existing homes while sales of new homes remained basically flat from November (-0.5%).
- Buyer appetite for existing homes seems to be for those with lower price points.
- Inventory for existing homes has declined monthly since July. The lack of availability of these types of homes may be a reason for declining sales numbers.
PENDING SALES —
- Pending Sales declined for the fourth month in a row.
- 69% of pending sales are for new homes while only 44% of homes sold in December were new homes. We will watch to see if the composition of homes sold changes in January 2025.
- Over half of pending new homes are currently under construction and were on the market for under 30 days.
INVENTORY —
- A healthy inventory of new homes appears to still be present in December and priced very similarly to those that are currently pending.
- 70% of existing homes in inventory are over 10 years old and mostly priced well above those sold in December. These older homes have been on the market for an average of 85 days.
DAYS ON MARKET —
- Days on Market for all single-family homes remained at levels similar to November (+1 day).
- New homes sold in December were on the market longer than existing homes.
- Existing homes over 50 years old had some of the lowest Days on Market in December. This appears to be driven by the lower prices of these homes, which we know are scarce in current inventory.
"Canyon County continues to experience strong sales, especially in the resale market, but we're seeing signs of a slowdown as both inventory and sales taper off. In this evolving market, having a REALTOR® ensures you're not just keeping pace with changes, but strategically positioning yourself for the best opportunities. " ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
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