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July
22

July 22nd, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • For the first time since Apr 2021, the MSP for resale homes hiked beyond that of new builds. 
  • Explanation: the average square footage of homes sold for existing also surpassed new builds this month.

HOMES SOLD —

  • Single-family and existing home sales saw their first slip since Jan 2024 while new construction recovered from its slight 8.6% dip in May. 
  • While monthly shifts may be volatile, long-term trends have remained relatively even.

PENDING SALES —

  • Pending contracts are up an even 200 signings compared to Jun 2023.
  • All sectors have experienced double-digit percentage improvements compared to Jun 2023.

INVENTORY —

  • Inventory has made significant strides toward recovering from 2020-2022 shortages.
  • Our Months' Supply of Inventory (MSI) has bounced back to Oct 2022 levels.

DAYS ON MARKET —

  • Aside from a brief bog in May, we've seen a speed-up in the market since February, consistent with seasonal shifts.
  • Market speeds are similar to those of Summer 2023, Fall 2022, and Winter 2021.

CANYON COUNTY

MEDIAN SALES PRICE —
  • As we remain in an imbalanced market, we're still seeing the Median Sales Price climb for most sectors.
  • New construction is the closest to a balanced market with an MSI of 3.0, allowing it space to breathe in Jun.

HOMES SOLD —

  • Timing for new construction's inventory increase was opportune with a bump in home sales. Otherwise, the pinch in demand could've driven prices up for that sector, as well, in Jun.

PENDING SALES —

  • While closed sales took a nap for single-family overall and resale homes, the sectors were not without activity. They both witnessed bumps YOY and MOM in pending contracts.

INVENTORY —

  • Canyon's new construction options opened up quite a bit in Jun, allowing buyers slightly more room to negotiate which likely assisted in decreasing the sector's Median Sales Price.

DAYS ON MARKET —

  • Resale home market speeds stalled for the first time in 5 months in Jun. This hiccup caused the first YOY stretch in 10 months.
  • New construction, however, sped past its 2023 counterpart by nearly 20 days.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
July
11

July 11th, 2024 by

At Coldwell Banker Tomlinson, our dedication to real estate success includes providing affordable housing solutions in Idaho. We're excited to announce our partnership with Mountain Modular Homes, based in Boise, to address housing affordability. In a recent podcast, Bob Van Allen, our President, discussed innovative solutions with Cody Draper and John Markoff of Mountain Modular Homes. This partnership enables us to offer clients diverse options, from finding the perfect plot of land to integrating ADUs into existing properties, ensuring a comprehensive approach to meeting their housing needs.

You can view the full podcast here.

A Revolutionary Approach to Home Building

Cody Draper, an entrepreneur with a rich bac...

Click Here to Read More...

Categories: News
June
18

June 18th, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • The MSP for all sectors is up nearly $18k from the previous year but down by $5k MOM.
  • Resale's MSP remains a hefty $30k more than May 2023.
  • May's new build MSP was the 3rd highest we've seen since Nov 2022.

HOMES SOLD —

  • May showed the highest units sold since Jun 2022 for single-family homes. At that time, the MSP was $592k and mortgage rate was 5.09%.
  • There were only 2 instances in the past 20 months that closed homes crested over 500 — May and Jun 2023

PENDING SALES —

  • While inventory boosted, pending sales for existing homes napped this month, snoozing by nearly 100 pending contracts.
  • Pending sales gained 20 contracts from the previous month and 170 contracts YOY.

INVENTORY —

  • Ada County had the most available units for all sectors in 18 months in May.
  • Existing homes carried the weight of inventory increases this month, rising by over 250 homes MOM (highest resale inventory since Oct 2022).

DAYS ON MARKET —

  • Gone are the 40-50 DOM trends we saw from Dec-Feb for existing homes. This month's DOM stayed in the 20's in May.
  • While new build inventory lagged, the 70+ DOM has helped keep the market from being drastically imbalanced.

A MESSAGE FROM BRR'S PRESIDENT —

"CalculatedRisk's Bill McBride pointed out that monthly payments have more than doubled in the past three years. It is unlikely that we'll get back to 4% mortgage rates and home values continue to climb. It is more important than ever to show buyers historical price increases in our valley."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • Canyon's MSP for all sectors took a $10k breather from Apr 2024.
  • We checked our math — resale's MSP is INDEED a mirror of both Apr 2024 and May 2023.

HOMES SOLD —

  • Sales for single-family homes have picked up to Aug 2023 quantities, the highest we've seen in 9 months.
  • New builds felt a pinch in May sales, slipping below the previous 3 months' trend.

PENDING SALES —

  • Pending contracts for all sectors have trended at the 700s for 3 months, a great recovery from a 600s streak from Sep 2023-Jan 2024.
  • May marked the 6th month of back-and-forth MOM shifts for new build pending sales.

INVENTORY —

  • Prior to May, Canyon's single-family inventory hovered in the three-digits for the past 18 months.
  • Existing options expanded a steep 69% from May 2023's 336 home inventory.

DAYS ON MARKET —

  • Market times are warming up as we get closer to summer and dipped by 7 days from Apr 2024.
  • Before May, it had been 21 months since we'd seen DOM dip below 30 for resale homes.

A MESSAGE FROM BRR'S PRESIDENT —

"Your market is trending positively for both buyers and sellers. With increasing inventory, it is important to guide sellers to price correctly. You are still in a sellers' market; however, your buyers have more to choose from and can find the best house at the right price. Pending sales were down nationwide — the other indicators show you are in a strong market."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
April
16

April 16th, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • The last time we experienced a >$30k leap in MOM sales price was from Mar to Apr 2023 at $32,500. Feb to Mar 2024 jumped by $33,000.
  • Resale's $56k hike marks the greatest MOM jump in Ada County's history.

HOMES SOLD —

  • Sales in Mar 2024 bumped up by more than 100 closedcontracts compared to the previous month.
  • This month's sales were comparable to Apr and Oct 2023.

PENDING SALES —

  • Pending sales spiked to the highest frequency we've seen since Aug 2022.
  • Resale market heat for Mar 2024 nearly climbed to summertime (478 signed contracts in Jul 2023) temperatures.

INVENTORY —

  • Options rebounded to pre-winter counts, surpassing the selection that was available in Mar 2023.
  • While inventory dwindled compared to Feb 2024, consumer consumption of new builds eased slightly.

DAYS ON MARKET —

  • Existing homes went undercontract 8 days quicker than the month prior while new construction speeds eased by 14 days. There were 16 new builds that remained on the market for >200 days in Mar 2024.

A MESSAGE FROM BRR'S PRESIDENT —

"Resale availability continues to struggle the most in keeping up with consumer demands, leaving room for increased home prices. Using a REALTOR® who is specialized in buyer negotiations can make the difference in a client's success in today's market."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • Canyon's $4k bump insingle-family home sales price compared to Feb 2024 was significantly less dramatic than Ada's $30k jump.
  • Resale homes rose the most at approx. $17k compared to Feb 2024.

HOMES SOLD —

  • Historically slimmer pending sales in previous months led to Mar 2024's thinned YOY comparison.
  • With that said, Mar marked the third consecutive month of double-digit positive MOM increases.

PENDING SALES —

  • Mar 2024's new contract signings were similar in quantity to those in Jun 2023, showing a warming of the market.
  • This marked the fourth consecutive YOY increase in new build pending sales.

INVENTORY —

  • After an 8-month streak of either negative or single-digit increases in inventory, Canyon's new options came with a warm welcome in Mar.
  • New construction still hovers below last winter's available inventory.

DAYS ON MARKET —

  • In Mar 2024, existing homes sold 4 days faster than Feb 2024 but revved 23 days quicker than Mar 2023.
  • New builds are "leaving the shelf" 40 days faster than Mar 2023, contributing to low inventory.

A MESSAGE FROM BRR'S PRESIDENT —

"The slow squeeze of inventory versus demand caused a slight increase in March's Median Sales Price. As we move into Spring, we hope to see new listings pop up to help balance the market for both buyers and sellers."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
March
18

March 18th, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • In Feb 2024, single-family homes sold for nearly $10k more than Jan 2024 and almost $30k compared to Feb 2023. 
  • New construction leaped by approx. $25k compared to last month and Feb 2023.

HOMES SOLD —

  • Sales are still in a slumber compared to 2023 but experienced double-digit MOM boosts across the board since Jan 2024. 
  • Of the 527 sales, 44 of them sold for over $1 million.

PENDING SALES —

  • Feb 2024 was the first time pending sales have crested over 1,000 signed contracts since May 2023.
  • New construction hasn't seen this much market heat in pending sales since Aug D 2022.

INVENTORY —

  • The spike in inventory has us drooling. While we saw an uptick in MSP (likely due to overall market warmth), the increased options give buyers variety in the market. We're still in a seller's market but there's room for negotiation.

DAYS ON MARKET —

  • While it may be expected for higher-priced homes to sit on D the market longer, the 44 homes sold for more than $1 million stayed only slightly longer than the overall average (51 days compared to 49 days).

A MESSAGE FROM BRR'S PRESIDENT —

"Shorter Days on Market can increase seller confidence in the market, knowing their listing won't lag longer than necessary. The statistics are showing signs of a strong Spring market for both buyers and sellers."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • As inventory slipped away quicker and the average mortgage rate hovered below the 7% we saw in late Fall 2023, a resulting hunger likely caused this month's $10k bump in single-family home MSPs.

HOMES SOLD —

  • Affordability within and outside the housing market remains a pain point for many buyers, holding some back from pulling the trigger on a home. We can see here that the MSP bumped up while sales cooled.

PENDING SALES —

  • Resale activity revved compared to the previous 5 months, trending similarly to Aug 2023.
  • New construction has fluctuated minimally since Aug 2023, staying between 467-494 contracts.

INVENTORY —

  • Feb 2024 marked the first YOY uptick in inventory since Apr 2023.
  • Resale carried the weight in inventory rebound, adding 30 homes to the pile while new construction options decreased by 14 homes.

DAYS ON MARKET —

  • The market has cut its wait times nearly in half compared to early Spring 2023. 
  • Days on Market have consistently shortened (compared to the previous year's data) since Aug 2023.

A MESSAGE FROM BRR'S PRESIDENT —

"Canyon County's market is showing signs that it is officially on the rebound. Both median prices and inventory are up, alluding to a strong Spring market for sellers and more selection for buyers."

~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
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