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ADA COUNTY
MEDIAN SALES PRICE —
- There continues to be around a $30K difference in the Median Sales Price of new vs. resale homes, where new homes are priced higher. This gap has been consistent for the last three months despite changing sales volume.
- When compared to surrounding counties, a higher proportion of resale homes in Ada are older which may be keeping the median sales price relatively constant for the last six months around $525K.
HOMES SOLD —
- It appears that sales have partially recovered from the seasonal dip in volume observed in January. Currently, sales sit above where they were at this point last year, but these are the lowest numbers since February 2024.
- The new and existing home sales volume increased in February, but the distribution of ages and sizes of homes remained extremely similar to January which appears to have led to little fluctuation in pricing.
PENDING SALES —
- In January, a similar level of pending sales volume was observed and appeared to translate to growth in sales volume in February. We will say tuned to see if this raised sales volume trend continues next month.
- 62% of homes pending sale in February were new homes. Of these new homes, the majority are located in Star or Meridian. A large number of pending new homes are currently under construction.
INVENTORY —
- Like January, over half of homes in inventory are new homes. 86% of these new homes in inventory are located outside of Boise.
- Resale home inventory remained at the same level seen in the previous month. 40% of resale homes in inventory are in Boise. These homes are priced above Median Sales Prices for resale homes sold in February and their prices have begun to decline from the original list prices.
DAYS ON MARKET —
- Differences in average days on market were seen when looking at the location of the home sold. Homes sold in Boise, Garden City, Meridian, and Star were on the market for a shorter amount of time when compared to those sold in Kuna, Nampa, and Eagle.
- Older resale homes (10+ years old) across Ada seem to have the lowest days on market, the majority have been on the market under 30 days.
"The Ada County market remains stable with minimal adjustments to Median Sales Price, continued market demand, and new inventory. With a healthy 22.5% increase in sales and a rising inventory of new homes, now is a great time to work with a REALTOR® to navigate this market — including builder incentives like interest rate buydowns — and secure the best deal." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
CANYON COUNTY
MEDIAN SALES PRICE —
- Median Sales Price increased by 2% in February, but increases were seen in Median Sales Price for new and resale homes. This indicates that there was a slight change in the composition of homes sold in February from those sold in January.
- Most resale homes sold in February (54%) were in Nampa and priced $20K lower and more likely to have smaller square footage than similar homes sold last month.
HOMES SOLD —
- The number of homes sold increased by 40% in February, the largest monthly increase observed since June 2020. The increase was seen for both new and resale homes.
- Homes sold in February were, on average, younger than those sold in January. These homes tend to be more expensive than older resale homes.
- There is far less evidence this month of sales being lowered from the original price.
PENDING SALES —
- The majority (66%) of pending sales continue to be new homes located in Nampa ands Caldwell. New homes with pending sales that are under construction across Canyon County have notably lower average days on market when compared to other new homes (21 days on average).
- Most pending homes have a current price below the original list price indicating seller willingness to move prices to attract buyers (except in Star and Middleton).
INVENTORY —
- Resale homes added to inventory this month are mostly over 20 years old and located outside of Caldwell and Nampa. Despite being on the market under 30 days, they appear to have already reduced in list price.
- New homes added to inventory this month in Middleton and Nampa have increased their price from their original price. The most affordable new homes appear to be located in Caldwell and have not had price adjustments.
DAYS ON MARKET —
- 53% of resale homes sold in February were on the market for less than 30 days. Unlike January, price did not appear to be as closely related to the amount of time a home spent on the market before sale. On average, homes that were on the market 10 days or less were priced higher than homes on the market over 10 days.
- A group of 8 new homes sold this month were on the market over 200 days, affecting new build's average.
"Canyon County experienced a notable 40% increase in home sales this February, driven by rising demand for new homes in Nampa and Caldwell. As competition heats up, partnering with a REALTOR® can help you take advantage of opportunities and avoid the pitfalls of shifting home prices." ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
To view the Treasure Valley homes currently for sale, CLICK HERE
