Provided by Boise Regional REALTORS® in partnership with the Idaho Policy Institute.
The MSP for existing homes increased in November for the first time since June. When comparing resale homes sold in November versus October, the square footage and acreage between the two sets of homes is similar. Resale homes sold in November were more likely to be newer (between 1-5 or 11-20 years old) than home sold in October. The lower age of homes sold in November may be a reason for the increase in the MSP of resale homes.
The number of homes sold in November decreased for both new and resale homes. The inventory of both sectors also decreased in November, along with minimal changes in MSP. This may indicate that buyers are less willing to purchase a home right now. On average, the sales price of a home was $16,000 less than the original list price. This deduction was more
significant for resale homes between 11-30 years.
The decrease in pending sales was only seen with resale homes. The resale homes that are currently pending have an average days on market that is over a week longer than similar homes sold in November. Prices of these homes has decreased from the original price across all age categories but appears most significant for the resale pending homes. 65% of all pending sales are new homes.
This is the third straight month of inventory decline for new homes and the fifth straight month of inventory decline for resale homes, but inventory remains above levels seen in November 2023. Inventory of existing homes is getting closer to levels seen in November 2023. Currently, there are 32 more new homes in inventory than there were in November 2023.
The average days on market increased by 5 days for new homes and 7 days for resale homes. The average days on market continues to be pulled up by a few homes that have been on market for over 90 days in November (27% over 90 days; 15% over 120 days).