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January
17

January 17th, 2025 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • Median sales price (MSP) for existing homes dipped slightly while a slight increase was seen for new homes. The MSP for new homes is around $15K higher than existing homes sold in December.
  • The MSP of these homes in December was $10K less than similar aged homes sold in November.
  • New build's MSP rise was driven slightly by 9.7% of new homes sold at or above $1M (up from 7% in November).

HOMES SOLD —

  • The number of existing homes sold in December declined for the second straight month while the number of new homes sold increased. In December, 42% of homes sold were new homes compared to November's 36% divide.
  • These additional newly built, never occupied homes sold in December were located in Meridian with an MSP of $525K and Eagle with an MSP of $898K.

PENDING SALES —

  • 64% of December's pending sales are new homes, indicating a different age composition of homes sold may occur in January 2025. Of these new homes pending sale, 64% are currently under construction and were on the market on average under 15 days. ▪ Pending existing home sales on average have a lower current price than the original listing price. This trend is not true for all new homes that are pending sale.

INVENTORY —

  • Inventory of existing homes continues to decrease at a faster rate than inventory of new homes (28.7% drop compared to 4.5%). Currently, 57% of all homes in inventory are new homes.
  • Only 37% of single-family homes in inventory are priced at or below the MSP seen in December. We will wait to see if these homes experience price reductions or if these homes remain in inventory in January 2025.

DAYS ON MARKET —

  • This metric was pushed up due to a 13-day increase seen with new homes in December. The increase in average Days on Market was pressurized by homes sold that were under construction in December.
  • If two outlier homes are removed from the group (one that was on the market for 291 days and one on the market for 195 days), the average returns to a value similar to previous months.
"As we move into 2025, Ada County's real estate market is stabilizing, with inventory and sales maintaining a healthy pace. New construction remains attractive, possibly due to builder incentives aimed at buyers. With rising interest rates, working with a REALTOR® is key to navigating these changes and making informed decisions for your long-term goals." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • The Median Sales Price (MSP) dipped slightly (1.6%) in December.
  • 58% of homes sold in December were priced between $282-450K. No new builds were priced below $300K.
  • 28% of new homes and 47% of existing homes sold in December were priced under $400K. This indicates that new homes may be less affordable for individuals searching below this price point.

HOMES SOLD —

  • A more significant decrease is sales was seen for existing homes while sales of new homes remained basically flat from November (-0.5%).
  • Buyer appetite for existing homes seems to be for those with lower price points.
  • Inventory for existing homes has declined monthly since July. The lack of availability of these types of homes may be a reason for declining sales numbers.

PENDING SALES —

  • Pending Sales declined for the fourth month in a row.
  • 69% of pending sales are for new homes while only 44% of homes sold in December were new homes. We will watch to see if the composition of homes sold changes in January 2025.
  • Over half of pending new homes are currently under construction and were on the market for under 30 days.

INVENTORY —

  • A healthy inventory of new homes appears to still be present in December and priced very similarly to those that are currently pending.
  • 70% of existing homes in inventory are over 10 years old and mostly priced well above those sold in December. These older homes have been on the market for an average of 85 days.

DAYS ON MARKET —

  • Days on Market for all single-family homes remained at levels similar to November (+1 day).
  • New homes sold in December were on the market longer than existing homes.
  • Existing homes over 50 years old had some of the lowest Days on Market in December. This appears to be driven by the lower prices of these homes, which we know are scarce in current inventory.

"Canyon County continues to experience strong sales, especially in the resale market, but we're seeing signs of a slowdown as both inventory and sales taper off. In this evolving market, having a REALTOR® ensures you're not just keeping pace with changes, but strategically positioning yourself for the best opportunities. " ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
November
18

November 18th, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • The Median Sales Price increased slightly this month, driven by an 8% increase in the median price of new construction homes.
  • The size and acreage of new homes and resale homes sold in October were nearly identical, yet 95% of new homes had a sales price above $400,000. This means that very few new homes currently being sold are available at price points below $400,000.

HOMES SOLD —

  • In October, the number of new and existing (resale) homes sold increased from last month and is up 44.5% from October 2023, the greatest YOY jump since August 2011. 
  • This is the first MOM increase in resale home sales since July. This may be tied to the 8.4% increase in pending homes for sale that was recorded in September. Many of these pending homes from September may have had their sale finalized in October.

PENDING SALES —

  • Pending Sales decreased in October for the first time since July. This decrease in pending sales was seen more significantly with resale homes than with new homes. 
  • The new homes included currently in pending sales look almost identical to those sold in October in terms of median sales price. 
  • Higher-priced pending homes have been on the market 15 more days than the average home sold in October.

INVENTORY —

  • Inventory decreased slightly for the second month in a row, driven by an almost 10% decrease in resale homes available. Resale and new construction options remain higher than this time last year.
  • The slip in October's overall inventory was driven by a second straight month of decline in resale homes.
  • The resale homes that remain in inventory have been on the market for over two months on average.

DAYS ON MARKET —

  • Single-family homes' Days on Market declined slightly, nudged by a 12%+ dip in Days on Market for new homes.
  • While the Days on Market for new homes is still higher than resale, there was an hike in the number of new homes on the market for under 30 days. In September, 43% of new homes sold were on the market for less than 30 days. In October, nearly half (49%) of new homes sold were on the market less than 30 days.
"The market showed resilience in October, with a slight increase in median sales prices and a rise in both new and resale home sales. While inventory has declined slightly, it remains higher than last year, offering buyers more options. October's trends highlight a balanced and evolving market with opportunities for both buyers and sellers. " ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • Median Sales Price declined slightly in October. This decline in sales price was seen with both new and existing (resale) homes.
  • On average in October, homes sold $31,000 lower than the original list price. This may indicate that buyers feel they have more negotiating power when it comes to final sales price than sellers. This trend was true for both new and resale homes, but stronger for new homes.

HOMES SOLD —

  • The number of homes sold increased for the second straight month in October. While the number of new and resale homes both increased, the percentage increase was higher for new homes from September to October.
  • Many of the new builds sold in October were priced lower than similar ones sold in September, indicating that October's new homes were more flexible with pricing, potentially driving an increase in number of homes sold.

PENDING SALES —

  • Pending Sales declined this month for both new construction and resale homes.
  • The median price of pending homes is almost $100,000 higher than for those closed in October.
  • The sales price of homes in November will indicate if this is a meaningful increase in sales price or if final prices will be negotiated to be lower, making November Median Sales Prices closer to current levels.

INVENTORY —

  • Inventory of new homes and resale homes both declined in October, but remain higher than this time last year. 
  • The inventory slip in October was pressured by a second straight month of decline in resale homes. 
  • The combination of interest rates remaining high and the election in early November may have contributed to sellers holding onto homes in the short term or buyer reluctancy to enter into a mortgage at current rates.

DAYS ON MARKET —

  • Days on Market remained constant in October overall, however, days on market for new homes increased while resale homes decreased.
  • A significant portion of resale homes continue to be sold within the first 30 days. For new homes, over 30% were on the market for over 90 days in October driving that average up.

"October brought a steadying of the local market, with a slight decline in median sales prices and an increase in the number of homes sold, particularly new homes. Buyers are seeing more negotiating power, especially with new homes, while inventory remains higher than last year despite recent declines. This balance creates opportunities for both buyers and sellers to navigate the market with confidence." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
September
25

September 25th, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • Resale homes got another breather from MSP increases and slipped by another $15k compared to Jul 2024. This marks the second month of easing prices from Jun's $599k MSP for resale.

HOMES SOLD —

  • While sales are up from Aug 2023, we fell a bit shy of Jul 2024's closed homes, pointing to the start of a historically slower season (Aug-Feb). Weather, school sessions, and holiday seasons can all contribute to sale bogs.

PENDING SALES —

  • New contracts are a great way to tell how the current month's market is doing compared to previous months/years. Aug had slight positive change for all sectors, compared to Aug 2023 and Jul 2024.

INVENTORY —

  • Townhome listings in Ada are at a historical high with 153 available units.
  • All sectors improved in Aug, keeping market demand from growing too desperately with Aug's rising pending sales.

DAYS ON MARKET —

  • Consistent with slower seasonality, stretching market t imes can be expected.
  • Comparing Aug DOMs since 2021 show market speeds have been progressively lengthening from 14 days in Aug 2019 to 39 days in 2024.
"August showed a $15,000 dip in Median Sales Prices for resale homes in Ada County, signaling the start of a slower season. While sales are up from last year, rising inventory and longer Days on Market reflect movement toward a balanced market." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

CANYON COUNTY

MEDIAN SALES PRICE —
  • With a reprieve from demand (in sold homes) and current inventory, the overall market was able to approach the more affordable MSP we saw in Feb 2024.
  • Resale retreated by nearly $20k compared to Jul 2024.

HOMES SOLD —

  • Sales for Aug stuttered compared to Jul 2024, dipping by nearly 80 units.
  • New build's YOY boost in sales beat expectations per the previous months' pending contracts.

PENDING SALES —

  • While the price and frequency of sold homes dipped YOY and MOM for resale, newly signed contracts hiked by nearly 20 units compared to Jul 2024.

INVENTORY —

  • Inventory has been on the rise in Canyon County since Jan 2024, amounting to over 1k units for the past 4 months.
  • In 5 years, only 1 other Aug (2020) showed new build inventory above resale.

DAYS ON MARKET —

  • While the distance between resale and new build market speeds remains far, the MSI isn't. Resale's current MSI is 2.8 months while new builds are only averaging 3.2 months, speaking to the steady hunger for both.

"Although sales have slowed, new build pending contracts have continued to filter in and inventory remains robust. This balance highlights ongoing demand in both resale and new construction sectors." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
September
9

September 9th, 2024 by

Athena Snow

Following the immense success of the brand's Thursday night gridiron advertising campaign in 2023, Coldwell Banker is returning with a new approach for 2024 that centers around city love

Coldwell Banker Real Estate LLC, announces the continuation of its award-winning "Dream" ad campaign on Thursday evenings on a streaming service during the 2024 football season, inspiring millions of fans nationwide to envision their future in the cities they've always dreamed of calling home.

The new 30-second spots airing this year feature head-to-head matchups of beloved cities – like Dallas v. NYC, DC v. Philly and San Francisco v. Seattle, to name a few – asking the question, "When you're looking for your next place to live, how do you find the perfect place for you?" Focused on the qualities that make each place unique, the ads encourage viewers to utilize the Coldwell Banker Move Meter tool to compare key selling points between cities, such as cost and quality of living. Helping buyers and sellers make informed decisions with ease, the Move Meter tool is rated the #1 most useful tool in real estate.

Data from the Move Meter shows exactly where Americans are looking to move – between January and August of 2024, the top "Move to" city search was Charlotte, NC, followed by Austin, TX, and New York and Tampa, FL (tied for third).

Coldwell Banker Real Estate holds the honor of having the #1 real estate ad for 12 years in a row by ACE Metrix. Last year, the brand was the second most effective advertiser during this Thursday night gridiron tentpole event out of more than 150 advertisers, demonstrating the impactful connection made with this broad audience.

Also airing as a pre-game integration during the season is the Move Meter Match-Up, a video and social media series comparing cities of the football team matchups each week in real estate terms. The campaign extension further encourages viewers to utilize the brand's exclusive Move Meter tool on coldwellbanker.com and Coldwell Banker agent websites.

Alongside the ad is a continuation of the localized asset campaign to deepen branding efforts across the network and amplify consumer reach. Local affiliate offices across the vast Coldwell Banker network now have over 100 pieces of customizable marketing materials to craft personalized versions of brand video, social assets and print integration. With nearly 4,000 localized Move Meter Matchup videos created via the brand's exclusive Custom Video Platform last year, the campaign extension successfully allowed broker-owners to connect with their communities and guide consumers to their dream homes.

 "After solidifying this streaming tentpole event as a powerful initiative for the brand with the Dream campaign, I am thrilled Coldwell Banker is returning this season to continue to inspire Americans to pursue their dream homes. Our unparalleled approach to real estate advertising, blending innovation with beautiful design, has proven to make waves both in and outside of the industry. Reaching over 8 million viewers per game, the Coldwell Banker brand continues to resonate with consumers in an innovative, bold way that drives the industry forward."

-Brandon Newman, Vice President of Marketing

Categories: News
July
22

July 22nd, 2024 by


From Our Friends At Boise Regional REALTORS®

ADA COUNTY

MEDIAN SALES PRICE —

  • For the first time since Apr 2021, the MSP for resale homes hiked beyond that of new builds. 
  • Explanation: the average square footage of homes sold for existing also surpassed new builds this month.

HOMES SOLD —

  • Single-family and existing home sales saw their first slip since Jan 2024 while new construction recovered from its slight 8.6% dip in May. 
  • While monthly shifts may be volatile, long-term trends have remained relatively even.

PENDING SALES —

  • Pending contracts are up an even 200 signings compared to Jun 2023.
  • All sectors have experienced double-digit percentage improvements compared to Jun 2023.

INVENTORY —

  • Inventory has made significant strides toward recovering from 2020-2022 shortages.
  • Our Months' Supply of Inventory (MSI) has bounced back to Oct 2022 levels.

DAYS ON MARKET —

  • Aside from a brief bog in May, we've seen a speed-up in the market since February, consistent with seasonal shifts.
  • Market speeds are similar to those of Summer 2023, Fall 2022, and Winter 2021.

CANYON COUNTY

MEDIAN SALES PRICE —
  • As we remain in an imbalanced market, we're still seeing the Median Sales Price climb for most sectors.
  • New construction is the closest to a balanced market with an MSI of 3.0, allowing it space to breathe in Jun.

HOMES SOLD —

  • Timing for new construction's inventory increase was opportune with a bump in home sales. Otherwise, the pinch in demand could've driven prices up for that sector, as well, in Jun.

PENDING SALES —

  • While closed sales took a nap for single-family overall and resale homes, the sectors were not without activity. They both witnessed bumps YOY and MOM in pending contracts.

INVENTORY —

  • Canyon's new construction options opened up quite a bit in Jun, allowing buyers slightly more room to negotiate which likely assisted in decreasing the sector's Median Sales Price.

DAYS ON MARKET —

  • Resale home market speeds stalled for the first time in 5 months in Jun. This hiccup caused the first YOY stretch in 10 months.
  • New construction, however, sped past its 2023 counterpart by nearly 20 days.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
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