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ADA COUNTY
MEDIAN SALES PRICE —
- A home built in 2019 sold for $3.7M in Dec 2023, positively weighing the year-over-year scales.
- We haven't seen the MSP dip below $517K since Dec 2022 — a $13K decrease compared to Nov 2023.
HOMES SOLD —
- Recent slow-downs in pending contracts caught up to sales in Dec 2023, slipping in all three sectors year-over-year.
- New construction activity was the only group to experience monthly increases.
PENDING SALES —
- Dec marked the first month-over-month spike in pending activity since May.
- In addition to higher sales, new construction saw the biggest bump in signed contracts in Dec 2023.
INVENTORY —
- Inventory dwindled across the board this month, leaving Ada County at a deficit for demand which is evident in this month's MSI.
- Just three months ago (Sep), we were at nearly double the current inventory for resale.
DAYS ON MARKET —
- Market speeds remain faster compared to last year but have cooled month-over-month since Jun.
- Homes that sold for $200-$400K sold at an average of 30 days versus 41 days for $1M+ homes.
A MESSAGE FROM BRR'S PRESIDENT —
"This month's changes in Median Sales Price have shown the impact that higher-dollar sales can have on the market's perception. Knowing what is selling and when can help us see a clearer picture of what the market is doing."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
- Single-family homes sold for approximately $11K more than Nov 2023 with 7 homes selling for more than $1M.
- Homes below the MSP ($200K-$400K) sold an average of 20 days than those above ($400K-$600K).
HOMES SOLD —
- While pending sales were up, closed sales snoozed in Dec.
- This has been the third consecutive month of cooler sales numbers which seems contradictory when reviewing MSP trends for the month.
PENDING SALES —
- Closed sales can expect to heat up a bit soon after this month's uptick in pending contracts.
- This month was the first increase YOY and MOM for resale contracts in 4 months.
INVENTORY —
- Inventory took a nearly 100-home hit in Dec 2023, bringing the MSI down from 2.3 to 2.1.
- Resale homes remain hungry for new listings, sitting at only 1.6 months of supply.
DAYS ON MARKET —
- Dec's slight bog in market times may provide a much-needed pressure release from pending sale heat and demand.
- New construction slowed the most, waiting nearly 20 days longer than the month before.
A MESSAGE FROM BRR'S PRESIDENT —
"December's numbers in Canyon County prove that winter isn't always the slowest of the months. Living situations, relocations, and family dynamics change throughout all seasons, creating market opportunities year-round."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
