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Pending Homes for Sale in Boise | 1.16.23-1.22.23

January 25, 2023 by Boise Real Estate Plus Leave a Comment

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).

Ada County Homes for Sale Pending 1.16.23-1.22.23

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).

Homes for Sale 1.25.23

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.

Homes for Sale Breakdown - 1.16.23-1.22.23

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.

Months of Inventory 1.16.23-1.22.23

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

BoiseRealEstatePlus.com

Filed Under: Market Statistics Tagged With: boise homes for sale, boise real estate, inventory, market statistics, ne boise real estate, pendings, s boise real estate

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