2017 Boise Real Estate Housing Market Insights
New Construction Summary Statistics and Insights:
Demand remains strong and growing for new homes partly due to the lack of existing homes for sale. The early winter storms that delayed new home starts will more than likely affect the market come spring 2017.
Is a real estate bubble forming in Boise, ID?
NO! This market has several key factors that differentiate it from that of 2005. First notice in the recent market trend lines. Prices are increasing and housing inventory is decreasing as opposed to upward trends before the bubble burst.
Would you have believed it if, at the beginning of the 2016, we had predicted that Ada County home sales would increase by 14% and yet prices would increase by only 6%? Wouldn’t it make more sense that a double-digit increase in demand would produce a double-digit increase in price? And what about inventory? If we had said that we would go through the year with little more than one month of resale and finished new home inventory, with virtually nothing to sell, but our sales would increase by 14%, would you have said “phooey”?
That’s why it’s safer to look at history than it is to predict the future.Boise remains a seller's market! The average home is selling in 45 days.
Local Real Estate Report
And how is this affecting home values?
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Here is what you need to know:
- Inventory remains low, therefore choices are limited
- When you find the right home, be prepared to pull the trigger! Or be prepared for it to become someone else's home
- When you cannot find what you want, have it built.
- While the market favors sellers, it is not a runaway market with accelerating appreciation
- Price it right the first time, or your home will get socially stigmatised and a lesser price.
- Make your home show-ready on day 1 and take every offer seriously.
What's your Home Worth?