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Boise Realtor, Ava Tong, shares the May 2024 Boise Regional REALTORS® Market Report for the Idaho Treasure Valley.

ADA COUNTY REAL ESTATE HIGHLIGHT REEL

MEDIAN SALES PRICE —

• The Median Sales Price for all sectors is up nearly $18,000 from the previous year but down by $5,000 month-over-month.
• Resale’s Median Sales Price remains a hefty $30,000 more than May 2023.
• May’s new build Median Sales Price was the 3rd highest we’ve seen since November 2022.

HOMES SOLD —

• May showed the highest units sold since June 2022 for single-family homes. At that time, the Median Sales Price was $592,090 and mortgage rate was 5.09%.
• There were only 2 instances in the past 20 months that closed homes crested over 500 — May and June 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 year-over-year.

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 month-over-month (highest resale inventory since October 2022).

DAYS ON MARKET —

• Gone are the 40-50 Day on Market trends we saw from December to February for existing homes. May’s Days on Market stayed in the 20’s.
• While new build inventory lagged, the 70+ Day on Market has helped keep the market from being drastically imbalanced.

Boise Realtor, Ava Tong, shares the December 2023 Year-End Market Report for the Idaho Treasure Valley.

ADA COUNTY REAL ESTATE HIGHLIGHT REEL

MEDIAN SALES PRICE (MSP) —

• A home built in 2019 sold for $3.7 million in December 2023, positively weighing the year-over-year scales.
• We haven’t seen the MSP dip below $517,000 since December 2022 — a $13K decrease compared to November 2023.

HOMES SOLD —

• Recent slow-downs in pending contracts caught up to sales in December 2023, slipping in all three sectors year-over-year.

PENDING SALES —

• In addition to higher sales, new construction saw the biggest bump in signed contracts in December 2023.

INVENTORY —

• Inventory dwindled across the board this month, leaving Ada County at a deficit for demand which is evident in this month’s Months’ Supply of Inventory (MSI).
• Just three months ago (September), we were at nearly double the current inventory for resale.

The data reported is based primarily on the public statistics provided by the Intermountain MLS (IMLS), a subsidiary of Boise Regional REALTORS® (BRR). Additional Market Snapshots: Canyon County, Elmore Country, Gem County.

Boise Realtor, Ava Tong, shares the October 2023 Market Report for the Idaho Treasure Valley.

ADA COUNTY HIGHLIGHT REEL

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.

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.

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.

The fantastic geographic location of land and real estate in this area!

Contact Ava or Cristina. Their over 70 combined years as  residents of the Valley will help you decide to stay & buy your home in this beautiful metropolis full of “Treasure”. You won’t regret it.

Other Boise Idaho Real Estate Blog Posts of Interest:

• Boise Realtor Market Report June 2021
• From 2019 – Idaho Listed With Top 10 Tax-Friendly States
• From 2019 – Boise Ranked 2nd Best Capital City
• From 2019 – Boise News – Curbed Article Boise is Booming

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.

The real estate market has taken us all on a wild ride for the last year and a half, and here are some facts and figures helping us to make sense of it. Boise Realtor, Cristina Pescaru, shares the May 2021 Market Report for Ada County, Elmore County, Gem County, and Canyon County.

ADA COUNTY’S MEDIAN SALES PRICE PASSED THE $500,000-MARK IN MAY

The median sales price for homes in Ada County reached a new record of $523,250 in May, up 8.7% compared to April 2021. Crossing this threshold may have been anticipated by some, considering the recent report from realtor.com shared by the Idaho Statesman noting the Boise metro’s price growth was the highest in the country over the past four years. Learn More

ELMORE COUNTY HOUSING MARKET UPDATE

Competitive market conditions continued in May as the average number of days between when a home was listed for sale and an offer was accepted dropped to a record eight days – five days faster than in April 2021. Not only did buyers pick up properties more quickly than ever before, nearly 70% of all home buyers who closed in May were willing to pay over list price. Learn More

GEM COUNTY HOUSING MARKET UPDATE
 

In May 2021, the median sales price for homes in Gem County reached $334,000, an increase of 1.1% compared to April 2021. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. In addition to the insufficient supply of available homes compared to demand, another factor putting upward pressure on prices was that more than half of all buyers paid over list price on homes that closed in May. Learn More

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4. Penalties for default explained
5. Home inspection date

There is so much more to a contract than meets the eye. Call Ava or Cristina and let’s consult together.

Find your home in Boise with help from Boise Idaho realtors.

Contact Boise Realtor, Ava Tong, for further information.

Website: FindYourHomeinBoise.com
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Contact Boise Realtor, Cristina Pescaru, for further information.

Pledge to Clients: Experience * Loyalty * Commitment * Care

Image by Jhonatan_Perez from Pixabay

1. Green up the lawn, plant flowers, prune, remove dead or invasive plants, power wash exterior
   
2. Paint front door, add brass kickplate
   
3. New light fixtures inside
   
4. De-clutter, clean closets to show space, stage rooms
   
5. Clean carpet

These are the main things you can do, but there may be more depending on your lifestyle.

Next step; call Ava or Cristina for professional negotiations resulting in a quick sale and best terms on the sale of your house.

Find out if a 1031 exchange on your property could work for you. Contact your CPA then get in touch with Ava 208/440/5810 or Cristina 208/284/1545 for selling and finding another property.