October 2024 Market Report

ADA COUNTY

Median Sales Price ($)

The Median Sales Price increased slightly this month, driven by an 8% increase in the median price of new construction homes.

Days on Market

Single-family homes’ Days on Market declined slightly, nudged by a 12%+ dip in Days on Market for new homes.

Inventory

The resale homes that remain in inventory have been on the market for over two months on average.

CANYON COUNTY

Median Sales Price ($)

Median Sales Price declined slightly in October. This decline in sales price was seen with both new and existing (resale) homes.

Days on Market

A significant portion of resale homes continue to be sold within the first 30 days. For new homes, over 30% were on the market for over 90 days in October driving that average up.

Inventory

Inventory of new homes and resale homes both declined in October, but remain higher than this time last year.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

September 2024 Market Report

ADA COUNTY

Median Sales Price ($)

Of the 716 homes sold in Sep, 55 of them were sold for more than $1 million with an average DOM of 34.9 days.

Days on Market

Market demand had no impact on speeds, however. Lengthened DOM created the right circumstance for Ada’s MSI to keep steady in September.

Inventory

With less options and an increase in pending activity, it is no wonder that we saw a MOM boost in resale’s MSP.

CANYON COUNTY

Median Sales Price ($)

New build’s MSP argues with other market trend data. With lower sales (pending and closed), we would’ve expected a similar or lower MSP from the previous month but inventory drops pinched pricing for the month.

Days on Market

With the combination of inventory and market speeds, Canyon’s MSI is the closest it’s been to a “balanced” since Nov 2015. Since then, the market has been increasingly starved for supply.

Inventory

With a dip in sold units and pending contracts, Sep’s new construction inventory slip means there was a slight slowdown in new units coming on the market. This marks the first MOM slide in inventory since Feb 2024.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

August 2024 Market Report

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.

Days on Market

Consistent with slower seasonality, stretching market times can be expected.

Inventory

Townhome listings in Ada are at a historical high with 153 available units.

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.

Days on Market

While the distance between resale and new build market speeds remains far, the MSI isn’t.

Inventory

Inventory has been on the rise in Canyon County since Jan 2024, amounting to over 1k units for the past 4 months.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

July 2024 Market Report

ADA COUNTY

Median Sales Price ($)

The MSP for single-family and resale homes rebounded from Jun 2024. Single-family homes slipped by nearly $25k and resale homes shrank by over $59k from Jun to Jul.

Days on Market

In Jan, the market speeds for both resale and new construction were nearly identical but now new builds are remaining on the market nearly twice as long as existing homes.

Inventory

July marked the highest single-family inventory in 20 months.

CANYON COUNTY

Median Sales Price ($)

Even with the $7k MOM dip, resale’s MSP remains above 2023’s MSPs.

Days on Market

Similar to Ada County, the chasm between resale and new construction’s market speeds has stretched since late Summer 2023.

Inventory

We’re nearly double July 2023’s options.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q2 2024

Introduction

The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county. Property status was surveyed as of June 30, 2024.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

Vacancy Rate | Ada 2.73% | Multi-family 3.09% | Single 2.38%

CANYON VACANCY REPORT

Vacancy Rate | Canyon 7.63% | Multi-family 5.77% | Single 10.10%

Source: www.narpm.org

June 2024 Market Report

ADA COUNTY

Median Sales Price ($)

The MSP for single-family and resale homes rebounded from Jun 2024. Single-family homes slipped by nearly $25k and resale homes shrank by over $59k from Jun to Jul.

Days on Market

In Jan, the market speeds for both resale and new construction were nearly identical but now new builds are remaining on the market nearly twice as long as existing homes.

Inventory

July marked the highest single-family inventory in 20 months.

CANYON COUNTY

Median Sales Price ($)

Even with the $7k MOM dip, resale’s MSP remains above 2023’s MSPs.

Days on Market

Similar to Ada County, the chasm between resale and new construction’s market speeds has stretched since late Summer 2023.

Inventory

We’re nearly double July 2023’s options.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

May 2024 Market Report

ADA COUNTY

Median Sales Price ($)

Resale’s MSP remains a hefty $30k more than May 2023.

Days on Market

Gone are the 40-50 DOM trends we saw from Dec-Feb for existing homes. This month’s DOM stayed in the 20’s in May.

Inventory

Ada County had the most available units for all sectors in 18 months in May

CANYON COUNTY

Median Sales Price ($)

Canyon’s MSP for all sectors took a $10k breather from Apr 2024.

Days on Market

Market times are warming up as we get closer to summer and dipped by 7 days from Apr 2024.

Inventory

Existing options expanded a steep 69% from May 2023’s 336 home inventory.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q1 2024

Introduction

The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county. Property status was surveyed as of March 31, 2024.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

Vacancy Rate | Ada 1.82% | Multi-family 0.93% | Single 2.69%

CANYON VACANCY REPORT

Vacancy Rate | Canyon 7.02% | Multi-family 5.74% | Single 8.45%

Source: www.narpm.org

April 2024 Market Report

ADA COUNTY

Median Sales Price ($)

Resale homes recovered slightly from MOM hikes in Apr, easing by nearly $2k compared to Mar 2024.

Days on Market

Single-family market speeds accelerated to Summer 2023 speeds this month.

Inventory

With a spike in pending contracts, home sales, and market speeds, increased inventory is a welcome friend.

CANYON COUNTY

Median Sales Price ($)

Single-family homes added approx. $16k to their MSP from Mar to Apr 2024, up $40k from Apr 2023.

Days on Market

Canyon’s new build DOM was the only sector in BRR’s jurisdiction to experience a MOM slow-down.

Inventory

Like Ada, new inventory is combatting market demand.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

March 2024 Market Report

ADA COUNTY

Median Sales Price ($)

The last time we experienced more than a $30,000 leap in month-over-month Median Sales Price was from March to April 2023 at $32,500. February to March 2024 jumped by $33,000.

Days on Market

Existing homes went under contract 8 days quicker than the month prior while new construction speeds eased by 14 days.

Inventory

While inventory dwindled compared to February 2024, consumer consumption of new builds eased slightly.

CANYON COUNTY

Median Sales Price ($)

Resale homes rose the most at approx. $17k compared to Feb 2024.

Days on Market

New builds are "leaving the shelf" 40 days faster than Mar 2023, contributing to low inventory.

Inventory

fter an 8-month streak of either negative or single-digit increases in inventory, Canyon's new options came with a warm welcome in Mar.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

February 2024 Market Report

ADA COUNTY

Median Sales Price ($)

In February 2024, single-family homes sold for nearly $10,000 more than January 2024 and almost $30,000 compared to February 2023.

Days on Market

While it may be expected for higher-priced homes to sit on the market longer, the 44 homes sold for more than $1 million stayed only slightly longer than the overall average (51 days compared to 49 days).

Inventory

The spike in inventory has us drooling. While we saw an uptick in Median Sales Price (likely due to overall market warmth), the increased options give buyers variety in the market. We’re still in a seller’s market but there’s room for negotiation.

CANYON COUNTY

Median Sales Price ($)

As inventory slipped away quicker and the average mortgage rate hovered below the 7% we saw in late Fall 2023, a resulting hunger likely caused this month's $10k bump in single-family home MSPs.

Days on Market

The market has cut its wait times nearly in half compared to early Spring 2023.

Inventory

Resale carried the weight in inventory rebound, adding 30 homes to the pile while new construction options decreased by 14 homes.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q4 2023

Introduction

The purpose of this survey is to show vacancy and rental rate trend among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

Vacancy Rate | Ada 1.81% | Multi-family 1.88% | Single 1.74%

CANYON VACANCY REPORT

Vacancy Rate | Canyon 4.34% | Multi-family 5.52% | Single 2.09%

Source: www.narpm.org

January 2024 Market Report

ADA COUNTY

Median Sales Price ($)

Jan was the lowest single-family home MSP we’ve seen since Mar 2023.

Days on Market

New construction accelerated from 59 days in Dec 2023 to 56 days in Jan, the only sector with quicker month-over-month speeds.

Inventory

Existing/resale saw the greatest shrink in options, slipping from 825 available properties to 656.

CANYON COUNTY

Median Sales Price ($)

The single-family home MSP dipped below the $400k threshold for the second time in the past 9 months.

Days on Market

New construction’s market times were nearly cut in half compared to Jan 2023.

Inventory

Jan’s overall inventory in Canyon County dwindled to the smallest selection we’ve seen since May 2023.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

December Market Report

ADA COUNTY

Median Sales Price ($)

We haven’t seen the MSP dip below $517,000 since December 2022 — a $13K decrease compared to November 2023.

Days on Market

Homes that sold for $200,000-$400,000 sold at an average of 30 days versus 41 days for $1,000,000+ homes.

Inventory

Just three months ago (September), we were at nearly double the current inventory for resale.

CANYON COUNTY

Median Sales Price ($)

Single-family homes sold for approximately $11K more than Nov 2023 with 7 homes selling for more than $1M.

Days on Market

New construction slowed the most, waiting nearly 20 days longer than the month before.

Inventory

Resale homes remain hungry for new listings, sitting at only 1.6 months of supply.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

November Market Report

ADA COUNTY

Median Sales Price ($)

Higher mortgage rates in early Nov may have catalyzed lower prices for the month.

Days on Market

In Nov, the homes that sold for less than $500k spent an average of 13 fewer days on market than those that sold for more.

Inventory

Existing/resale saw the greatest shrink in options, slipping from 825 available properties to 656.

CANYON COUNTY

Median Sales Price ($)

The price gap between new construction and existing homes has continued to diminish. In Nov 2022, the difference was approximately $120k but now sits at approximately $31k.

Days on Market

This month was another historically speedier month when juxtaposed against the previous year. For example, single-family homes spent an average of 17 less Days on Market than in Nov 2022.

Inventory

While there was a dip in inventory for all sectors aside from new construction, the MSI (below) remained the same compared to last month, showing supply and demand remained steady.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q3 2023

Introduction

The purpose of this survey is to show vacancy and rental rate trend among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

Vacancy Rate 6.8% | Multi-family 7.9% | Single 5.50%

CANYON VACANCY REPORT

Vacancy Rate 8.46% | Multi-family 9.33% | Single 4.82%

Source: www.narpm.org

October Market Report

ADA COUNTY

Median Sales Price ($)

New construction led the charge in many ways this month, including in MOM changes for Median Sales Price (MSP) — up $34,600 compared to last month.

Days on Market

Existing home’s Days on Market remained steady this month while new construction rebounded to a similar pace we saw in May to July this year.

Inventory

Single-family inventory dipped, month-over-month, for the first time since Feb 2023.

CANYON COUNTY

Median Sales Price ($)

Oct 2023 marked the 11th consecutive YOY ease for median sales price, down approximately $6,000.

Days on Market

Nine days were shaved off Days on Market for single-family homes this month, compared to the same month last year.

Inventory

While unable to compete with last October’s selection of 1,253 homes available, single-family home inventory was able to make a slight recovery this month compared to Sep 2023.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

September Market Report

ADA COUNTY

Median Sales Price ($)

Resale homes in Ada County saw its first positive boost in MSP since Aug. 2022.

Days on Market

Ada single-family homes’ Days on Market have decreased year-over-year for the first time in 23 months.

Inventory

Inventory’s belt has tightened, year-over-year, for five months in a row while monthly growth is in the black.

CANYON COUNTY

Median Sales Price ($)

Days on Market

Inventory

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS