Monthly Facts and Boise Market Trends

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Monthly Facts and Boise Market Trends

Are you sure it’s a buyer’s market? It seems like there have been fewer homes available.

Despite nationwide trends—decreases in home price and a lack of homes for sale in many markets—the situation is by no means bleak, especially in Ada County. In fact, we differ in one key area: new construction.

According to the Building Contractors Association of Southwestern Idaho, there was a 10% increase in residential new construction permits in April. This presents a great opportunity for move-up buyers.

Also, there’s more to the local housing market than meets the eye.

“Throughout the spring market, we saw some buyers getting frustrated with the lack of inventory available, especially in the lower price points. But many owners weren’t ready to list because they didn’t want to be competing for homes, once theirs sold,” reports ACAR.

Here’s a closer look at what’s up and down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 901 homes sold in May 2015 (up 14.5% from last May)
  • $229,000 median home price (up 9.6% from last May)
  • 49 days on market (2 days longer than last May), and 92 days on market for new construction (up from 76 days last May)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 2.8 months available inventory (down 9.7% from last year)
  • 5.9 months of new construction supply (a decrease from last year, but still higher than 2.2 months of inventory for existing homes)

If your family has grown or you’ve been considering more spacious housing options for other reasons, it’s a great time to do so. There are homes available, especially new construction and properties at higher price points. Also, rates are still at historically low levels, which presents an ideal financial opportunity for home buyers.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

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