January was the lowest single-family home median sales price since March of 2023. Resale saw a minor increase of $500 while new construction faced a $15k reduction in sold price compared to December 2023. Pending sales leaped to the highest number of new contracts since January 2023 an uptick of 132 signings compared to Dec. New building pending sales have trended upward three months in a row. Inventory shrank to its lowest threshold for single-family homes in 20 months with resale home options slimming by nearly 140 listings compared to Jan 23 and down by 70 homes in Dec 23. Our local market is always changing and with Spring right around the corner you will see more homes listed than in pervious months. If you want to discuss your real estate goals feel free to reach out.

December saw the first month over month spike in pending activity since May. In addition to higher sales new construction saw the biggest jump in signed contracts. The median sales prices dipped below $517k for the first time since December 2022 resulting in a 13k decrease compared to Nov. 2023. We saw a 28% decrease in inventory for December leaving Ada county at a deficit for demand. However, market speeds remain faster compared to last year but have cooled month over month since June. Average market time for existing and new home sales were running 49 days on the market. Interest rates have been dropping and average 6.50% in January 2024 for a conventional 30 year fixed mortgage. If your looking to buy or are wondering what your home is worth in today's market give me a call and let's talk.

With rates dropping around 0.75% since early November we hope to see a downward trend going into 2024. VP of research at the National Association of Realtors expect that mortgage rates will continue to tip down incrementally hoping by spring of 2024 rates might be in the lower 6% range for 30 year loans. As rates drop we will watch how it affects days on the market and sale price.

Ada County existing home market saw its first positive boost in median sale price since August of 2022. Existing home sales in Ada County carried the biggest weight of overall sales at 73.6% this month, the greatest portion shift we have seen since July 2022. We have also seen a shift in single family homes with days on the market decreasing for the first time in 23 months.