ADA COUNTY
MEDIAN SALES PRICE —
- When compared to December, a larger proportion of homes sold were new homes in January.
- In December, 31.1% of all homes sold were new homes. In January, that proportion increased to 40.6% of all single-family homes sold.
- The Median Sales Price for new homes in January was $28K higher than resale homes, causing a slight overall increase in Median Sales Price in January.
HOMES SOLD —
- There does appear to be some seasonality occurring as a decrease in home sales has been observed from December to January in Ada County for the past 5 years.
- Of the 493 homes sold in January, they were evenly split between Boise and Meridian (32% each).
- 59% of homes sold this month were resale. Over half were >20 years old and on average priced $50-75K less than resale homes 10 years old or younger sold in January.
PENDING SALES —
- Over double the number of homes were pending sale at the end of January than were sold in January — 62% are new homes with most pending homes currently "under construction" in Meridian.
- The holidays may have impacted the ability for transactions to be finalized resulting in a substantial amount still pending at the end of 2024.
INVENTORY —
- A slight increase in resale home inventory was offset by a small decrease in new home inventory. This is the first MOM increase in resale inventory since August 2024.
- Across all age dimensions, homes in inventory are more expensive than those sold in January 2025. 61% of homes in inventory in January were also in inventory in December indicating that the higher prices of these homes may be making buyers reluctant to purchase them.
DAYS ON MARKET —
- Days on market overall increased by 4 days in January. Notably, the average Days on Market for resale homes increased by 13 days.
- Nearly half (43%) of homes sold in January were on the market 30 days or less.
- All homes that spent 90+ Days on Market were resale homes, driving up the average Days on Market for December.
"January saw a slight increase in median sales prices, driven by more new homes selling, while overall home sales dropped. Pending sales rose, indicating future activity. With inventory rising and days on market increasing, partnering with a REALTOR® is essential to navigate these market shifts and make informed decisions." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- Median Sales Price increased by 4%, the largest increase seen since May 2023. The increase in Median Sales Price was more significant for resale homes.
- 53% of all resale homes sold in January were between 11-30 years old. Similarly-aged homes sold in December on average were on smaller properties which may be a reason for a higher Median Sales Price in January.
HOMES SOLD —
- Homes sold declined by 29%, the third straight month of decline (with similar drops for both new and resale).
- 263 homes sold in January, even split between new and resale homes.
- On average, resale homes sold in January had a final sale price that was $21K less than the original list price. This trend supports evidence that price remains a key driver in sales and buyers may continue to hold negotiating power.
PENDING SALES —
- Pending sales increased 28% from December to January. Significant increases were seen with new and existing home pending sales.
- 67% of pending sales are new homes, the majority of which are currently under construction.
- 25% of the homes pending sale currently were new homes on the market for 0 days. These homes have a Median Sales Price of $521K.
INVENTORY —
- Currently 866 homes in inventory and 35% have been on the market more than 90 days.
- There are a group of resale homes that are 10 years or younger that are priced around $700K and have been on the market more than 60 days on average.
- Prices of these homes have declined around $20K on average but may need to come down further to attract buyers.
DAYS ON MARKET —
- Days on Market increased by 6 days on average in January.
- Price appears to be a key driver for how long homes are remaining available. Homes sold quickly tend to be those that are least expensive regardless of age.
- For example, homes that spent an average of 0-30 Days on Market had an average price approximately $45k lower than those that spent 90+ Days on Market.
"In January, Canyon County saw a 4% increase in Median Sales Price, driven by resale homes with larger lot sizes. While home sales dropped, pending sales rose, signaling future activity. With inventory stable, well-priced homes are selling faster. Partnering with a REALTOR® is key to navigating these market shifts and securing the best deal." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
