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July
12

July 12th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in Ada County for June 2023 was $545,000, an 8.0% cut from the same month a year ago but the third consecutive bump up compared to the month preceding. The existing/resale sector remains cooler at $540,000, but still an uptick of $30,000 from May 2023. New construction saw the only month-over-month decrease of approximately $49,000 for a total median sales price of $557,500.

Affordability continues to be shadowed by supply versus demand. However, with pressures from increasing rent prices for two-bedroom homes (according to Rent.com), consumers are looking for workarounds to get into homeownership. Tools such as NAR & Apartment Therapy's "Real [Estate] Talk" interactive hub and IHFA's rental assistance programs are helping renters explore their options toward ownership.

Owning a home goes beyond protecting yourself from the mercy of a landlord. Homeownership is a long-term investment that can help you build your overall wealth portfolio. According to recent data released by NAR, middle-income homeowners compounded their wealth by upwards of $120,000 over ten years.

Mortgage applications have been up for three consecutive weeks, showing forward motion for the market. Shrinking inventory may drive prices higher while mortgage rates (currently at 6.81%) urge reprieve from the three-month climb.

There are currently 1,363 homes available in Ada County — 811 existing/resale homes and 552 new builds. This is the fourth month of positive month-over-month trends for single family homes but comes up 36.2% short compared to June 2022.

Single family homes in Ada County are currently going under contract in an average of 33 days, a stark difference from the 10 days we saw last year but more on-par with days on market from before COVID.

Sales were up for all three sectors for a total of 773 sales for the month — broken down to 553 resale homes and 220 new construction homes. June 2023 showed a 5.5% deficit in sales compared to June 2022. Historically, June typically experiences around double the sales that this year has shown.

In addition to pinched affordability, the "Great Relocation" may be a contributing factor for the sluggish season. In the fourth quarter of 2020, owner-occupied households increased by an estimated 2.1 million in a year. Typically, owners spend approximately 13.2 years in their homes, meaning the uptick in purchases may result in a lag for future purchases moving forward.

Buyers are patiently waiting for more options to become available while sellers are hesitant to abandon their attractive interest rates from purchases during the pandemic. It's important to remember, however, that interest rates can be bought down with the cash equity from your current home if moving is in the cards for you. A REALTOR® can help you find the best solution for your needs.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
June
9

June 9th, 2023 by


From Our Friends At Boise Regional REALTORS®

The median sales price in May 2023 ebbed 10.9% compared to May 2022, landing at $534,900 — a $17,400 boost from last month. A breakdown of homes sold in various price ranges highlighted an increased interest in homes between $250,000 and $500,000, leading to a lower median sales price for the month. Mortgage rate hikes over the past year also may have contributed to lower sales prices.

Existing homes faced the largest adjustment in median sales prices this month, bogging by $75,000. The 12.8% fade to the resale sector is slightly steeper than we've seen in past months, historically dipping from 2-14% year-over-year since September 2022. New construction welcomed a smaller reduction at 5.1% compared to the 10-20% we had seen year-over-year since January 2023.

There were 1,259 single-family homes available in Ada County in May, a reduction of 17.2% compared to the same month last year. This is the first year-over-year decrease in inventory we've seen since June 2021. Resale home options decreased by 22.2% while new construction choices slid by 9.9% compared to May 2022.

According to market highlights released by NAR on June 8th, the US housing market remains shy of 300,000 affordable homes for middle-income families. Boise was listed as one of the metro areas with the fewest affordable homes available for middle-income buyers. Five years ago, the income group was able to afford half of all available homes but that number has shrunk to 23%.

This month's accelerated market speeds threaten to lower inventory moving into summer months. Comparisons for all sectors remain extended year-over-year, but single-family homes went under contract 19 days faster than the month before for a total of 36 days on market. New construction experienced the greatest shift month-over-month, shortening from 93 days in April 2023 to 66 days this month, while existing homes' days on market depleted by 7 days. These hastened speeds have brought us back to pre-COVID market times, as shown in the chart below:

While shrinking inventory continues to pose supply issues with the increased market speeds, sales have trickled to 699 closings for the month. This is the fewest number of sales we've seen for the month of May since 2012.

The low quantity may largely be due to this month's starting point. Since 2020, we've seen April to May month-over-month shifts of approximately 9-10%. This month, inventory still swelled by 8.3% compared to last month, meaning our market trajectory remains similar to past years. With fewer available homes, the bog in sales should help keep supply versus demand from tipping further for upcoming months.

Tackling supply issues will be a large factor in easing affordability concerns in our area. Builders will carry the torch for ensuring we can provide more options for middle-income families. This is echoed by National Association of Home Builders Chief Economist, Robert Dietz, who stated that the best long-term combatant to affordability concerns is to increase inventory, particularly with new construction.

With that said, there are many options out there for assisting those who are looking to buy now — a REALTOR® can help you find the program that best fits your situation.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
May
22

May 22nd, 2023 by

Bob Tomlinson, who recently turned 76, winters six months a year in Arizona and no longer is actively involved in managing the Tomlinson Family of Companies real estate brokerage he helped develop into a major enterprise here over five decades.

It would be wrong to assume, though, that he now is content to bask in the Southwest warmth and leave all his former business ventures and holdings in the hands of others. Tomlinson retains some commercial building ownership interests here, including with former business partner NAI Black CEO Dave Black. He also is continuing to pursue land-acquisition opportunities aimed at creating more lots for new homes throughout the Inland Northwest.

He remains chairman of the Tomlinson Family of Companies board, and thus stays in regular contact with his daughter, Shelley Johnson, who...

Click Here to Read More...

Categories: News
May
10

May 10th, 2023 by


From Our Friends At Boise Regional REALTORS®

April 2023's median sales price was $517,500, marking the sixth consecutive year-over-year drop but a $34,000 positive surge from last month. Historically, March to April has shown month-over-month shifts from -4.5% to +3.8%. This month's 7.0% uptick is uncharacteristically hefty for the season and is the highest month-over-month increase we've seen in 19 weeks.

Forbes.com warns that housing market activity could be dampened by mortgage rate changes as it has been in other areas across the country already. Lowered purchasing hunger could result in lower prices, but their research anticipates a nationwide price decline is likely not in the cards. For example, Ada County's price bump this month nudged the MSP to pre-winter range and will likely continue to rise if supply recovery dwindles.

April showed a significantly slimmer inventory accrual year-over-year at 17.4%. The last time we saw inventory accumulation at less than 20% was June 2021 — the edge of the "COVID market." Since then, we had seen an average inventory growth of 112.4% with its highest peak reaching 192.9% in June of 2022.

Sales have cooled, as well, giving time for new listings to catch up with demand. There were 645 sales in Ada County, 398 of which were existing homes and 247 were new construction. April marked the fourteenth consecutive year-over-year reduction in sales at 21.0% — 13.1% less than March's transactions.

Existing homes continue to be the hottest commodity in Ada County, spending an average of 31 days on the market — a surprising 138.5% increase from the same month last year but a 32.6% decrease compared to March of this year. The lurch in existing home sale speed matched the pace of late-summer last year. New construction's DOM swelled by 287.5% from April 2022, bogging down to 93 days on market — a slight respite from the 106 days we saw last month.

New market landscapes may deter buyers from uprooting due to higher interest rates, but softened prices will ease the blow for those who need to move for life circumstances such as growing families and job relocation. NAR's Chief Economist Lawrence Yun echoed the uniqueness of the market at this week's Legislative Meetings in Washington D.C.; the tug-of-war continues between limited supply causing multiple-offer situations — currently 28% of transactions nationwide — and the need for lower prices to account for changes in mortgage rates.

Complications are exasperated by proposed LLPA changes which may affect affordability for some. We will continue to monitor developments on the changes and share them with BRR Members.

Down payment assistance programs and rate buy-down programs continue to be an asset to buyers who are hesitant due to recent mortgage rate changes. Whether consumers are purchasing their first home or upgrading to fit their current lifestyle, real estate remains a powerful long-term tool for their financial portfolio. We encourage consumers to connect with a REALTOR® and learn what programs may fit them best for a changing market — both as a buyer and a seller.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
April
14

April 14th, 2023 by


From Our Friends At Boise Regional REALTORS®

In March, the median sales price of homes that sold in Ada County was $483,450 — down 16.0% compared to March 2022, and the fifth consecutive month of annual decline in price. March 2023 showed a return to month-over-month decreases (a slant of approximately $8,600), unlike February where we saw a slight increase from the preceding month.

With 742 total sales for the county, closings were 9.3% lower than the same month last year. March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.

This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.

Inventory continues to accumulate, leading to a better position for Months' Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings. There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.

We are still working toward a balanced market — one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years. March 2023 shows an MSI of 1.6 for all single-family homes, MSI of 1.3 for existing homes, and MSI of 2.3 for new construction. A balanced market is achieved by having an MSI of 4-6 months, meaning we are still shy of being considered "balanced."

As we head toward the Spring market, demand and movement will tick up. However, buyers still have negotiation power. Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.

To view the Treasure Valley homes currently for sale, CLICK HERE

Categories: News
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David Wesely
David Wesely Office: (208) 861-0444 Cell: (208) 861-0444 Email Me
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/14/2026. The listing information on this page last changed on 03/14/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Sat 03/14/2026 7:36:11 AM EST) or INTERMOUNTAIN MLS (last updated Sat 03/14/2026 7:32:14 AM EST). Real estate listings held by brokerage firms other than Coldwell Banker Tomlinson may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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