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November Residential Home Sales
November data is in...
Market Snapshot:
- The median sales price in Ada County is down 3.1% from last month to $525,667 but an overall increase of 1.68% for 2024.
- In Canyon County, the median price closed November at $414,610 essentially the same as last month and up 3.66% for the year where it began at $399,990.
Inventory and Sales Insights:
- Ada County inventory is down 9.8% with 1,527 active listings at the end of November compared to 1,693 at the end of October.
- Canyon County is down 7.1% with 1,008 active listings versus 1,085 last month.
- Sales in November have experienced a notable decline compared to the previous month, with a 19.2% drop in Ada County (648 sales) and a 16.5% decrease in Canyon County (349 sales). On a positive note, year-over-year sales are up in both counties, with Ada County increasing from 518 sales and Canyon County rising from 390 sales in the same period last year.
What Does This Mean? Nothing to be concerned about as our inventory and sales both historically decrease late fall and through the winter months as January and February are typically the slowest sales months of the year.
Despite the expected typical decline in sales over the next couple of months, I do think the market will remain competitive for buyers, given limited inventory and steady activity unless rates decline, or supply grows.
Wondering What Your Home is Worth?
If you are interested, reply to this email with your property address and I would be happy to provide you with a free market analysis.
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