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ADA COUNTY
MEDIAN SALES PRICE —
- The last time we experienced a >$30k leap in MOM sales price was from Mar to Apr 2023 at $32,500. Feb to Mar 2024 jumped by $33,000.
- Resale's $56k hike marks the greatest MOM jump in Ada County's history.
HOMES SOLD —
- Sales in Mar 2024 bumped up by more than 100 closedcontracts compared to the previous month.
- This month's sales were comparable to Apr and Oct 2023.
PENDING SALES —
- Pending sales spiked to the highest frequency we've seen since Aug 2022.
- Resale market heat for Mar 2024 nearly climbed to summertime (478 signed contracts in Jul 2023) temperatures.
INVENTORY —
- Options rebounded to pre-winter counts, surpassing the selection that was available in Mar 2023.
- While inventory dwindled compared to Feb 2024, consumer consumption of new builds eased slightly.
DAYS ON MARKET —
- Existing homes went undercontract 8 days quicker than the month prior while new construction speeds eased by 14 days. There were 16 new builds that remained on the market for >200 days in Mar 2024.
A MESSAGE FROM BRR'S PRESIDENT —
"Resale availability continues to struggle the most in keeping up with consumer demands, leaving room for increased home prices. Using a REALTOR® who is specialized in buyer negotiations can make the difference in a client's success in today's market."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
- Canyon's $4k bump insingle-family home sales price compared to Feb 2024 was significantly less dramatic than Ada's $30k jump.
- Resale homes rose the most at approx. $17k compared to Feb 2024.
HOMES SOLD —
- Historically slimmer pending sales in previous months led to Mar 2024's thinned YOY comparison.
- With that said, Mar marked the third consecutive month of double-digit positive MOM increases.
PENDING SALES —
- Mar 2024's new contract signings were similar in quantity to those in Jun 2023, showing a warming of the market.
- This marked the fourth consecutive YOY increase in new build pending sales.
INVENTORY —
- After an 8-month streak of either negative or single-digit increases in inventory, Canyon's new options came with a warm welcome in Mar.
- New construction still hovers below last winter's available inventory.
DAYS ON MARKET —
- In Mar 2024, existing homes sold 4 days faster than Feb 2024 but revved 23 days quicker than Mar 2023.
- New builds are "leaving the shelf" 40 days faster than Mar 2023, contributing to low inventory.
A MESSAGE FROM BRR'S PRESIDENT —
"The slow squeeze of inventory versus demand caused a slight increase in March's Median Sales Price. As we move into Spring, we hope to see new listings pop up to help balance the market for both buyers and sellers."
~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
