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Pending Homes for Sale in Boise | 1.9.23-1.8.23

January 19, 2023 by Boise Real Estate Plus Leave a Comment

Ada County Real Estate

Pending Homes for Sale

In Ada County, there were 145 homes for sale that went sale pending during the week of 1/9/23 through 1/15/23.  Of those, 51 were new construction and 94 were resale homes for sale.

This is slightly below the pending home sale activity compared to last 2 years, but not drastically as you can see in the chart below.

Homes for Sale Pending 1.9.23-1.15.23

Homes for Sale

There’s currently 1193 homes for sale in Boise, Meridian, Eagle, Kuna, Garden City, and Star. Of those, 503 are new construction (complete), 161 under construction, and 529 are resale homes.

This is substantially above the record-low inventory levels the Boise market had the last 2 years, but historically is still very low.

Homes for Sale 1.9.23

Months of Inventory

Last week’s pending & home for sale activity resulted in a 1.9 month inventory rate. That is the lowest inventory rate since May ’22 and a strong indicator of the current market pressures.

That lowering inventory rate was certainly helped by the lowering interest rates. Rates have come down roughly a full percentage point from where they were about 2 months ago. Check the most current interest rates here.

Months of Inventory 1.9.23-1.15.23

Building Permits

Pioneer Title tracks the number of building permits in Ada & Canyon County on a monthly basis and is a metric I follow that is “forward looking” for future homes for sale.

As indicated on their graph below, home builders have really hit the brakes on producing new homes since September ’22.

The Ada County real estate market doesn’t have an inventory issue (1193 homes for sale is historically low). So, seeing the building permits so low for the new construction supply-side of the market should continue to help the market work through its existing inventory.

Ada County Building Permits

Boise Real Estate

For the Boise real estate market, there were 66 homes for sale that went sale pending – a 32% increase over the previous week.

The highest price pending sale was for a home for sale in Dry Creek Ranch for $1,950,000. The lowest price pending sale was for a home for sale on the Boise Bench.

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

Boise Real Estate Market Analysis

Current Market Analysis
Status Area No. of Listings Dollar Volume Average Price Median Price Average DOM
 
Listings Under Contract   66 $38,425,626 $582,206 $492,495 54
  Boise North – 0100 4 $3,263,400 $815,850 $789,200 26
  Boise NE – 0200 6 $5,271,900 $878,650 $974,000 39
  Boise SE – 0300 5 $2,398,790 $479,758 $475,000 83
  Boise Bench – 0400 9 $3,650,800 $405,644 $334,900 32
  Boise South – 0500 4 $1,989,600 $497,400 $472,450 96
  Boise SW-Meridian – 0550 14 $6,357,547 $454,111 $422,560 42
  Boise West – 0600 5 $1,906,800 $381,360 $359,000 37
  Boise W-Garden City – 0650 7 $3,458,689 $494,098 $389,989 81
  Boise NW – 0800 11 $9,628,100 $875,282 $769,000 60
  Meridian NE – 1020 1 $500,000 $500,000 $500,000 127
  Subtotal 66 $38,425,626 $582,206 $492,495 54

Boise Real Estate Summary

    Search Results Summary -66 Listings
         Beds     Baths     SqFt     Listing Price     LP/SqFt     DOM
    66 Pending Listings
    High     6     4.50     5466     $1,950,000     $571     231
    Low     2     1     840     $268,000     $161     0
    Avg     3.42     2.33     2053     $582,206     $288     55
    Med     3     2     1933     $492,495     $278     36

BoiseRealEstatePlus.com

Filed Under: Market Statistics Tagged With: ada county real estate, boise bench, boise real estate, dry creek ranch, market statistics

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