We’re excited to bring you our newest “Market Stat Sheets.”
Same great data, quicker reads.
Looking for local analysis, like our previous press releases? You’ll find them as smaller, more digestible snippets throughout the Market Stat Sheets. Take a look, wander around, and let us know if you have any questions!
MEDIAN SALES PRICE —
- The Median Sales Price for all sectors is up nearly $18,000 from the previous year but down by $5,000 month-over-month.
- Resale’s Median Sales Price remains a hefty $30,000 more than May 2023.
- May’s new build Median Sales Price was the 3rd highest we’ve seen since November 2022.
HOMES SOLD —
- May showed the highest units sold since June 2022 for single-family homes. At that time, the Median Sales Price was $592,090 and mortgage rate was 5.09%.
- There were only 2 instances in the past 20 months that closed homes crested over 500 — May and June 2023.
PENDING SALES —
- While inventory boosted, pending sales for existing homes napped this month, snoozing by nearly 100 pending contracts.
- Pending sales gained 20 contracts from the previous month and 170 contracts year-over-year.
INVENTORY —
- Ada County had the most available units for all sectors in 18 months in May.
- Existing homes carried the weight of inventory increases this month, rising by over 250 homes month-over-month (highest resale inventory since October 2022).
DAYS ON MARKET —
- Gone are the 40-50 Day on Market trends we saw from December to February for existing homes. May’s Days on Market stayed in the 20’s.
- While new build inventory lagged, the 70+ Day on Market has helped keep the market from being drastically imbalanced.
A MESSAGE FROM BRR’S PRESIDENT —
- “CalculatedRisk’s Bill McBride pointed out that monthly payments have more than doubled in the past three years. It is unlikely that we’ll get back to 4% mortgage rates and home values continue to climb. It is more important than ever to show buyers historical price increases in our valley.” ~Elizabeth Hume, Boise Regional REALTORS® 2024 President
Other Real Estate News
- Redfin | Home Sales Fell to One of the Lowest Levels on Record in May
- CNBC | What to Expect from the Housing Market in the Second Half of 2024, According to Real Estate Experts
- Fox Business | Real Estate Expert Defines Housing Market Doomsday: Something We ‘Haven’t Seen in Our Lifetime’
- USA Today | High Prices and Mortgage Rates Have Plagued the Housing Market. Now, a Welcome Shift
Please note: Some news outlets may protect their content with paid subscriptions. While we try to refrain from sharing articles that may not be accessible to everyone, we may share them if important to the industry.
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.
