As we roll into September, the leaves might be gearing up for a change, and perhaps, so should your real estate ambitions—whether you’re buying or selling, there’s something in the air here in Boise beyond that crisp fall breeze.
Take a Look at the Boise real estate market update September 2024:
Ada County Trends in Selling Prices
As of August 31, 2024, approximately 33% of homes in the Boise metro area sold for full asking price or above, up from about 29% in 2023. Nearly 68% of the homes sold under the original asking price. What do these numbers indicate? For the homes that sold at the original asking price or above the median days on the market was 3 days. This demonstrates that the homes were highly desirable and most likely had sought-after features or locations or were priced competitively. Homes that sold under the asking took nearly 30 days to go pending and nearly 50% of them had to drop their price before going pending. Pricing right from the start can make all the difference in the price you end up with.
Canyon County Market Snapshot: 2023 vs. 2024
In Canyon County, as of August 31, 2024, 22% of the homes for sale sold for full price or above asking price and took 4 days to go pending. This is just about the same numbers as of 2023. 78% of homes sold under the original asking price and took 30 days on average to go pending.
Boise Real Estate Market Insights
The market in Ada and Canyon Counties has stabilized over the past two years, moving away from the frenzied pace where homes sold in under a week and above asking price with multiple offers. Despite this shift, some sellers and agents still set prices as if at the height of the COVID real estate boom. Often, sellers believe that high pricing will still attract offers, but this strategy can leave buyers shooting in the dark, reluctant to make offers they fear will be rejected. Generally, buyers are hesitant to invest emotional and physical effort into offers that are likely to be declined.
As an experienced listing agent, I advise my clients to consider several factors when pricing their homes:
- Current Market Comparables: Homes should be priced based on what similar properties are selling for in the area. Pricing without comparable support may lead to low appraisals if buyers are using financing, jeopardizing the sale, or forcing last-minute price reductions.
- Overall Costs and Desired Net Gains: Account for closing costs, broker fees, existing mortgages, and your desired net proceeds. Ideally, set the home value slightly above market comps to accommodate buyer negotiations for closing costs or other concessions or slightly lower to incite multiple offers if your area or home has features or a location that could bring multiple offers.
For the Buyers: Get Ready to Jump!
The Boise market remains a lively playground for potential homebuyers. Inventory is inching up, giving you a bit more breathing room and a few more options to choose from. Don’t let the extra choices slow you down, though—Boise properties still aren’t sticking around for long, especially those well-loved gems in desirable neighborhoods like North End or East Boise. Quick tip? Have your must-haves nailed down and your paperwork ready to roll. Speed and clarity are your best friends in a market that’s as welcoming yet competitive as a game of neighborhood flag football.
For the Sellers: Shine and Polish!
Selling your home in Boise this September? It’s time to put on the ritz. With more homes hitting the market, ensuring your property stands out is key. Think of it as prepping for the homecoming dance—spruce up the yard, declutter like a minimalist, and fix those little quirks you’ve laughed off for years. Buyers are ready and eager, but they’re looking for the cream of the crop. A little effort goes a long way in making a stellar first impression. And remember, pricing it right from the get-go is like hitting the perfect dance move at just the right beat.
Everybody: Keep Your Eyes Peeled!
Whether you’re on the buying side or the selling side, staying informed is your secret weapon. Market trends in Boise can shift as quickly as our mountain weather, so staying connected and on top of the latest stats, shifts, and success stories will help you navigate the market confidently and capably.
Talk to an Expert
In a fluctuating market, it’s essential to consult a real estate professional who deeply understands local dynamics. Online opinions and advice from acquaintances may be well-intentioned but can lead to costly mistakes. For personalized guidance on navigating Boise and the wider Treasure Valley market, consider scheduling a consultation with Jennifer Louis, your Boise Metro Area Real Estate Expert. Contact me at (208) 509-9122 or via email at jenn@boiseandbeyondrealty.com To set up an appointment. Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or jenn@boiseandbeyondrealty.com.
