Spring is here and so is the real estate market. Things are looking up for the Boise market!
MEDIAN SALES PRICE —
In February 2024, the median sales price for single-family homes saw a notable increase, rising by nearly $10,000 compared to January 2024 and almost $30,000 compared to February 2023. Similarly, new construction prices surged by approximately $25,000 compared to both the previous month and February 2023.
HOMES SOLD —
Despite lagging behind the sales figures of 2023, there has been a significant uptick in sales activity since January 2024, with double-digit month-over-month growth observed across all segments. Out of the 527 homes sold, 44 fetched prices exceeding $1 million.
PENDING SALES —
February 2024 marked a milestone as pending sales surpassed 1,000 signed contracts for the first time since May 2023. Notably, the pending sales for new construction haven't seen such robust activity since August 2022.
INVENTORY —
The surge in inventory has been notable, offering buyers a wider selection in the market. While the median sales price saw an increase, likely due to overall market warmth, the expanded options provide buyers with more flexibility. Although the market still favors sellers, there is room for negotiation.
DAYS ON MARKET —
While it's typically anticipated for higher-priced homes to spend more time on the market, the 44 homes sold for over $1 million only stayed slightly longer than the overall average, with an average of 51 days compared to 49 days.
In summary, the real estate market in February 2024 showed promising signs of growth compared to previous months and the same period in 2023. Median sales prices for single-family homes and new construction experienced significant increases, while sales activity, particularly pending sales, surged, albeit still trailing behind 2023 levels. Inventory expanded, providing buyers with more options, though the market still favored sellers. Despite higher-priced homes typically spending more time on the market, those priced over $1 million sold relatively quickly. Overall, the market outlook appears strong, with shorter days on the market boosting seller confidence and suggesting a robust spring market ahead for both buyers and sellers.
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THE AMERICAN DREAM FOR BOISE!
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