Boise Idaho Real Estate Blog

Are We Headed for a Boise Housing Bubble?

I meet a lot of people in my line of work. When people hear I’m a real estate agent one of the most common questions I get, "Is Boise in a real estate Bubble?" Considering local home prices have jumped over the last six years and memories of the great recession are still in the back of everyone’s mind, it doesn’t come as too much of a surprise.

There is a difference between a real estate slowdown and a housing bubble. So what is a bubble? “A run-up in housing prices fueled by demand, speculation and exuberance."

They start with high demand and limited supply which is the case with any rising market. But then, "Speculators enter the market, further driving demand. At some point, demand decreases or stagnates at the same time supply increases,…

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Ada County Home Prices Leap 10 Percent, Show Little Sign of Slowing

The median price of a single-family home in Ada County rose 10 percent in September from a year earlier.

While prices declined from the previous record of $278,995 set in August, September's $275,000 home price is still the second highest on record, even exceeding this June’s high. Canyon County values finished the month at $181,950, up 13.72 percent from last year. The all-time record high of $185,501 was set in July of this year.

Home prices in Boise set a new record high of $258,000 up 13.16 percent year over year.

The time homes spend on the market in Ada County dropped to 18 from 20 twelve months ago with total sales remaining basically the same at 1,041. In Canyon County, days on market decreased by 5 to 15 and total sales rose to 446 to 415.

Where…

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Downtown Boise Breweries: A Beer Lover's Guide

When you think of Idaho, you probably see a mental montage of stunning mountains, majestic wildlife, and winding rivers. Add this to your reel: some of the best craft beer in the Northwest.

Yep, that’s right: on top of the scenic vistas and unparalleled outdoor recreation, Idaho is the 3rd largest hop growing region in the nation. Boiseans can enjoy local beer produced right in our own backyard: around 75% of the state’s hop production happens just west of the city in Wilder and Greenleaf. If you drive through the rolling hills of Parma, Wilder, Greenleaf, and the surrounding areas in the summer, you’ll pass green fields of towering hop vines. Events throughout the year celebrate this growing community of brewers, including Alefort (part of the…

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Ada County Home Values Jump 9 Percent to New Record High

Ada County’s median single-family home price increased 9.49 percent in August from a year ago, setting a new record high price of $278,995. This surpasses the previous record of $272,770 set in June of this year.

'It's Deja Vu All Over Again'. In 2016 we set an all-time record in June that was surpassed two months later in August. This was a repeat of what we saw in 2014. In 2015 prices rose steadily throughout spring and summer and didn’t peak until November.

In Boise, the median price hit $255,000 up 12.09 percent from a year ago, also a new record.

Canyon County prices are up 10.94 percent to $183,000 from last year, but down $2,501 from the record price set just last month. This is only the second time this year Canyon County has not set…

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July Offered an Oasis From a Heated Treasure Valley Housing Market

Ada County home prices have increased 11.07 percent over the previous 12 months and now stand at $269,900.

Canyon county prices are up 9.81 percent since last July finishing the month at $185,501. The sixth record in six months.

Nationally home prices are up 5.6 percent with Seattle 13.3%, Portland 8.9% and Denver 7.9% leading the way. (per the Case-Shiller home price index, released July 25th)

Ada values dipped slightly from June to July, with Canyon showing an increase. Both typical for this time of year.

Available homes for sale are at the highest level we have seen this year, but at 1,934 (2.12 months) Ada County inventories are below what we saw this time last year by about 12 percent. Similarly, inventory is down 8.5 percent in…

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Summer Brings Hot Temps and Even Hotter Boise Housing Market

Summer brings hot temps and sizzling prices to the Boise area real estate market. Throughout the Treasure Valley, home values saw new highs.

Single-family homes in Ada County hit a new median high of $272,770 breaking the previous record set just last month. The typical property was on the market for 12 days and sold for $2,770 over the asking price. Boise house prices jumped to $254,900 with a low days on market of just 7.

Homes in Canyon County finished the month at $183,000 which is the fifth record high in as many months.

The good news for homebuyers is there are more homes for sale now than at any other time this year. In Ada County alone there 1,930 homes for sale. While below the 2,117 active listing available last June, this…

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More Records Fall: Median Home Price Hits New High in Boise, Ada and Canyon

Ada County single-family home prices hit a new high of $261,975 in May. This surpasses the previous record high of $258,445 we set in February of this year. Home prices are up 9.16% since May of 2016.

On average, houses for sale are selling for $700 over list price with a median of 9 days on market.

Active inventory dropped to just 1,786 active listings, down 327 from May of 2016. For some perspective, a 4,000 to 6,000 would be in line with a balanced market based on current home sales.

Boise’s new single-family median home price is $243,450, up from $239,700 the previous high set in February of this year. The typical home sold for $3,450 above list price in May, 101.44% of the price the seller was expecting to receive.

Canyon County prices surpassed…

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Here Today Gone Tomorrow, Boise Homes Selling in 6 Days

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 national data, 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…

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Canyon County Home Prices Hit New High, Breaking a Ten Year Record

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…

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Ada County Home Values Surge to Record High

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. House 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 most significant 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 only 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…

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