In March, the median sales price of homes that sold in Ada County was $483,450 — down 16.0% compared to March 2022, and the fifth consecutive month of annual decline in price. March 2023 showed a return to month-over-month decreases (a slant of approximately $8,600), unlike February where we saw a slight increase from the preceding month.
With 742 total sales for the county, closings were 9.3% lower than the same month last year. March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.
This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.
Inventory continues to accumulate, leading to a better position for Months’ Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings. There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.
We are still working toward a balanced market — one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years. March 2023 shows an MSI of 1.6 for all single-family homes, MSI of 1.3 for existing homes, and MSI of 2.3 for new construction. A balanced market is achieved by having an MSI of 4-6 months, meaning we are still shy of being considered “balanced.”
As we head toward the Spring market, demand and movement will tick up. However, buyers still have negotiation power. Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.
The rolling 12-month median sales price for Elmore County home sales was $337,938 in March 2023, a 6.9% increase from the year before. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. While price growth is still positive year-over-year, it has slowed from the double-digit increases we saw prior to November 2022.
Sales for March 2023 dipped year-over-year as a result of waning demand for housing — affected by higher mortgage rates and higher home prices. With 31 closings last month, the number of home sales decreased 32.6% compared to the same month a year ago. Of those, 26 were existing/resale homes and 5 were newly constructed homes.
There were 42 pending sales — properties with an accepted offer that are expected to close within 30-60 days — a decrease of 25.0% compared to March 2022, marking 13 consecutive months of year-over-year declines. Contrary to the continued decrease in year-over-year pending contracts, March marked the fourth month this year of consecutive month-over-month increases in pending homes — an average increase of 15.4% since November 2022.
Homes in March were on the market for an average of 64 days, a drastic increase compared to the 20 Days on Market in March 2022. As we head toward the Spring market, demand and movement will tick up. However, buyers still have more negotiation power and options to choose from.
Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.
The rolling 12-month median sales price for Gem County home sales was $442,735 in March 2023, a 1.8% increase from the year before. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. While price growth is still positive year-over-year, it has slowed from recent months.
Gem County experienced a slight downward slide in sales compared to the same month a year ago with 23 total sales — a drop of 4.2% compared to March 2022. Of those, 16 were existing/resale homes and 7 were newly constructed homes.
There were 36 pending sales in March 2023 — properties with an accepted offer that are expected to close within 30-60 days — a decrease of 44.6% compared to March 2022, marking 20 consecutive months of year-over-year declines.
Inventory remained at 74 available homes for purchase at the end of the month, an increase of 29.8% compared to March 2022. Of the homes available, 40 were existing/resale listings and 34 were new homes. Gem County’s Months’ Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings — stands at 2.8. A “balanced” market, which doesn’t favor buyers or sellers, is typically an MSI of 4-6 months, meaning the market still has room to improve.
As we head toward the Spring market, demand and movement will tick up. However, buyers still have more negotiation power and options to choose from. While market times continued to slow last month, increasing from 62 days in March 2022 to 82 days in March 2023, Days on Market sped up from the first two months this year.
Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.
Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada County, Elmore County, Gem County, and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.
Ada County
Canyon County
Elmore County
Gem County
Condos…
Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Elmore County, and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t publicly report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or login to our Market Statistics page. Boise and Owyhee County snapshots can also be accessed on our Market Statistics page.
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The data reported is based primarily on the public statistics provided by the Intermountain MLS (IMLS), a subsidiary of Boise Regional REALTORS® (BRR). These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. If you have questions about this report, please contact BRR’s Director of Communications Taylor Gray at 208-947-7238. For notes on data sources, methodology, and explanation of metrics, visit boirealtors.com/notes-on-data-sources-and-methodology.
If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, represents real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.
“REALTOR®” is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS® (NAR) and subscribes to its strict Code of Ethics.
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