Boise Realtor December 2023 Year-End Market Report

Ava Tong, Boise Idaho Realtor

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.
Ada County Single Family Homes Market
Boise Realtor Ada County Stat Sheet

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.

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Boise Realtor Market Report October 2023

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.
Ada County Real Estate Market Stats

Boise Realtor Market Report March 2023

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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One Thing That Will Never Go Away in Boise/Treasure Valley Real Estate

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.

Photo by Alden Skeie on Unsplash

Other Boise Idaho Real Estate Blog Posts of Interest:

Boise Realtor Market Report June 2021

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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Boise Regional REALTORS® May 2021 Market Report

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

Ada County Single-Family Homes Market Snapshot May 2021

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

Elmore County Single-Family Homes Market Snapshot May 2021

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

Gem County Single-Family Homes Market Snapshot May 2021
Canyon County Single-Family Homes Market Snapshot May 2021

5 Main Points Every Purchase Contract Should Cover

home purchase contract
Image by: Mohamed Hassan from Pixabay

1. Name
2. Legal description
3. Signatures of both parties/dates
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.


Ava Tong, Boise Idaho Realtor

Contact Boise Realtor, Ava Tong, for further information.

Website: FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter: twitter.com/FindHomeinBoise

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Cristina Pescaru Boise Realtor

Contact Boise Realtor, Cristina Pescaru, for further information.


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Experience * Loyalty * Commitment * Care

Boise Listed #1 – 2019 Top Best Places to Live

Livability.com Lists Top Best Places to Live in 2019

Boise listed #1 - 2019 Top Best Places to Live

Livability.com shares the 2019 top best places to live. Our home town, Boise Idaho, is listed number 1. According to their website, Livability showcases America’s best places to live, covering research-driven topics about communities around the country through engaging stories, photography and video.

Take a walk around this year’s #1 city and ask people where they’re from, and chances are you’ll meet a lot of recent transplants from places like Portland, the Bay Area and New York. That’s no coincidence.

Boise has become a magnet for people looking for a tight-knit community, great job opportunities, easy access to the outdoors — and perhaps most importantly, a much lower cost of living than many larger and comparably sized cities.  

Young families are drawn to Boise because it’s one of the safest cities in the world. In addition, Boise’s combination of affordability and do-it-yourself spirit make it the perfect place for creatives (check out the awesome comedy scene), entrepreneurs and startups. The tech scene here is growing fast, with new talent flocking to the city, eager to find a work-life balance that allows for plenty of fresh air and adventure.  
Boise has appeared on Livability’s Top 100 Best Places to Live ranking every year since the list’s inception, but this is the city’s first — and well-deserved — appearance in the #1 spot.  


Livability.com

Read more about Boise:

Boise Ranked 2nd Best Capital City

A report from the Idaho Statesman

Author John Masters reports on the latest news about Boise, Idaho.

Report: Boise ranked as 2nd best capital city to live in

WalletHub looked at 54 key metrics to identify the most livable seats of state government.

Boise ranked as the second best state capital to live in the U.S., according to a new report from the personal finance website WalletHub.

WalletHub compared all 50 state capitals across 54 key metrics to identify the most livable seats of state government. They ranged from cost of living to affordability to unemployment to economic well being to the number of attractions.

Check out the full report and rankings at 2019’s Best State Capitals to Live in.

Boise in the News

Most Active Cities in America

Julie Peirano | February 20, 2018

Cultural Cheatsheet lists the most active cities in America that will keep you fit in 2019 They listed Boise, Idaho with the following stats.

What makes a city healthy? According to WalletHub, it’s a combination of 38 factors, including affordable fitness memberships, many physically active citizens, and a lot of swimming pools, tennis courts, and basketball hoops. These are the 15 healthiest cities in America. Where does your town rank?

Boise Public Market
  • Score: 49.56/100
  • Best category: 2nd best city for “budget and participation”
  • Also known as: 3rd best-run city in America, 10th safest city

These U.S. Cities Are the Safest Places to Live, Work, and Play

Ali Harrison | January 23, 2019

Money and Career Cheatsheet listed Boise Idaho as one of the safest places to live, work, and play.


Life involves hazards. Traffic accidents, natural disasters, and other setbacks occur everywhere, but some regions are much safer than others. If you hope to have a safe, healthy life, you’ll want to pack up and head to one of these U.S. cities, the safest places to live, work, and play.

Safe city -  Boise, Idaho

Boise, Idaho loves to be first. It’s the No. 1 most financially safe city in the U.S., and it ties for first with a few others for the lowest unemployment rate. Things seem pretty idyllic in Boise; the town has a “greenbelt” of beautiful trails and parks along its river, and residents enjoy vibrant arts and outdoor scenes.


2018’s Best-Run & Worst-Run Cities in America

Jul 9, 2018  |  Adam McCann, Financial Writer

Wallethub includes two cities in the Treasure Valley area as the best run cities for 2018. Nampa, Idaho was ranked first and Boise, Idaho was ranked 3rd best.


How do we measure the effectiveness of local leadership? One way is by determining a city’s operating efficiency. In other words, we can learn how well city officials manage and spend public funds by comparing the quality of services residents receive against the city’s total budget.
Using that approach, WalletHub compared the operating efficiency of 150 of the largest U.S. cities to reveal which among them are managed best. We constructed a “Quality of Services” score made up of 35 metrics grouped into six service categories, which we then measured against the city’s per-capita budget. Read on for our findings, expert insight and a full description of our methodology.

Nampa, Idaho - Boise, Idaho Best Run Cities

Source: WalletHub