Median Sales Price: The median sales price in Ada County experienced a significant increase from February to March 2024, jumping by $33,000. This is the largest month-over-month increase seen since March to April 2023, when the median sales price rose by $32,500. Notably, the resale market had an even more substantial month-over-month increase of $56,800, marking the largest jump in Ada County's history.
Homes Sold: In March 2024, there was a noticeable uptick in home sales, with over 100 more closed contracts compared to the previous month. This increase brought the number of homes sold to a level comparable to April and October 2023. This indicates a resurgence in market activity, likely driven by increasing buyer demand and available inventory.
Pending Sales: Pending sales in March 2024 spiked significantly, reaching the highest levels seen since August 2022. The number of signed contracts in the resale market nearly reached the peak level of July 2023, when 478 contracts were signed. This suggests strong buyer interest in the market, particularly in existing homes.
Inventory: Inventory levels rebounded in March 2024, returning to levels seen before the winter season. This increase in available properties surpassed the inventory from March 2023, providing buyers with more options to choose from. Despite this increase, overall inventory dipped compared to February 2024, signaling ongoing demand and sales activity. Meanwhile, demand for new construction slightly decreased.
Days on Market: Existing homes in March 2024 sold 8 days quicker on average compared to the previous month, indicating a faster pace in the market. However, new construction homes experienced a different trend, staying on the market 14 days longer than in February 2024. Additionally, 16 new construction properties remained on the market for over 200 days.
