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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
