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Boise Real Estate Market

Boise Home Values

The median sales price for homes in Boise from April 1st to April 30th is $235,450 based on 448 home sales. The average price per square foot for Boise is $146, an increase of 8.15% compared to the same time last year. April 2017 housing market summary:

  • The median list price rose to $235,000 in April (up 2.22% from 12 months ago)
  • The median home price increased to $235,450 in April (up 2.93% from 12 months ago)
  • Total home sales decreased to 448 in April (down 8.00% from 12 months ago)
  • Median days on market dropped to 6 days in April (down 4 days from 12 months ago)
  • Available homes for sale decreased to a 1.24 months supply in April (down 33.59% from 12 months ago)
  • 30-year mortgage rates declined in April to 4.05% (up from 3.61% 12 months ago)

*Includes both new and existing home sales.

Market Summary and Outlook

The Seller's market continues. Boise home values have increased 2.06% in 2017.

Treasure Valley homes spent fewer days on the market than just about any time in history.

In Boise median days on market fell to just six in April. Throughout the Treasure Valley, it is very much the same story for single-family properties. Ada County days on market dropped to a breathtaking nine from 21 in March. At the same time last year houses were selling in 14 days.

Day on market in Canyon County decreased to 9 in April from 26 the previous month. In April of 2016 homes were selling in 14 days as well.

According to the most recent data from national real estate brokerage Redfin, Denver, CO, and Seattle, WA, are the fastest-selling markets in the country. In both cities, the typical home was under contract in just eight days. The next fastest selling were 13 and 14 median days on market respectively (their data does not cover Idaho).

Locally, you can see the effects of low days on market with pending sales (properties under contract that are now awaiting closing). Typically there are more available homes for sale than are pending. In each of the last three months, there have been more pending than active. Homes are selling so quickly they never appear as "active" in monthly reporting. 

In Ada County, home prices hit a post-recession high of $253,000 in June of 2016 then bounced off that same price ceiling later in August. Home values went on to hit an all-time record high of $256,600 in February of this year. Nearly double the median price of $133,000 set in March of 2011.

Many first time buyers are flocking to lower cost areas pushing prices higher in Canyon County. Single-family home prices in Canyon County hit $179,900, the highest median price ever in April surpassing last month’s record of $175,000.

Local home prices continue to be driven higher by strong demand and record low inventory. In the past couple of years, sellers may have been holding out for higher prices. This year, it is simply about not being able to find a place to move. Despite the fierce competition from homebuyers, fewer people are listing their homes for sale.

Just about every metric is down except values.

Are We in a Housing Bubble?

Not even close. When we saw prices peak ten years ago, real estate was much less affordable than it is today. Many of the purchases at that time were being made by investors buying their fourth, fifth or tenth properties. A good part of the financing was based on low or no downpayment loans with a complete disregard for incomes and credit scores. Today, the majority of the demand is from real buyers who intend on living in the property. To get a home loan- a down payment, credit history, and income are required. Investors are making only a small part of real estate purchases.

In its simplest form, real estate market demand is driven by population. In Boise, the population has increased by 9% from 2006 to 2015. In Meridian, Idaho the population as increased by over 50% in the same timeframe. That is a lot of new demand.

In both the Ada and Canyon County real estate markets, home affordability is close to its long-term average. Low supply and high demand will continue to be the main factors pushing prices higher. Include the Treasure Valley’s strong job growth and inbound migration and it’s the perfect recipe for higher prices.

Advice for Buyers

For our homebuyers out there, monthly rents are surpassing would be mortgage payments. With low mortgage rates- choosing to buy a home instead of renting is making more sense now more than ever. Despite a fast moving market, our homebuyers are not only getting offers accepted but are taking advantage of excellent mortgage rates and payments that aren’t guaranteed to last long.

Lower priced homes are in very short supply. The key to purchasing a home right now is to know what you want and be prepared to make a quick decision. Lines for showings and bidding wars for the most desirable properties are commonplace. Presenting clean offers are the key. Don’t expect the seller to pay for everything or give a long list of demands.

Keep this in mind. Today, for $800 a month (with 10% down at 3.60%) you can purchase a $195,000 home. In 2006 the average mortgage rate was 6.41%, that same $800 would allow for $142,000 home purchase.

Boise Real Estate Agent Lisa KohlAbout the Author

Lisa Kohl is a professional real estate agent in Boise, Idaho. We provide you with LOCAL expertise and exceptional results. Questions or feedback? Send Lisa a message. Lisa founded the We Know Boise team at WeKnowBoise.com, with the goal of redefining the real estate experience in the client’s favor. Lisa carefully studies the Boise real estate market to give her clients the edge when it comes to buying or selling a home in Idaho.

NOTE: Information in this market report was obtained from the Intermountain MLS (IMLS) on May 9, 2017. Deemed reliable but not guaranteed. All information refers to single-family homes. Current inventory is calculated on a three-month rolling average. We believe existing homes for sale are the best way to gauge current Boise home prices and Boise housing market conditions. New construction home prices are much more volatile and tend to exaggerate the numbers, particularly on a month to month basis.

Found 32 blog entries about Boise Real Estate Market.

Boise Real Estate Market Update April 2017

Treasure Valley homes spent fewer days on the market than just about any time in history.

In Boise median days on market fell to just six in April. Throughout the Treasure Valley, it is very much the same story for single-family properties. Ada County days on market dropped to a breathtaking nine from 21 in March. At the same time last year houses were selling in 14 days.

Day on market in Canyon County decreased to 9 in April from 26 the previous month. In April of 2016 homes were selling in 14 days as well.

According to the most recent data from national real estate brokerage Redfin, Denver, CO, and Seattle, WA, are the fastest-selling markets in the country. In both cities, the typical home was under contract in just eight days. The next fastest

417 Views, 0 Comments

Boise Real Estate Market Update March 2017

The median price of single-family homes sold in Canyon County in March jumped 12.90 percent over the year to a new record of $175,000. The previous record was set in January of 2007 when home values hit $170,000.

In March of last year, the median Canyon County home price was $155,000.

No matter how you look at it, area home prices are up dramatically. While we have definitely seen a pickup in inventory, we are still much closer to record lows than any type of balanced market.

In Canyon County, the median days on market are 26. In other words, the amount of time between when the property is listed on the market until it goes pending is just under four weeks. Typically it takes an additional 30 to 45 days for the transaction to actually close. The home

612 Views, 0 Comments

Boise ID Real Estate Market Update February 2017

The median single-family home price in Ada County hit a record $258,445 in February surpassing the previous high of $239,588 set in June of 2016. In February of 2016, the median sale price was $235,000. Home prices are up 9.98% over the previous 12 months. The median sales price is up 95.41% since hitting a near term low in March of 2011.

New construction homes were the biggest driver with prices jumping to $339,970 from $299,985 last year. There just isn't enough new construction being built to fulfill the demand. In 2005 we saw 4,849 new construction homes sell in Ada County. In 2016 just 2,604 were sold.

Resale homes finished the month at $224,500 up from $212,950 in February of 2016.

The lack of available homes for sale is the primary

2,229 Views, 0 Comments

Boise Real Estate Market Update January 2017

Available inventory in Boise and throughout Ada and Canyon counties are at record lows. Based on months of inventory, there are just 1.13 months of available homes for sale in Boise. In Ada County, we saw available existing homes for sale drop to 644 in December. In January we saw available homes for sale drop to 561, 44.1% less than in January of 2016.

2017 is bringing little relief to homebuyers. A monthly report doesn’t adequately reflect how quickly properties are selling. Of the 315 homes that listed for sale in January, 174 are either pending or already sold. In other words, they never “appeared as active”. In Ada County that amounted to 673 new listing of which 327 went pending or sold before the end of the month.

March is typically the

478 Views, 0 Comments

Boise Real Estate Market Update December 2016

Boise, Idaho home prices finished 2016 with an 8.76% increase. After hitting a record high in June of $237,600 prices declined slightly in July. For the rest of the year, values remained unchanged to finish the month of December at a median value of $230,000.

At first, that might seem surprising considering the local market is still sizzling. The reality is, the only reason prices aren’t even high is due to the lack of supply. At the beginning of January Boise had approximately 500 homes for sale. Based on current sales this is the lowest inventory we have seen in nearly ten years.

Home buyers continued shopping for new homes through November and December with no real slowdown. Rising mortgage interest rates and tight inventory levels being the biggest

269 Views, 0 Comments

Boise Real Estate Market Update November 2016

Total home sales in Boise for the month of November increased by almost 35% from the same month last year. 35% is a massive increase; the fact that it happened in November is even more astounding. While home prices typically hold steady during the fall months in the Boise, ID the number of homes sold usually drops.

Near record low levels of inventory in October encouraged last minute shoppers off the sidelines, particularly for those that expected to move into a new home before the Holidays. Buyers that had been looking for an extra bedroom have been more likely to forgo that in exchange for a more budget friendly price.

Despite the low supply of available Boise homes for sale, buyers have been benefiting from historically low mortgage interest rates.

289 Views, 0 Comments

Boise Real Estate Market Update October 2016

Boise Real Estate Market

The median sales price for homes in Boise from Oct 1st to Oct 31st is $229,900 based on 425 home sales. The average price per square foot for Boise is $144, an increase of 11.63% compared to the same time last year. October 2016 housing market summary:

  • The median list price decreased to $229,999 in October (up 9.03% from 12 months ago)
  • The median home price increased to $229,900 in October (up 9.94% from 12 months ago)
  • Total home sales decreased to 420 in October (up 3.96% from 12 months ago)
  • Median days on market decreased to 13 days in October (down 8 days from 12 months ago)
  • Available homes for sale decreased to a 1.58 months supply in October (down 7.61% from 12 months ago)
  • 30-year mortgage rates
231 Views, 0 Comments

Boise Real Estate Market Update September 2016

Boise home prices are holding steady and are basically unchanged from April. Although the inventory of homes remains extremely low, and demand remains high, particularly below $200,000. Overall we are still very much in a seller's market. September 2016 housing market summary:

  • The median list price increased to $230,000 in September (up 4.90% from 12 months ago)
  • The median home price increased to $228,000 in September (up 5.92% from 12 months ago)
  • Total home sales decreased to 470 in September (up 12.44% from 12 months ago)
  • Median days on market increased to 15 days in September (down 6 days from 12 months ago)
  • Available homes for sale decreased to a 1.70 months supply in September (down 10.53% from 12 months ago)
  • 30-year mortgage
237 Views, 0 Comments

Boise Real Estate Market Update August 2016

Boise home prices are holding steady and are basically unchanged from April. Although the inventory of homes remains extremely low, and demand remains high, particularly below $200,000. Overall we are still very much in a seller's market. August 2016 housing market summary:

  • The median list price increased to $229,900 in August (up 6.98% from 12 months ago)
  • The median home price decreased to $227,750 in August (up 8.36% from 12 months ago)
  • Total home sales decreased to 508 in August (up 11.16% from 12 months ago)
  • Median days on market increased to 14 days in August (down five days from 12 months ago)
  • Available homes for sale increased to a 1.74 months supply in August (down 15% from 12 months ago)
  • 30-year mortgage rates remained
242 Views, 0 Comments

Boise Real Estate Market Update July 2016

Boise home prices are holding steady. Last month home sales hit a multi-year high and available homes for sale hit a multi-year low. Overall we are still very much in a seller's market. The inventory of homes remains extremely low, and demand remains high, particularly below $200,000. July 2016 housing market summary:

  • The median list price decreased to $229,496 in July (up 9.36% from 12 months ago)
  • The median home price decreased to $228,000 in July (up 8.62% from 12 months ago)
  • Total home sales decreased to 533 in July (up 4.10% from 12 months ago)
  • Median days on market remained unchanged at 8 days in July (down five days from 12 months ago)
  • Available homes for sale increased to a 1.59 months supply in July (down 38% from 12 months
283 Views, 0 Comments