Why Boise Home Prices are rising.

The news is probably not surprising as we have been tracking home values rising since 2010.

Today we had the chance to dive deeper into the numbers and while there are several things that stand out about the current market, it was apparent that supply and demand is not the total story regarding home values increasing.

There is a shortage of homes on the market to sell. The industry uses 6 months of inventory as a standard for a stable market. This means that if no other homes were listed, we would have enough homes to sell for the next 6 months. Currently we are down to just over 1 month. We use this analysis to say that there is strong demand for homes.

While real estate agents get wrapped up in the small lens of our perspective, one thing the numbers also tell us is that numbers are strong. Sales are strong and prices are increasing. While a lot of this has to do with the simple economics of supply and demand, the bigger picture probably has much to do with the economy. While Boise is has a lot of in-migration, the overall economy has to be strong as well. If it were not strong, we would not see prices increasing. They are strong though so people are willing to pay more.

Another perspective is that people from California and other major metros like Portland and Seattle have a different perspective of home values. When they see what they can get for their money in Boise, they are surprised and excited!

So the good news to share from this post is that the economy is strong. People are also positive about the future and see Boise as an affordable place to come live.

 

Trey Langford- Idaho Builder & Developer Services
Trey Langford  Realtor
New Construction Consulting

Email
Posted by tlangford at 1/10/2018 3:09:00 AM
 
Comments (0)
No comments yet, login to post a comment.

Window size: x
Viewport size: x

Trey Langford

  Email
  (208) 724-9636

 

 

KELLERWILLIAMS®REALTYBOISE

Site Search