Ada County Real Estate

Pending Homes for Sale

The Ada County real estate market had really solid sale-pending activity this last week with 178 homes for sale going pending. That was the strongest week since August, but more significantly, when comparing year-over-year it was just as strong as the previous 2 years (before the market correction began in May ’22).

Of those 194 pending homes for sale, 84 were new construction and 94 were resales.

It was the new homes for sale that gave the biggest boost to sale activity (about a 40% increase over the previous two weeks).

Homes for Sale

With the increased demand in the Boise metro real estate market came another decline in the number of homes for sale in Ada County.

Today, there’s 1132 homes for sale which is about 5% fewer than the previous week. Of those, 460 are new homes (complete), 156 are under-construction, and 516 are resale homes.

The number of homes for sale is still more than twice what it was the past 2 years, but historically speaking, still extremely low for Ada County (over 500,000 people).

Here’s a look of how those 1132 homes for sale are broken down between new construction, under-construction, and resales. As you can see, the reduction in homes for sale is true for all these category of homes.

Months of Inventory

The best indicator of real estate market pressures is looking at the ratio of supply versus demand and is the “inventory rate” or the “absorption rate”.

Last week’s inventory rate dropped to 1.5 months – the lowest since May ’22. This is a very good sign, that that moment, the Boise Metro real estate performing very strongly.

Boise Real Estate

The number of homes for sale in Boise that went pending matched the previous week at 66.

The most expensive home for sale that went pending was a new construction home in Boulder Point, which is located in the foothills of NE Boise, just above Harris Ranch. The home had been for sale for 108 days at an original asking price of nearly $2M, before lowering the price to $1,750,000 in December. The home was for sale at that price for about 6 weeks before they accepted an offer.

The least expensive home for sale that went pending was asking $299,000 in S Boise.

Here’s the week-over-week comparison for the Boise real estate market:

Date Range	Total Pending	High Price	Low Price	Average	Median
12/26-1/1/23	35	$          998,900	$       299,900	$       526,932	$       499,900
1/2-1/8/23	45	$       1,900,000	$       299,900	$       547,453	$       459,900
1/9-1/15/23	66	$       1,950,000	$       268,000	$       582,206	$       492,206
1/16-1/22/23	66	$       1,750,000	$       299,000	$       567,642	$       489,900

Boise Real Estate Market Analysis

Current Market Analysis
Status	Class	Type	Area	No. of Listings	Dollar Volume	Average Price	Median Price	Average DOM
Listings Under Contract				66	$37,464,397	$567,642	$489,900	70
	Residential
		Single Family
			Boise North – 0100	2	$1,569,800	$784,900	$784,900	135
			Boise NE – 0200	6	$6,294,700	$1,049,117	$917,450	80
			Boise SE – 0300	10	$5,440,590	$544,059	$509,900	60
			Boise South – 0500	2	$879,800	$439,900	$439,900	60
			Boise SW-Meridian – 0550	14	$6,697,730	$478,409	$487,495	98
			Boise West – 0600	7	$2,814,200	$402,029	$405,000	61
			Boise W-Garden City – 0650	10	$4,364,400	$436,440	$407,450	44
			Boise NW – 0800	14	$9,007,177	$643,370	$606,950	54
			Meridian NE – 1020	1	$396,000	$396,000	$396,000	156
			Subtotal	66	$37,464,397	$567,642	$489,900	70

Boise Real Estate Summary

Search Results Summary -66 Listings
	Beds	Baths	SqFt	LP	LP/SqFt
66 Pending Listings
High	6	3.50	3920	$1,750,000	$454
Low	2	1	864	$299,000	$159
Avg	3.52	2.26	1978	$567,642	$292
Med	3	2	1974	$489,900	$290