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ADA COUNTY
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.
HOMES SOLD —
- In stark contrast to last month's 21.1% month-over-month drop, new construction is up 9.8% compared to September 2023.
- We may see another boost next month to homes sold for new builds, reflective of pending activity.
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.
A MESSAGE FROM BRR'S PRESIDENT —
"As reported by Forbes, interest rates — currently sitting at an average of 7.79% — continue to pinch affordability. Resale's headway in median sales price is a breath of fresh air to the real estate market."
– Debbi Myers, Boise Regional REALTORS® 2023 President
CANYON COUNTY
MEDIAN SALES PRICE —
- 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
To view the Treasure Valley homes currently for sale, CLICK HERE
