Posts in category 'News'

• 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

• The price gap between new construction and existing homes has continued to diminish. In Nov 2022, the difference was approximately $120k but now sits at approximately $31k.

HOMES SOLD —

• New construction took the reins on home sales in Nov, bumping up from 141 sales in Oct 2023 and 129 sales in Nov 2022.
• Resale's contracts and closings cooled compared to last month and last year.

PENDING SALES —

• New construction accounted for a significant portion of this month's pending sales — 71.2% of the overall pot. 
• Oct 2023 marks the 20th month of YOY pending sale declines (since Feb 2022).

INVENTORY —

• While there was a dip in inventory for all sectors aside from new construction, the MSI (below) remained the same compared to last month, showing supply and demand remained steady.

DAYS ON MARKET —

• This month was another historically speedier month when juxtaposed against the previous year. For example, single-family homes spent an average of 17 less Days on Market than in Nov 2022.

A MESSAGE FROM BRR'S PRESIDENT —

"We're seeing months' supply of inventory at play with the price divide between new construction and resale. As existing home supply struggles to keep up (MSI 1.7) and new construction makes headway (MSI 3.0), the sectors' prices are reflecting the balancing act."

~Debbi Myers, Boise Regional REALTORS® 2023 President

•  Existing homes had a brief pop in median sales price in Sep 2023, reducing by $10,500 this month.
• ▪ Oct 2023 marked the 11th consecutive YOY ease for median sales price, down approximately $6,000.

HOMES SOLD —

• Aug and Sep 2023 both showed positive YOY sales changes, only to be retracted in Oct 2023 by 11.8%. ▪ This cooling of demand may have assisted in the decreased pressure on median sales price this month.

PENDING SALES —

• New construction accounted for a significant portion of this month's pending sales — 71.2% of the overall pot. 
• Oct 2023 marks the 20th month of YOY pending sale declines (since Feb 2022).

INVENTORY —

• While unable to compete with last October's selection of 1,253 homes available, single-family home inventory was able to make a slight recovery this month compared to Sep 2023.

DAYS ON MARKET —

• Nine days were shaved off Days on Market for single-family homes this month, compared to the same month last year.
• Existing homes waited an extra two days on average compared to Sep 2023.

A MESSAGE FROM BRR'S PRESIDENT —

"As inventory climbs, consumers can expect to see home costs ease with the decreased pressure from demand. Canyon County was a perfect example of that dynamic this month."

~Debbi Myers, Boise Regional REALTORS® 2023 President

The median sales price in Ada County depressurized by $20,000 to $520,000 in August 2023, bumping us down to the lowest median sales price we've seen since April for single family homes. Resale saw the biggest price adjustment — a slant of $29,999 compared to last month — while new construction saw a $7,445 month-over-month hike to $552,445.

Even with the helping hand of lower housing costs, mortgage rates continue to pose as a formidable foe for both buyers and sellers. Mortgage rates for a 30-year, fixed-rate loan sit at 7.12%, according to Freddie Mac, for the week ending September 7^th.

Supplements to inventory are likely a contributing factor to the slight easing on affordability. August marked the 6^th month of positive comebacks for single family inventory. New construction showed the strongest recovery at 4.2% while resale improved by 4.0%.

Market times for single family homes have remained relatively steady since May and were a direct mirror of last month at 34 days. Resale experienced an acceleration compared to 2022 from 28 days to 27 days in August 2023. New construction's pace was slightly less hurried at 51 days.

Pending contracts were consistent with last month's report where mortgage applications had decreased by 3.1% according to the Mortgage Bankers Association. The pause in activity reflected in a month-over-month hiccup in pending homes of 6.2% and a 23.6% hold compared to the year before.

On the opposite side of the same coin, sales boosted this month compared to last month for a total of 675 sales. Year-over-year comparisons remain in the deficit but resale's month-over-month comparison shows positive growth to 481 sales. New construction was the only sector to see a 1.5% slump in sales compared to July 2023.

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