Fall Market Update - 2023
Market Report
The latest numbers are in for July 2023, and they paint a picture of the market slightly cooling down from the previous month. The median sales price for Ada County was down $5,000 from the previous month to $540,000 for single family homes. This reflected the first slide since March 2023. New construction led the way with an average decrease of $12,000 for median sales price, while existing/resale only was down by $1.
For July, 655 total single family homes were sold in Ada County, which reflected a 21.8% decrease year-over-year. In addition, total inventory also showed a decrease of 17.2% year-over-year to a total of 1,469. The low supply of available homes makes this a great opportunity for sellers looking to take advantage of thin competition.
With buyers remaining cautious due to increased interest rates, the average days on market is sitting at 34 days for July 2023, which is a 157.1% increase year-over-year. This change suggests that sellers are less likely to see their house go under contract in the first week on market, and buyers have more time to make informed decisions.
Why Now is a Good Time to List
The season of change is upon us. Kids are headed back to school, and soon we’ll have cooler temperatures and autumn foliage. The real estate market in our area continues to remain strong, despite concerns over interest rates increases this past year. With low inventory across the Treasure Valley, sellers have a great opportunity right now to take advantage of thin competition and an ever-present pool of cash buyers.
Historically, summer and fall are usually the best times of the year to sell a house — another point in favor of “now.” But beyond seasonality, there are many factors that might make listing your home this Fall a wise decision. These include:
Short Supply - A shortage of housing inventory drives up demand and prices for available homes. What’s more, while the housing supply in Ada County hovers at historic lows, homes on the market tend to sell faster.
Increased Equity - The vast majority of homeowners report high levels of equity in their current homes. As real estate prices have continued to climb, now could be a good time to use your current equity to upgrade your living situation.
New Construction Is On Sale - In July, we saw the median sales prices of new construction homes cool by $12,000. Many builders are offering appealing incentives for brand new homes and current homeowners could take advantage of this window.
If you’re considering selling this year, contact our team to find out what your house is worth and discuss the best strategies to help you achieve your goals.
