Vacancy Report Q2 2024

Introduction

The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county. Property status was surveyed as of June 30, 2024.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Ada 2.73% | Multi-family 3.09% | Single 2.38%

CANYON VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Canyon 7.63% | Multi-family 5.77% | Single 10.10%

Source: www.narpm.org

June 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• July 2023
• July 2024

• July 2023
• July 2024

The MSP for single-family and resale homes rebounded from Jun 2024. Single-family homes slipped by nearly $25k and resale homes shrank by over $59k from Jun to Jul.

Days on Market

• July 2023
• July 2024

• July 2023
• July 2024

In Jan, the market speeds for both resale and new construction were nearly identical but now new builds are remaining on the market nearly twice as long as existing homes.

Inventory

• July 2023
• July 2024

• July 2023
• July 2024

July marked the highest single-family inventory in 20 months.

CANYON COUNTY

Median Sales Price ($)

• July 2023
• July 2024

• July 2023
• July 2024

Even with the $7k MOM dip, resale’s MSP remains above 2023’s MSPs.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Similar to Ada County, the chasm between resale and new construction’s market speeds has stretched since late Summer 2023.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

We’re nearly double July 2023’s options.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

May 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• May 2023
• May 2024

• May 2023
• May 2024

Resale’s MSP remains a hefty $30k more than May 2023.

Days on Market

• May 2023
• May 2024

• May 2023
• May 2024

Gone are the 40-50 DOM trends we saw from Dec-Feb for existing homes. This month’s DOM stayed in the 20’s in May.

Inventory

• May 2023
• May 2024

• May 2023
• May 2024

Ada County had the most available units for all sectors in 18 months in May

CANYON COUNTY

Median Sales Price ($)

• May 2023
• May 2024

• May 2023
• May 2024

Canyon’s MSP for all sectors took a $10k breather from Apr 2024.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Market times are warming up as we get closer to summer and dipped by 7 days from Apr 2024.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Existing options expanded a steep 69% from May 2023’s 336 home inventory.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q1 2024

Introduction

The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county. Property status was surveyed as of March 31, 2024.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Ada 1.82% | Multi-family 0.93% | Single 2.69%

CANYON VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Canyon 7.02% | Multi-family 5.74% | Single 8.45%

Source: www.narpm.org

April 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• April 2023
• April 2024

• April 2023
• April 2024

Resale homes recovered slightly from MOM hikes in Apr, easing by nearly $2k compared to Mar 2024.

Days on Market

• April 2023
• April 2024

• April 2023
• April 2024

Single-family market speeds accelerated to Summer 2023 speeds this month.

Inventory

• April 2023
• April 2024

• April 2023
• April 2024

With a spike in pending contracts, home sales, and market speeds, increased inventory is a welcome friend.

CANYON COUNTY

Median Sales Price ($)

• April 2023
• April 2024

• April 2023
• April 2024

Single-family homes added approx. $16k to their MSP from Mar to Apr 2024, up $40k from Apr 2023.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Canyon’s new build DOM was the only sector in BRR’s jurisdiction to experience a MOM slow-down.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Like Ada, new inventory is combatting market demand.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

March 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• March 2023
• March 2024

• March 2023
• March 2024

The last time we experienced more than a $30,000 leap in month-over-month Median Sales Price was from March to April 2023 at $32,500. February to March 2024 jumped by $33,000.

Days on Market

• March 2023
• March 2024

• March 2023
• March 2024

Existing homes went under contract 8 days quicker than the month prior while new construction speeds eased by 14 days.

Inventory

• March 2023
• March 2024

• March 2023
• March 2024

While inventory dwindled compared to February 2024, consumer consumption of new builds eased slightly.

CANYON COUNTY

Median Sales Price ($)

• March 2023
• March 2024

• March 2023
• March 2024

Resale homes rose the most at approx. $17k compared to Feb 2024.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

New builds are "leaving the shelf" 40 days faster than Mar 2023, contributing to low inventory.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

After an 8-month streak of either negative or single-digit increases in inventory, Canyon's new options came with a warm welcome in Mar.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

February 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• February 2023
• February 2024

• February 2023
• February 2024

In February 2024, single-family homes sold for nearly $10,000 more than January 2024 and almost $30,000 compared to February 2023.

Days on Market

• February 2023
• February 2024

• February 2023
• February 2024

While it may be expected for higher-priced homes to sit on the market longer, the 44 homes sold for more than $1 million stayed only slightly longer than the overall average (51 days compared to 49 days).

Inventory

• February 2023
• February 2024

• February 2023
• February 2024

The spike in inventory has us drooling. While we saw an uptick in Median Sales Price (likely due to overall market warmth), the increased options give buyers variety in the market. We’re still in a seller’s market but there’s room for negotiation.

CANYON COUNTY

Median Sales Price ($)

• February 2023
• February 2024

• February 2023
• February 2024

As inventory slipped away quicker and the average mortgage rate hovered below the 7% we saw in late Fall 2023, a resulting hunger likely caused this month's $10k bump in single-family home MSPs.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

The market has cut its wait times nearly in half compared to early Spring 2023.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Resale carried the weight in inventory rebound, adding 30 homes to the pile while new construction options decreased by 14 homes.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q4 2023

Introduction

The purpose of this survey is to show vacancy and rental rate trend among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Ada 1.81% | Multi-family 1.88% | Single 1.74%

CANYON VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate | Canyon 4.34% | Multi-family 5.52% | Single 2.09%

Source: www.narpm.org

January 2024 Market Report

ADA COUNTY

Median Sales Price ($)

• January 2023
• January 2024

• January 2023
• January 2024

Jan was the lowest single-family home MSP we’ve seen since Mar 2023.

Days on Market

• January 2023
• January 2024

• January 2023
• January 2024

New construction accelerated from 59 days in Dec 2023 to 56 days in Jan, the only sector with quicker month-over-month speeds.

Inventory

• January 2023
• January 2024

• January 2023
• January 2024

Existing/resale saw the greatest shrink in options, slipping from 825 available properties to 656.

CANYON COUNTY

Median Sales Price ($)

• January 2023
• January 2024

• January 2023
• January 2024

The single-family home MSP dipped below the $400k threshold for the second time in the past 9 months.

Days on Market

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

New construction’s market times were nearly cut in half compared to Jan 2023.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Jan’s overall inventory in Canyon County dwindled to the smallest selection we’ve seen since May 2023.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

December Market Report

ADA COUNTY

Median Sales Price ($)

• December 2022
• December 2023

• December 2022
• December 2023

We haven’t seen the MSP dip below $517,000 since December 2022 — a $13K decrease compared to November 2023.

Days on Market

• December 2022
• December 2023

• December 2022
• December 2023

Homes that sold for $200,000-$400,000 sold at an average of 30 days versus 41 days for $1,000,000+ homes.

Inventory

• December 2022
• December 2023

• December 2022
• December 2023

Just three months ago (September), we were at nearly double the current inventory for resale.

CANYON COUNTY

Median Sales Price ($)

• December 2022
• December 2023

• December 2022
• December 2023

Single-family homes sold for approximately $11K more than Nov 2023 with 7 homes selling for more than $1M.

Days on Market

• December 2022
• December 2023

• December 2022
• December 2023

New construction slowed the most, waiting nearly 20 days longer than the month before.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

Resale homes remain hungry for new listings, sitting at only 1.6 months of supply.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

November Market Report

ADA COUNTY

Median Sales Price ($)

• November 2022
• November 2023

• November 2022
• November 2023

Higher mortgage rates in early Nov may have catalyzed lower prices for the month.

Days on Market

• November 2022
• November 2023

• November 2022
• November 2023

In Nov, the homes that sold for less than $500k spent an average of 13 fewer days on market than those that sold for more.

Inventory

• November 2022
• November 2023

• November 2022
• November 2023

Existing/resale saw the greatest shrink in options, slipping from 825 available properties to 656.

CANYON COUNTY

Median Sales Price ($)

• November 2022
• November 2023

• November 2022
• November 2023

The price gap between new construction and existing homes has continued to diminish. In Nov 2022, the difference was approximately $120k but now sits at approximately $31k.

Days on Market

• November 2022
• November 2023

• November 2022
• November 2023

This month was another historically speedier month when juxtaposed against the previous year. For example, single-family homes spent an average of 17 less Days on Market than in Nov 2022.

Inventory

• Single-Family Homes
• Existing/Resale
• New Construction

• Single-Family Homes
• Existing/Resale
• New Construction

While there was a dip in inventory for all sectors aside from new construction, the MSI (below) remained the same compared to last month, showing supply and demand remained steady.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

Vacancy Report Q3 2023

Introduction

The purpose of this survey is to show vacancy and rental rate trend among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate 6.8% | Multi-family 7.9% | Single 5.50%

CANYON VACANCY REPORT

• Units Managed
• Number of Vacancies

• Units Managed
• Number of Vacancies

Vacancy Rate 8.46% | Multi-family 9.33% | Single 4.82%

Source: www.narpm.org

October Market Report

ADA COUNTY

Median Sales Price ($)

• October 2022
• October 2023

• October 2022
• October 2023

New construction led the charge in many ways this month, including in MOM changes for Median Sales Price (MSP) — up $34,600 compared to last month.

Days on Market

• October 2022
• October 2023

• October 2022
• October 2023

Existing home’s Days on Market remained steady this month while new construction rebounded to a similar pace we saw in May to July this year.

Inventory

• October 2022
• October 2023

• October 2022
• October 2023

Single-family inventory dipped, month-over-month, for the first time since Feb 2023.

CANYON COUNTY

Median Sales Price ($)

• October 2022
• October 2023

• October 2022
• October 2023

Oct 2023 marked the 11th consecutive YOY ease for median sales price, down approximately $6,000.

Days on Market

• October 2022
• October 2023

• October 2022
• October 2023

Nine days were shaved off Days on Market for single-family homes this month, compared to the same month last year.

Inventory

• September 2022
• September 2023

• September 2022
• September 2023

While unable to compete with last October’s selection of 1,253 homes available, single-family home inventory was able to make a slight recovery this month compared to Sep 2023.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

September Market Report

ADA COUNTY

Median Sales Price ($)

• September 2022
• September 2023

• September 2022
• September 2023

Resale homes in Ada County saw its first positive boost in MSP since Aug. 2022.

Days on Market

• September 2022
• September 2023

• September 2022
• September 2023

Ada single-family homes’ Days on Market have decreased year-over-year for the first time in 23 months.

Inventory

• September 2022
• September 2023

• September 2022
• September 2023

Inventory’s belt has tightened, year-over-year, for five months in a row while monthly growth is in the black.

CANYON COUNTY

Median Sales Price ($)

• September 2022
• September 2023

• September 2022
• September 2023

Days on Market

• September 2022
• September 2023

• September 2022
• September 2023

Inventory

• September 2022
• September 2023

• September 2022
• September 2023

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS