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Boise Area Real Estate Market Update
Boise blog on Treasure Valley area real estate market trends.
January 2023 Market Update

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.

 

 


Alicia Vollmer / Associate Broker
Silvercreek Realty Group

1099 South Wells St.
Meridian, Idaho 83642
Direct: 208.371.6403
EMAIL


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