What’s The Tea with 4D? 🍵

Hello friends, it’s time for your local Monthly Market Update!

As we move into the end of the spring season towards summer, the real estate market continues to show dynamic shifts and promising trends. Today, we’ll dive into the latest numbers and what they mean for buyers and sellers.

The single-family median sales price saw a modest increase of $1,500 since March, following the significant $30,000 month-over-month spike last month. For those looking at resale homes, prices have slightly eased, dropping nearly $2,000 compared to March 2024. This could signal stabilization after the earlier dramatic increases.

The market is buzzing with activity, evidenced by an increase of about 100 home sales in Ada County compared to the previous year. This is an encouraging sign as we start the summer season. New builds have particularly stood out, with the highest sales counts in April since March 2023, totaling 324 sales. This surge in new build sales indicates robust demand and a healthy supply of new housing options.

April 2024 has seen a significant uptick in pending sales, reaching frequencies not seen since June 2022. Resale pending sales have particularly shone, with 120 new contracts since March 2024, making it the most active month since May 2022. This surge in pending sales suggests strong buyer interest and a competitive market landscape.

Inventory levels have shown remarkable growth, with a 19.9% year-over-year increase as of April 2024. This is the strongest jump since the massive 89.3% increase observed in March 2023. The rise in inventory is a welcome development amidst the heightened activity in pending contracts and home sales, providing more options for buyers and balancing market speeds.

Market speeds have accelerated, reaching levels comparable to summer 2023. For resale homes, the days on market have shrunk to the shortest span since June 2022, now averaging just 14 days. New builds are also selling faster, with a reduction of 8 days in April compared to March. This rapid pace underscores the high demand and competitive nature of the current market.

The real estate market is experiencing a dynamic period with increased sales, rising inventory, and faster market speeds. Whether you are a buyer or seller, these trends offer valuable insights for making informed decisions. The modest rise in median sales prices, coupled with the surge in pending sales and increased inventory, paints a picture of a vibrant and competitive market. Stay tuned for more updates as we continue to navigate the upcoming months.

Let's strategize over coffee! We'll delve into your plans, discuss any questions you have about our local market, and your first drink will be on me! ☕️

Click below to lock in your spot and choose a date and time that suits your schedule. Once booked, I'll personally reach out to confirm the location and we’ll go from there. Don’t wait—reserve your spot now and let’s get your real estate journey started on the right foot. 😊

Looking for some local fun this month? Don't miss these exciting activities:

• Mummies of the World Exhibit at the Discovery Center in Boise 

  • Date(s): Available Now; the exhibit runs through Fall 2024

  • Admission: Ticket price varies based on age and museum membership status; check the website for more information

  • The Discovery Center of Idaho is thrilled to announce the arrival of a world-class traveling exhibition, Mummies of the World: The Exhibition. Featuring one of the largest collections of real mummies and related artifacts ever assembled, Mummies of the World presents a one-of-a-kind collection of naturally and intentionally preserved human and animal mummies.

• Savor Idaho at the Idaho Botanical Garden in Boise 

  • Date: Sunday, June 9th

  • Time: All Day (11:00 am - 6:00 pm)

  • Admission: Tickets are $80 per person (ages 21+) and can be purchased online in advance

  • Savor Idaho, the state’s premier wine event, will be held during Idaho Wine and Cider Month! Come sample from over 30 wineries and cideries from around the state, and get a taste of Idaho’s welcoming wine community. Stroll through the garden, sip Idaho wine and cider, visit local exhibitors, sponsors, and food trucks, and participate in a painting class by Wine and Design.

• 89th Annual Cherry Festival in Emmett

  • Dates: Wednesday 6/12 through Saturday, 6/15

  • Time: Events vary; see website for detailed information

  • Admission: Free; all ages welcome

  • Since the 1930s, the community of Emmett and all of Gem County has gathered each June to celebrate the abundance of the valley. The traditional Cherry Festival events, concerts and carnival all happen in the Emmett City Park, starting on Wednesday (6/12) and running through Saturday (6/15). Other celebrations and events take place throughout the community during the week of the Emmett Cherry Festival.

  • To note: Of the many things that set the Emmett Cherry Festival apart from other events, most notably is the abundance of FREE and family-friendly activities. This includes free entry/admision, daily entertainment, nightly concerts, family and children’s parades, and free entry into all contests.

• 13th Annual Boise Music Festival at Expo Idaho

  • Date: Saturday, June 22nd

  • Time: 10:00 am - 10:00 pm

  • Admission: Ticket prices vary (ages 18+); check out their website for more information and to purchase tickets in advance

  • For 13 years, the Boise Music Festival has been one of the most iconic family events in the Treasure Valley, attracting attendees from across the state and the Pacific Northwest. The Boise Music Festival offers a full day of music and family entertainment, including live music all day, 40+ food vendors, a cornhole play area, carnival rides, local artisans, exhibitor booths, and much more!