Housing Market Trends in Ada and Canyon Counties: January 2023 Report
If you’re looking to buy or sell a home in Ada or Canyon Counties Idaho, it’s important to keep up with the latest market trends. Our team Good News Realty Group in Boise, Idaho, is here to provide you with the most recent market statistics report for January 2023. While the news is not necessarily what sellers want to hear, it’s important to stay informed to make the best decisions for your real estate needs.
Ada County Idaho Housing Market Trends (Meridian ID, Eagle ID, Star ID, Kuna ID)
For the third month in a row, the median sales price for homes in Ada County has decreased year-over-year. In January 2023, the median sales price of homes was $487,495, down 9.7% or $52,500 compared to January 2022. This is a significant drop, and both the existing/resale and new construction segments have experienced a year-over-year decline in median sales price, with new construction taking the hardest hit.
Sales in Ada County were also down by 32.8% compared to last year, with a total of 454 closed sales in January 2023. Of those, 269 were existing/resale homes, down 41.5% from January 2022, and 185 were new construction homes, down 14.4% from last year.
Canyon County Idaho Housing Market Trends
The market trend in Canyon County has been similar to Ada County, with a decline in sales and prices for single-family homes, existing/resale homes, and new construction. The number of closed sales for single-family homes in Canyon County was down by 20.6% in January 2023, and the median sales price for those homes was $395,445, a 6.4% decrease from January 2022.
The number of closed sales for existing homes in Canyon County was down by 43.3% in January 2023, and the median sales price was $339,000, a 13.1% decrease from January 2022. The number of closed sales for new construction homes in Canyon County was up by 26.5% in January 2023, but the median sales price for those homes was $415,450, a 10.7% decrease from January 2022.
What Does This Mean for Buyers and Sellers?
This decline in sales and prices is affecting both Ada and Canyon Counties. The market is currently more favorable for buyers, who have more negotiation power, more options to choose from, and more time to make a decision. However, for sellers, it’s important to keep in mind that their expectations need to be in line with what’s happening in the market. The days of a listing going under contract in a matter of hours for well over the asking price are behind us for now.
Is There Hope for the Future?
While the current market statistics may seem discouraging, there is a glimmer of hope. Newly pending sales data could “indicate,” that demand bottomed out and is beginning to recover. For the last two weeks, we’ve seen new contract signings up year-over-year, and we’ve also heard from members that they’ve experienced increased interest from both buyers and sellers. This uptick in activity, as well as the stabilization of mortgage interest rates, is a positive sign as we gear up for our spring market.
Good News Realty Group is here to help you navigate the market and find your perfect home in Idaho. If you have any questions or would like to learn more about the housing market in Boise and Canyon County, please don’t hesitate to reach out to me.
The housing market in Ada and Canyon Counties is currently favoring buyers, with lower median sales prices and fewer closed sales. However, this could be a good opportunity for buyers to get a great deal on a new home. For sellers, it’s important to set realistic expectations and work with an experienced agent who can help you navigate the current market conditions.
As we look toward the future, there is reason to be optimistic. The recent uptick in new contract signings and increased interest from both buyers and sellers could indicate a recovering market. As we move closer to the spring market, it will be interesting to see how the market continues to evolve and whether we will see further signs of recovery.
In the meantime, if you’re in the market to buy or sell a home in Ada or Canyon Counties, don’t hesitate to reach out to us. As a local real estate team, I have a deep understanding of the market and can provide you with the expertise and guidance you need to make the best decisions for your real estate needs.
Thanks for reading, and here’s to a brighter future for the housing market in Ada and Canyon Counties!
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