January 2024: National Media Headlines…
…will have you believing the real estate market is soft, but as we all know, different areas, cities, counties and price points all have their own story to tell. One area maybe suffering or stagnant, and another, close by, is getting multiple offers!
Here in the Treasure Valley we have excellent statistics, tracked monthly, all available for the asking!
In summary, the Boise Market, and Ada County in general, are Booming!
FEBRUARY 2024; Ada County Highlight Reel
MEDIAN SALES PRICE — Jan was the lowest single-family home MSP we’ve seen since Mar 2023.
Resale saw a minor increase of $500 while new construction faced a $15k reduction in sold price compared to Dec 2023.
HOMES SOLD — There was a greater balance between resale and new build sales in Jan with a 93 home gap (compared to Dec’s 112 home gap).
Resale’s +1.8% YOY change was the first positive rebound for sales in 21 months.
PENDING SALES — Pending sales leaped to the highest number of new contracts since Jun 2023, an uptick of 132 signings compared to Dec.
New build pending sales have trended upward three months in a row.
INVENTORY — Inventory shrank to its lowest threshold for single-family homes in 20 months with resale home options slimming by nearly 140 listings compared to Jan 2023, down by 70 homes from Dec 2023.
DAYS ON MARKET — New construction accelerated from 59 days in Dec 2023 to 56 days in Jan, the only sector with quicker month-over-month speeds.
With an MSI of 1.0 months, resale may benefit from a reprieve in market heat.
The Key Take-a-way Here, from these charts, is the ‘Months of Inventory Available (or lack thereof)…’.
Over the past few years, the Boise area has struggled to have inventory meet buyer demand. As such, we are still in a Sellers market! So what’s to come? As we move into the Spring, we expect to see both an increase in Sellers and Buyers. However, expect to see a continued strain on inventory, especially in the resale market, as owners continue to choose to hold on to their amazingly low fixed mortgage rates.
REQUEST YOUR PERSONAL MARKET REPORT
I have a lot more stats for both Ada and Canyon counties to share. Therefore, if you have an interest in seeing specific stats on an area of interest to you, feel free to drop me a note and I will happily share the current local sales and inventory statistics. Just let me know your area of interest; i.e. you may want to look at your immediate neighborhood, immediate area, new construction or resale, price point, a specific ZIP code, home size…etc. Once I know your specific areas of interest, I can email you the data, month over month, year over year…
I have lots of resources and information to assist you with your buying, selling, investing or renovation goals. So always feel free to reach out to me regarding all things real estate, and I will do be best to be of assistance! Susan.