2019 Idaho Real Estate Blog

Boise Idaho Homes for Sale- By the Numbers, September 2017 Main Idaho Real Estate Insights

Take a look at some quick Boise Real Estate Market stats. These #'s are just a quick compiliation. Please ask us for the full local report!
 

Boise Real Estate Market Report

September 2017

Exisitng Homes

  • Months of Inventory- 1.6.  A healthy market is considered 6 months.
  • Average Sold Price: $277,271.  This is 2.2% lower than original asking price. This means that sellers are negotiating, but not much.
  • Days on Market- 31 Days. Homes are selling fast and Buyers have to not only bid like they mean it, they have to have financing ready and able to present it to the seller as part of the offer. Finding a home and figuring out financing later does not work in current market conditions.
  • Based on 1,100+ home sales.

The challenge in this market, for Realtors, is that it creates, many times, unrealistic expectations from sellers. Many times people want $thousands more than the home is worth based on real sales analytics that agents have access to. Sellers also expect that it should be sold the first weekend because that is what their cousin said or advice they got at the water cooler. People forget that buyers are savvy and are comparing every home to yours. They are looking and comparing values and prices. They compare what your home offers and how close it is to what they really want and possibly what it will cost them to make it their new home and not yours, even though your taste is on the cutting edge! Note: It is proven that over-pricing a property actually leads to it selling for less. Part of it could be from what is called "social stigmatism." This happens when a home has been on the market for what is considered too long and everyone begins to wonder- what is wrong with that home? This pricing it correctly as part of a strategy is critical is getting the most money for your house. 

New Homes

  • Months of Inventory- 2.3.  A healthy market is considered 6 months.
  • Average Sold Price: $346,543.  This is nealry 1% OVER than original asking price.
  • Days on Market- 84 Days. This may seem high but most homes sell as "New-Never Occupied" but before they are available to move into they are listed as "Under Construction" or "To Be Built." Most buyers want to actually see the home. For many trying to envision how the floorplan works when it is just 2x4's is challenging. Buyers also need to see colors and textures to understand how it feels.
  • Based on 488 new home sales.

Did you know there are over 320 communities that have sold new homes and some 160 builders in the marketplace? Although the market is strong, it is still very competitive. One thing that out of state buyers notice is that most homes come loaded with all the bells and whistles at different price points. No builder wants you to walk in their home and think it is less quality than the competitors!

Search Homes for Sale

If you'd like to talk to us about selling your home and taking a look at our marketing strategy, let's get started!

Data from Intermountain MLS

 
Posted by tlangford at 10/9/2017 7:00:00 AM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
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