Ada & Canyon County Market Update: January 29-February 04

In the ever-shifting landscape of real estate, the House of Palmer | Idaho Real Estate team have observed a subtle yet promising uptick in activity. Open houses are buzzing, phones are ringing with inquiries on home values, and the gears of lending are turning as eager buyers gear up for their house-hunting journey. Check out the latest stats in our market update.

Ada County Insights: Ada County presents a dichotomy of numbers this week, with 220 new listings signaling a robust 34% increase in inventory. However, the average price takes a slight dip at $689,822, down 8%, and the average sold price follows suit at $568,804, down 7%. The increase in homes sold, up 9% at 141, suggests a dynamic market. Total active listings are down 3%, standing at 1,154, while pending listings rise by an encouraging 15% to 179. The months of inventory see a modest decline of 1%, settling at 1.9.

Canyon County Chronicles: Over in Canyon County, a similar tale unfolds with 127 new listings, up 37%, injecting vitality into the market. The average listing price climbs 7% to $531,865, while the average sold price retreats 10% to $401,352. The number of homes sold holds steady at 78. Active listings decrease by 2%, totaling 683, while pending listings drop by 3% to 93. The months of inventory experience a fractional decrease of 1%, sitting at 2.

The current low inventory continues to favor sellers, maintaining a seller's market. However, the challenge for buyers persists, as interest rates remain relatively high, elongating days on market. A strategic approach is advised for sellers: price conservatively and consider assisting buyers with closing costs and rate buy-downs to enhance affordability.

On a contrasting note, the rental market is witnessing a downward trend in rates, potentially posing challenges for smaller property investors. With the advent of spring, we anticipate heightened buyer activity, influencing pricing and trimming days on the market in the coming weeks.

As always, the House of Palmer team is here to guide you through the nuances of the real estate landscape. Stay tuned for more updates on this fascinating journey!