August saw a decrease in the median sales price down $20,000 to $520,000 making it the lowest median sales price since April for single family homes. (Resale and new construction combined.)
Resale saw the biggest price adjustment down $29,999 compared to last month. New construction saw a $7445 increase from last month making the median sales price $552,445 for the month of August 2023. Even with the higher interest rates the market continues to hold strong in the Boise area.
Median home prices in July softened by $5,000 when compared to June 2023 and down 8.5% when compared to the same time last year. With higher interest rates we are seeing less sellers wanting to give up their low interest rates which is causing the inventory to be down almost 40% compared to this time last year. With less inventory we also see less home sales when compared to July 2022. New construction market was hit the hardest in July with a median sale price of $545,000 down 18.8% from July of 2022. This does give buyers opportunities in the new home construction market as some builders are offering allowances for interest rate buy downs which in turns provides buyers with lower monthly payments making it easier to obtain home ownership.
Canyon county saw almost no change in the median sale price when compared to June of 2023. There was a 8.3% drop in the median sale price when you compare July 2023 to July 2022. New construction sales are up 3.9% in Canyon county when compared to the same time last year. This is due to limited inventory and builder incentives driving home buyers to look at new construction when deciding on their home purchase. Inventory is still down by 43% in the area when compared to July 2022. So this market is very competitive due to low supply.
What I am seeing across the board in both existing and new home construction are agents and builders getting creative and looking for solutions to combat the rising interest rates. Looking at an interest rate buy down is one of the ways you can offset the higher interest rates making your home purchase more affordable. Waiting does not necessarily equal a better deal. So if your in the market and want to talk about your options give me a call!
June 2023 Ada County saw a median sale price of $545,000 down 8% from the same month a year ago. However, this is the third consecutive bump up compared to the month proceeding. The existing/resale home market remains cooler at $540,000, but still an uptick of $30,000 from May 2023. New construction in Ada county saw the only month over month decrease of approximately $49,000 for a total median sale price of $557,500.
Canyon County median sales price for June 2023 was $405,000 a 9% decrease from the same month a year ago. Inventory is still lower when compared to June 2022. However, with higher interest rates buyers have more time to decide when choosing their next place to live.
The take away... Buyers & Sellers have options! Sellers are still getting historically higher prices for their homes than prior to the pandemic. Buyers have many loan programs to choose from and buying down the interest rate can help you obtain the monthly payment you desire. So call me about your options and get moving!
Statistical Source: Boise Regional Realtors
What is going on with real estate prices? Are prices dropping or staying the same? For the last two weeks we've seen new contract signings up year over year. Chatter in the real estate community shows an uptick in activity from both buyers and sellers as we move forward toward spring sales.
What did January look like...according to Boise Regional Realtors for the third consecutive month, the median sales price for Ada County decreased from the same time last year. January median sale price of homes was $487,495 down 9.7%, or $52,500 compared to January 2022. The last time the median sale price was under $500,000 was in July 2021. Both the existing/resale and new construction home market saw year over year declines in the median sales price, with the biggest drop in new construction. New construction saw a 16% decrease in the median sales price compared to the same month a year ago. The median sales price for new homes has not been under $500,000 since April 2021.
Coming off the holiday winter sales Ada county was down by 32.8% when compared to January closings in 2022. 454 homes closed in Ada County. Of those closed homes 269 were existing/resale homes, down 41.5% from January 2022, and 185 were new construction homes, down 14.4% from the same last year.
With more homes on the market this year buyers have more negotiation power, more options and more time to decide. There were 1,169 homes available on the market at the end of January, compared to 441 for the same month last year. This increase in supply is also putting downward pressure on home prices. Market times have slowed as well, and homes that closed last month spent an average of 71 days on the market before going under contract...nearly twice the average time that homes spent on the market in January 2022.
If you want to sell and not sit on the market, call me! I offer a comprehensive marketing plan that create results through intelligent pricing and truly understanding where your buyers are coming from. So, if you don't have time to watch the market closely let my experience guide you to reach your real estate goals for 2023.