Ava Tong, Boise Idaho Realtor

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.

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Filed under: Boise Real Estate

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