Third Quarter Market Update
Ada County
During the third quarter of 2023, there were 1,914 homes sold in Ada County, a 10.01% decline compared to the same period in 2022. The average Days on the Market came in at 34, an increase of 17.24%, with an overall median sales price of $533,000, resulting in a 5.68% decrease year-over-year. The increase in interest rates, inventory, or lack thereof, continues to play a significant role in the data. Currently, there is a 1.6-month supply of resale inventory and a one-month supply of new construction inventory.
Northwest Meridian claimed the top spot with 291 homes sold in Ada County, closely followed by Star with 190 homes sold and Eagle with 189 homes sold.
Canyon County
During the third quarter of 2023, there were 1,167 homes sold in Canyon County, a 6.3% increase compared to the same period in 2022. The average Days on the Market came in at 35, an increase of 2.94%, with an overall median sales price of $409,000, resulting in a 7.03% decrease year-over-year. Aside from the increase in interest rates, inventory, or lack thereof continues to play a significant role in the data. Currently, there is a 1.6-month supply of resale inventory.
New Construction
With Pending and closed sales down which lean toward favoring buyers, new construction continues to put an equalizing twist in the market with a month-over-month increase of $34,600 in Median Sales Price, and a .7 month supply of inventory.
Fourth quarter, as well as the first quarter of 2024, will provide more insight as to the general direction of where the market is headed. The current data is a result of higher interest rates, low inventory, and the typical seasonal pause.
