Monthly Facts & Boise Market Trends

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Monthly Market Trends & Facts

“When is the most popular time to buy or sell a home in Boise?”

Spring. It’s also a very popular time for rental turnovers and moving in general.

That said, we’re still getting into things right now.  It’s a fairly competitive market – there may be five buyers for every property. This creates the need for a little more buyer patience and extra negotiation skills on my part (including looking at ways to create a strong offer, which is not limited to price). When we receive multiple offers on one of our listings, I weigh things like the financing, lender (are they consistently getting the job done), close date and contingencies or lack thereof.

We’re also still a little “pre-season” in terms of inventory, but that should turn around. As ACAR puts it, “we had a very slight increase with months of inventory available 3.8 months of inventory in February. As we head toward spring and summer, we could use an increase in inventory.”

Market trends infographic

 

 

I’m seeing the good inventory selling quickly. Sellers are bringing their “A game” to the market. When a house is priced well and looks good, it’s resulting in multiple offers right now.

Traditionally, February would be the weakest month for home prices, however it was quite strong this year according to ACAR’s most recent data. “This could indicate a strong spring and summer to follow,” reports ACAR.

Home sales are up – existing home sales are up at a higher rate than new home sales, although there is building activity budding in Boise, so it will be interesting to watch the market trends among new homes in Boise.

In terms of what else is up, down and level in Boise, here’s your monthly market trend indicators update:

Housing Market Trends & Indicators:

 

Upward Market TrendsTrending Up

  • 507 Homes sold in February 2015 (up 10% compared to last February)
  • $224,900 Median home price  (up 10% from last February)
  • $196,750 Existing home price (up 11.25% from last year)
  • $305,000 New home price (down 1.45% from last year)

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

  • 67 Days on market (down 3 days from last month)
  • $305,000 – new home median price (down 1.45% from last year)

Static Boise real estate market trendsStatic Trends

  • 3.8 months inventory – the increase was so slight, with the need still apparent, that I’m putting inventory in this “static” column

Thanks for reading and for considering me your real estate resource for buying and selling homes. Don’t hesitate to let me know if you’re considering selling and would like help pricing or preparing.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

Shana Foster Moore,

Your Real Estate Market Trends Resource

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