The median sales price in Ada County depressurized by $20,000 to $520,000 in August 2023, bumping us down to the lowest median sales price we’ve seen since April for single family homes. Resale saw the biggest price adjustment — a slant of $29,999 compared to last month — while new construction saw a $7,445 month-over-month hike to $552,445.
Even with the helping hand of lower housing costs, mortgage rates continue to pose as a formidable foe for both buyers and sellers. Mortgage rates for a 30-year, fixed-rate loan sit at 7.12%, according to Freddie Mac, for the week ending September 7th.
Supplements to inventory are likely a contributing factor to the slight easing on affordability. August marked the 6th month of positive comebacks for single family inventory. New construction showed the strongest recovery at 4.2% while resale improved by 4.0%.
Market times for single family homes have remained relatively steady since May and were a direct mirror of last month at 34 days. Resale experienced an acceleration compared to 2022 from 28 days to 27 days in August 2023. New construction’s pace was slightly less hurried at 51 days.
Pending contracts were consistent with last month’s report where mortgage applications had decreased by 3.1% according to the Mortgage Bankers Association. The pause in activity reflected in a month-over-month hiccup in pending homes of 6.2% and a 23.6% hold compared to the year before.
On the opposite side of the same coin, sales boosted this month compared to last month for a total of 675 sales. Year-over-year comparisons remain in the deficit but resale’s month-over-month comparison shows positive growth to 481 sales. New construction was the only sector to see a 1.5% slump in sales compared to July 2023.
Working with a REALTOR® in a changing market allows you a unique transaction experience you may not receive with an unaffiliated sales agent. Extensive toolkits through designations and certificates, stronger professional relationships with other agents through networking, and specialized market knowledge allow our members to navigate transactions with increased efficiency and professionalism.
The rolling 12-month median sales price for Elmore County home sales was $335,000 in August 2023, a 0.7% droop from August 2022 and $5,000 ease from the previous month. 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. August’s wilt continues a boomerang effect since March.
Market times continued to stretch in August, 5 days longer than July. Resale homes stayed on the market for an average of 45 days before going into contract while new construction’s hunger gained fervor, revving to a mere 16 days on market.
The acceleration for new construction was also met by a 25.0% increase in pending contracts for a total of 10 pending sales in August. Existing homes experienced a dwindling in contract activity — down 48.9% compared to August 2022 and 33.3% compared to July 2023.
The sleepy movement in contracts for existing homes may lend a hand in combatting continued listing shortages. With only 59 homes on the market, resale sits at a months’ supply of inventory of 1.9. New construction’s 19 available homes can be expected to last 4.3 months at current market speeds, allowing for a more balanced market in that specific sector.
As the market continues to adjust to mortgage rates, demand, and higher prices, the importance of connecting with a professional remains at an all-time high. A REALTOR® can provide both buyers and sellers with specialty knowledge from either side of a transaction.
The rolling 12-month median sales price for Gem County home sales was $438,248 in August 2023, a 10.7% decrease from last year but close to a $5,000 boost from July 2023. 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. This month marks the first hike to the median sales price since April 2023.
Inventory continued to linger at lower levels in August, the third consecutive month of year-over-year slants. There are currently 103 single family homes in Gem County — 72 existing/resale homes and 31 new construction homes.
Pending sales for single family homes simmered during August, as well, down 2.7% year-over-year and 21.7% compared to the previous month. Existing homes saw a 41.2% uptick, however, for a total of 24 pending contracts in August. New construction experienced the largest year-over-year bog at 40.0% with 12 pending sales for the month.
Market times stretched to 87 days, a 155.9% lag compared to August 2022 and nearly double the days on market for the preceding month. New construction homes waited an average of 230 days before going on market for August but could be skewed by builders adding the home to the MLS prior to the home being ready for purchase. Resale homes were on hold for 59 days, 26 days longer than August 2023.
Market shifts can be intimidating for both buyers and sellers but a professional can soothe many of those concerns. Connect with a REALTOR® who can help you navigate either side of the transaction.
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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