Boise Real Estate Market Report

As we delve into the Boise real estate market's performance in May 2024, it is clear that significant changes and trends have shaped the landscape. Here's a comprehensive look at key market statistics, insights, and expert opinions to keep you informed.

Median Sales Price

The median sales price across all sectors has seen an uptick of nearly $18,000 from the previous year, though it experienced a slight dip of $5,000 month-over-month. Resale properties have been particularly strong, with the median sales price standing at a substantial $30,000 more than in May 2023. New builds also showed robust performance, with May's median sales price being the third highest since November 2022.

Homes Sold

May witnessed the highest number of single-family homes sold since June 2022. At that time, the median sales price was $592,090, with a mortgage rate of 5.09%. Notably, there have only been two instances in the past 20 months where closed homes exceeded 500 units - May and June 2023.

Pending Sales

Despite an increase in inventory, pending sales for existing homes took a slight nap this month, with nearly 100 fewer pending contracts. However, there was an uptick of 20 contracts from the previous month and a significant increase of 170 contracts year-over-year.

Inventory

In May, Ada County saw the highest availability of units across all sectors in 18 months. Existing homes were the main driver of this increase, with over 250 additional homes month-over-month, marking the highest resale inventory since October 2022.

Days on Market

The days of 40-50 days on market trends from December to February are behind us for existing homes. May saw the average days on market remain in the 20s. For new builds, the days on market remained over 70, which has helped prevent drastic market imbalances despite lagging inventory.

Market Insights

Elizabeth Hume, President of Boise Regional REALTORS® for 2024, emphasizes the significant rise in monthly payments over the past three years. "CalculatedRisk’s Bill McBride pointed out that monthly payments have more than doubled in the past three years. It is unlikely that we’ll get back to 4% mortgage rates and home values continue to climb. It is more important than ever to show buyers historical price increases in our valley,” Hume stated. This highlights the importance of understanding the market's past trends to make better decisions moving forward.

Bottom Line

The Boise real estate market continues to show resilience and growth despite fluctuations in various metrics. Understanding these trends is crucial for making informed decisions, whether you're looking to buy, sell, or invest. The rise in median sales prices, increase in inventory, and changes in pending sales reflect a dynamic market that requires careful navigation.

For more insights and detailed market analysis, visit Templeton Real Estate. Whether you are a buyer, seller, or investor, understanding these trends can help you make informed decisions in this dynamic market.

Stay tuned for our next update as we continue to monitor and analyze the Boise real estate market's evolution. We are committed to providing you with the latest information and expert advice to help you stay ahead in the ever-changing real estate landscape.