Although the Boise housing market is experiencing a common seasonal cooling with the close of 2021, the Months Supply Inventory (MSI) metric shows that demand for homes remains strong and consistent. As Boise Regional REALTORS® reiterates, the MSI metric is calculated by taking “the number of homes for sale divided by the average number of sales by month for the preceding 12 months. As of November 2021, Ada County was at just 0.9 months for existing homes and 1.5 months for new construction. This means, if no additional homes were listed, the supply of homes for sale would run out in less than two months. A balanced market — not favoring buyers or sellers — is typically between 4-6 months of supply.”

In addition to inventory levels, here are some other notable statistics to help you better understand our current market:  

  • Last month, existing homes were on the market an average of 25 days before going under contract, 92.3% longer than the 13 days we saw a year ago.

  • Inventory of existing homes was up 217.9% compared to November 2020.  

  • The median sales price for existing homes in November 2021 was $510,000 (19.7% higher than the same month last year).

  • The median sales prices for newly constructed homes in November 2021 was $601,301 (39.8% higher than the same month last year).  A portion of this increase is due to the increased cost of materials.  

  • Newly constructed home sales were down 32.2% year to date compared to last year. This is partially due to delays in the supply chain slowing production and partially due to buyers having an increased number of existing homes on the market to choose from.

  • There is a strong correlation between inventory of existing homes and pending sales for new construction.  The graph below looks at activity since January 2019 and shows how the number of pending new construction homes goes up as inventory of existing homes goes down and visa versa.  See graph below:

For more information on this graph and other market statistics, please read the full market report from Boise Regional REALTORS® HERE.  Or, if you’d like to visit with someone in person to learn more about the market, please give us a call!  We’d love to schedule a time to meet to talk through how our current Boise housing market may affect your future real estate decisions!