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Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

Homes in Boise, Meridian, Eagle, Nampa, Caldwell, and greater Idaho areas.

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March Market Report

April 18, 2023

According to Boise Regional Realtors, “March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.

This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.”

“In March, the median sales price of homes that sold in Ada County was $483,450 — down 16.0% compared to March 2022, and the fifth consecutive month of annual decline in price. March 2023 showed a return to month-over-month decreases (a slant of approximately $8,600), unlike February where we saw a slight increase from the preceding month.

With 742 total sales for the county, closings were 9.3% lower than the same month last year. March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.

This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.

Inventory continues to accumulate, leading to a better position for Months’ Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings. There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.

We are still working toward a balanced market — one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years. March 2023 shows an MSI of 1.6 for all single-family homes, MSI of 1.3 for existing homes, and MSI of 2.3 for new construction. A balanced market is achieved by having an MSI of 4-6 months, meaning we are still shy of being considered “balanced.”

Read more at BRR

Filed Under: Articles Tagged With: Boise Housing, Home prices, Housing Market, March Market

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  • 1420 W Washington St
    Boise, ID 83702
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1802 S Eagleson Rd $724,900

1802 S Eagleson Rd Boise, Idaho

3 Beds 3 Baths 2,146 SqFt 0.160 Acres

3932 S Duston Pl $549,900

3932 S Duston Pl Boise, Idaho

4 Beds 3 Baths 2,508 SqFt 0.140 Acres

2706 S Malibu Rd $479,400

2706 S Malibu Rd Boise, Idaho

4 Beds 3 Baths 2,730 SqFt 0.210 Acres

10465 W Arnold Rd $449,900

10465 W Arnold Rd Boise, Idaho

4 Beds 2 Baths 1,520 SqFt 0.181 Acres

1814 S Rand St $449,800

1814 S Rand St Boise, Idaho

3 Beds 2 Baths 1,912 SqFt 0.150 Acres

7203 N Parkcrest Ave $439,900

7203 N Parkcrest Ave Boise, Idaho

3 Beds 2 Baths 1,310 SqFt 0.190 Acres

5889 S Tulip Pl $399,000

5889 S Tulip Pl Boise, Idaho

3 Beds 2 Baths 1,213 SqFt 0.160 Acres

1816 W Roberts Ave $375,000

1816 W Roberts Ave Nampa, Idaho

3 Beds 2 Baths 1,635 SqFt 0.180 Acres

5650 N Willowlawn Way $355,000

5650 N Willowlawn Way Garden City, Idaho

2 Beds 2 Baths 1,142 SqFt 0.140 Acres

427 7th Ave N $299,000

427 7th Ave N Nampa, Idaho

3 Beds 2 Baths 1,482 SqFt 0.140 Acres

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Sheila Smith Real Estate Group
1420 W Washington St.
Boise, ID 83702

(208) 254-2090

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