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November
13

November 13th, 2023 by

We're thrilled to announce the grand opening of our new office space! Join us on November 30th from 4:00-6:30 pm at 2512 W Navigator Suite 100 in Meridian for a celebration filled with food, drinks, and a chance to win our exciting Boise Winter Escape.

Our 12,500 square-foot office, located at the NE corner of Ten Mile Road and Interstate 84 in the Ten Mile Crossing development, is the result of meticulous planning and construction since mid-2022. The emphasis is on creating warm, open spaces that foster collaboration and vibrancy.

This state-of-the-art space includes a marketing studio for video, podcasting, photography, and design, alongside private offices, conference rooms, and classrooms for The Real Estate Academy of Idaho.

Bob Van Allen, president of the Coldwell Banker franchises in the Tomlinson Group of Companies, highlights the strategic loc...

Click Here to Read More...

Categories: News
November
13

November 13th, 2023 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • New construction led the charge in many ways this month, including in month-over-month changes for Median Sales Price (MSP) — up $34,600 compared to last month.
  • Resale's MSP took a break after last month's increases.

HOMES SOLD —

  • In stark contrast to last month's 21.1% month-over-month drop, new construction is up 9.8% compared to September 2023.
  • We may see another boost next month to homes sold for new builds, reflective of pending activity.

PENDING SALES —

  • While inventory grew, so did pending contracts for new construction (first month-over-month gain since Jun 2023).
  • Existing/resale saw its slimmest year-over-year slip since February 2022, averaging at -22.9%.

INVENTORY —

  • Single-family inventory dipped, month-over-month, for the first time since February 2023.
  • New construction options continued to grow, month-over-month.

DAYS ON MARKET —

  • Existing home's Days on Market remained steady this month while new construction rebounded to a similar pace we saw in May to July this year.

A MESSAGE FROM BRR'S PRESIDENT —

"As reported by Forbes, interest rates — currently sitting at an average of 7.79% — continue to pinch affordability. Resale's headway in median sales price is a breath of fresh air to the real estate market."

– Debbi Myers, Boise Regional REALTORS® 2023 President

CANYON COUNTY

MEDIAN SALES PRICE —
  •  Existing homes had a brief pop in median sales price in Sep 2023, reducing by $10,500 this month.
  • ▪ Oct 2023 marked the 11th consecutive YOY ease for median sales price, down approximately $6,000.

HOMES SOLD —

  • Aug and Sep 2023 both showed positive YOY sales changes, only to be retracted in Oct 2023 by 11.8%. ▪ This cooling of demand may have assisted in the decreased pressure on median sales price this month.

PENDING SALES —

  • New construction accounted for a significant portion of this month's pending sales — 71.2% of the overall pot. 
  • Oct 2023 marks the 20th month of YOY pending sale declines (since Feb 2022).

INVENTORY —

  • While unable to compete with last October's selection of 1,253 homes available, single-family home inventory was able to make a slight recovery this month compared to Sep 2023.

DAYS ON MARKET —

  • Nine days were shaved off Days on Market for single-family homes this month, compared to the same month last year.
  • Existing homes waited an extra two days on average compared to Sep 2023.

A MESSAGE FROM BRR'S PRESIDENT —

"As inventory climbs, consumers can expect to see home costs ease with the decreased pressure from demand. Canyon County was a perfect example of that dynamic this month."

~Debbi Myers, Boise Regional REALTORS® 2023 President

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

Categories: News
October
13

October 13th, 2023 by


From Our Friends At Boise Regional REALTORS®

Hightlights for September:

Median Sales Price: Median Resale homes in Ada County saw its first positive boost in MSP since Aug. 2022.

Inventory: Inventory's belt has tightened, year-over-year, for five months in a row while monthly growth is in the black.

Homes Sold: Existing home sales carried the biggest weight of overall sales at 73.6% this month, the greatest portion shift we've seen since Jul. 2022.

Pending Sales: The gap between yearly comparisons shrank this month, compared to last month's 23.6% droop.

Days on Market: Ada single-family homes' Days on Market have decreased year-over-year for the first time in 23 months.

A message from BRR's president: In this challenging market, it is important for buyers to educate themselves on the programs at their fingertips. Connect with a REALTOR® to see what best fits you and your buying plans. ~Debbi Myers, Boise Regional REALTORS® 2023 President

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

Categories: News
September
13

September 13th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County depressurized by $20,000 to $520,000 in August 2023, bumping us down to the lowest median sales price we've seen since April for single family homes. Resale saw the biggest price adjustment — a slant of $29,999 compared to last month — while new construction saw a $7,445 month-over-month hike to $552,445.

Even with the helping hand of lower housing costs, mortgage rates continue to pose as a formidable foe for both buyers and sellers. Mortgage rates for a 30-year, fixed-rate loan sit at 7.12%, according to Freddie Mac, for the week ending September 7th.

Supplements to inventory are likely a contributing factor to the slight easing on affordability. August marked the 6th month of positive comebacks for single family inventory. New construction showed the strongest recovery at 4.2% while resale improved by 4.0%.

Market times for single family homes have remained relatively steady since May and were a direct mirror of last month at 34 days. Resale experienced an acceleration compared to 2022 from 28 days to 27 days in August 2023. New construction's pace was slightly less hurried at 51 days.

Pending contracts were consistent with last month's report where mortgage applications had decreased by 3.1% according to the Mortgage Bankers Association. The pause in activity reflected in a month-over-month hiccup in pending homes of 6.2% and a 23.6% hold compared to the year before.

On the opposite side of the same coin, sales boosted this month compared to last month for a total of 675 sales. Year-over-year comparisons remain in the deficit but resale's month-over-month comparison shows positive growth to 481 sales. New construction was the only sector to see a 1.5% slump in sales compared to July 2023.

Working with a REALTOR® in a changing market allows you a unique transaction experience you may not receive with an unaffiliated sales agent. Extensive toolkits through designations and certificates, stronger professional relationships with other agents through networking, and specialized market knowledge allow our members to navigate transactions with increased efficiency and professionalism.

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

Categories: News
August
15

August 15th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County got a slight reprieve in July 2023 at $540,000 — which eased by $5,000 compared to the previous month. This marks the first slide in MSP since March 2023. New construction cooled by approximately $12,000 in July where existing/resale eased by $1.

The glacial effects on new construction's median sales price were likely affected by the sector's increase in inventory. New builds saw a month-over-month boost of 8.9% — reaching a total of 601 homes for July 2023 — taking the lead over existing home inventory accumulation which landed at 7.0% more than the previous month. A 2.5% month-over-month increase in mortgage rates may have also contributed to ebbed pricing.

With recent dips in pricing, affordability remains out of reach for many. Programs by the Idaho Housing and Finance Association, LEAP Housing, and other affordability programs have become instrumental for many low-income and first time homebuyers. Education programs like IHFA's "Finally Home!" and NAR's "Real [Estate] Talk" can prepare buyers for the market. Some homeowners who are looking to relocate or add to their portfolio are able to navigate the choppy waters by using cash equity to buy down interest rates.

As consumers tread carefully, sales for single-family homes have slowed to 655 this month after three months of consecutive increases — split by 458 existing homes and 197 new construction sales. Newly built homes were the only sector to experience positive growth compared to the same month last year at 14.5%.

Market options continue to remain elusive where homes last an average of 23 days on market and the months' supply of inventory is currently 2.3. This could look up in future months as pending sales have slipped in July by 5.7% compared to June 2023. Resale saw the slimmest shift, down 0.4% month-over-month and 6.3% year-over-year. New construction experienced a more significant dip at 10.7% when comparing consecutive months and 33.7% compared to the previous year.

Mortgage applications have also decreased this month by 3.1%, nationally, according to the Mortgage Bankers Association (MBA) which may result in further shifts next month.

Mortgage rate hikes aim to tame inflation but have simultaneously pinched housing affordability, making sellers hesitant to uproot for higher rates. A hunger for lower prices to counteract the current mortgage payment strain is a large factor in why we're seeing some homes come down in cost. We hope to see this continue to invite more first-time buyers into the market.

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

Categories: News
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