Inventory Will Remain in Short Supply
We have seen year over year metro Boise housing market inventory decline for 38 months in a row. While this trend won’t continue indefinitely, it will take a lot of new inventory before we see a balanced real estate market.
While there has been a lot of talk lately about potential home sellers “holding out”, the reality is there just isn’t that much hidden inventory. We have seen a long-term trend of people staying in their homes longer (averaging around eight years) and choosing to remodel rather than sell. If you love where you live, why move?
Sales of existing single-family homes have increased for each of the last four years and are currently averaging 935 per month, which is close to the long-term…