Boise Realtor, Ava Tong, shares the March 2023 Market Report for Ada County, Elmore County, and Gem County. March is the fifth consecutive month of annual decline in price. Here are the latest stats from Boise Regional Realtors:

Boise Regional REALTORS^®

MARKET REPORT
March 2023

INVENTORY ACCUMULATION ASSISTS MARKET RECOVERY

In March, the median sales price of homes that sold in Ada County was $483,450 — down 16.0% compared to March 2022, and the fifth consecutive month of annual decline in price. March 2023 showed a return to month-over-month decreases (a slant of approximately $8,600), unlike February where we saw a slight increase from the preceding month.

With 742 total sales for the county, closings were 9.3% lower than the same month last year. March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.

This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.

Inventory continues to accumulate, leading to a better position for Months’ Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings. There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.

We are still working toward a balanced market — one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years. March 2023 shows an MSI of 1.6 for all single-family homes, MSI of 1.3 for existing homes, and MSI of 2.3 for new construction. A balanced market is achieved by having an MSI of 4-6 months, meaning we are still shy of being considered “balanced.”

As we head toward the Spring market, demand and movement will tick up. However, buyers still have negotiation power. Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.

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Boise Realtor, Cristina Pescaru, shares the June 2021 Market Report for Ada County, Elmore County, Gem County, and Canyon County. The market is changing slowly, but surely. Here are the latest stats from Boise Regional Realtors:

Boise Regional REALTORS^®

MARKET REPORT
June 2021

ADA COUNTY INVENTORY ROSE IN JUNE AS HOME SELLERS CAPITALIZE ON HIGHER PRICES

The median sales price for homes in Ada County reached $525,000 in June, nearly even with May 2021.

While our region has faced insufficient supply for years — the main driver of home prices — June marked three consecutive months of inventory growth. While still low compared to previous years, there were 729 homes available for sale at the end of the month, up 27.9% from May. 

ELMORE COUNTY HOUSING MARKET UPDATE
The rolling 12-month median sales price climbed to $263,500 in Elmore County as of June 2021 — an increase of 28.9% over the same period last year.  

The continued price growth may be encouraging homeowners to list, as monthly existing inventory has been climbing for the past three months — a trend we hope to see continue. At the end of June, there were 27 existing homes available for purchase, up from 16 at the end of May, and nine in April. Inventory of new construction has also been improving slowly, and as of June, there were 14 available for purchase. 

GEM COUNTY HOUSING MARKET UPDATE
The rolling 12-month median sales price climbed to $341,000 in Gem County as of June 2021 — an increase of 29.7% over the same period last year. 

The continued price growth may be encouraging homeowners to list, as compared to 2020. At the end of June, there were 36 existing homes available for purchase and another 14 new construction options on the market — the highest number since December 2019.

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