2019 Idaho Real Estate Blog

Boise Idaho Real Estate sees first obvious signs of a shift in the market. November 2018 Main Idaho Real Estate Insights

For many years it has been a 'Sellers Market' but now we are seeing the market shift and so begins a possible correction.

Boise Idaho Real Estate

November 2018 Summary

The spring was the first time most analytical real estate agents noticed things were starting to change. It was not necessarily noticeable unless you were highly observant. One of the discussions was that several new homes this past spring were not immediately gobbled up like we had seen in the past years and expected. The summer was hot but little by little more indicators were appearing. It was hard for many to see with only a month's worth of inventory and prices rapidly increasing.

 October 2018 Real Estate Insights

This week we learned that sales were down 24% based on units and last week (first week of November) the number of loan application were also down, 25%

Appreciation has been strong for several years now but the average wage has not kept up thereby eroding affordability. This coupled with increased mortgage rates has been hurting many buyers looking for affordable housing. BTW, rent has also been increasing.

What's is next in the local real estate market?

It is unlikely that the market will over-react and have quick re-set. Economists say this is all part of the cyclical nature of the national economy. In the past, Boise is one of the last to be hit and also one of the first to recover. Many are still bullish on Idaho as the exxodus from Portland, Seattle and most of California continues. Of course, things should slow down here as those markets ability to "cash out" is stippled.

Boise is still in demand and this may give thh market a chance to become more 'normal'. Economists use 6 months of inventory as a good # and we have been hovering around one for many many months now.

 
Posted by tlangford at 11/10/2018 11:09:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
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