It’s finally cooling down in Boise…
Local real estate statistics show a decline in the number of sales, down 18% in Ada County and 28% in Canyon County year-over-year, however, both counties have a slight increase in sales from the previous month. Lower pending sales indicate this decline may continue.
Looking for a reason? That calls for speculation, and there is plenty out there already. In the last week, several significant sources have “revised” their economic outlooks, now stating the U.S. economy or the U.S. housing market may not be as bad as previously reported (Bank of America, Fortune and Zillow to name a few). Another crash you ask? Based on this monthly report, that seems unlikely for the Treasure Valley, but the trends do indicate a cooling of the not-so-long-ago, red-hot real estate market. Also widely impacting would-be homebuyers, is the daily fluctuation of interest rates. How soon we forget how great it was! Have faith, we all know what a wonderful place Boise is!
Prices are not falling, posting a gain of 7% year-over-year in Ada County and 3% in Canyon County year-over-year. The inventory of houses for sale is way up from last year, or even the last few years when we experienced historically low inventory numbers for nearly two years.
Cooling down at the end of summer is very normal, both for temperatures and housing sales. This is a time-proven trend over many years, even pandemic years of recent. Have faith as we all know the seasons are soon changing!
Market Statistics
The statistics in this report may be slightly different from those in other housing reports because we don’t follow the sales of just single-family homes. We include condominiums, townhomes, and homes on up to 2 acres. By including multiple forms of residential housing, our statistics more accurately portray the many options buyers have in modern housing offerings.
Clicking the links below provides you with an in-depth look at what’s happening in all MLS areas in both Ada and Canyon Counties, including the market for the total area sales as well as the market for new and existing homes.
Ada County
North Boise (100) | NE Boise (200) | SE Boise (300) | Boise Bench (400) | SW Boise (500)
SW Boise/Meridian (550) | West Boise (600) | W Boise/Meridian (650) | Garden City (700)
NW Boise/Garden City (800) | Eagle (900) | Star/Meridian (950) | SE Meridian (1000)
SW Meridian (1010) | NE Meridian (1020) | NW Meridian (1030) | Kuna (1100)
Canyon County
Nampa, 83687 (1250) | Nampa, 83686 (1260) | Melba (1265) | Nampa, 83651 (1270)
NW Freeway (1275) | SW Freeway (1280) | Middleton (1285) | Canyon Other (1290)