Treasure Valley Market Update: August 23rd, 2023
Canyon County Market Update: (Canyon County includes the cities of Nampa, Caldwell, Melba, Middleton, Parma, Notus, and Wilder)
The current real estate market in Canyon County is an eclectic market. Homes that are priced at and below $500,000 are an attractive segment of the market, due to homes being more affordable and because there are so few homes available on the market within this price point. There is approximately .5 to 1.6 months’ supply of existing homes within this price range. Keep in mind that a balanced market is where there is a 4 to 6 months’ supply of available homes.
Homes priced between $500,000 to $800,000 in Canyon County is a more competitive market as we approach a more balanced supply of homes within this price point (which is approximately 4 months' supply). Homes that are priced at and above $900,000 are competing in a more saturated market with 9+ months’ supply of available homes.
The average price in Canyon County is $467,616 as of July 2023. This is a 4.9% decrease from this time last year. The average price was $491,772 in July 2022. The average number of days on market dropped from 53 days in June to about 42 days in July. The average days on market in July 2022 was about 28 days.
Ada County Market Update: (*Ada County consists of the cities of Boise, Meridian, Kuna, Eagle, Star, and Garden City)
Ada County’s real estate market is still a very strong market due to so few homes being available to buyers. There is between 1 to 3 months' supply of homes that are priced at and below $1 Million dollars. Homes that are price between $1 million to $2 million dollars are a approaching a more balanced market with about 4 months' supply of inventory. Homes that are priced above $2 million dollars are competing with a 9+ month supply of available homes.
The average price of a home in Ada County is $540,000 as of July 2023. That’s a 8.4% decrease from this time last year. The average price of a home in July 2022 was $590,000. The average days that a home is on the market (before it receives an accepted offer) increased from 33 days in June to about 34 days in July. The average days on market in July 2022 was 21 days.
Summary:
Overall, the real estate market is staying steady within the Treasure. We’ve experienced a little bit of a slowdown in some price segments due to an increased supply of homes and with the increase in interest rates. Although homes in general are taking a little longer to sell, several homes are selling within days with multiple offers. The determining factors are price, condition, and location. Always keep in mind that there’s opportunity in every market. “The best time to buy real estate is always five years ago.” Ray Brown
*All data provided by the Multiple Listing Service*