2019 Idaho Real Estate Blog

The Boise Real Estate market is Changing, June 2019 Numbers are in Main Idaho Real Estate Insights

Is the Boise Idaho market softening?

Property sales for June were down 7% while median price of homes increased by 16% compare to June 2018. It is also important to note that inventory climbed 22% over the last year.  These are all signs that the market may be softening. Softening today may simply mean that thing are appreciating but not as fast. Will there be a market correction in the near future?

New home sales increased June 2019 over last June by 15% while closings on existing homes decreased by 6% for those same months.

It is also interesting to note that inventory is nearly 50% new construction.  One reason that this is important is that sellers are competing with these homes directly and need to be aware that saavy buyers can quickly evaluate their perceived value of new homes vs existing homes for sale.

Treasure Valley Home Values Comparison

  June 2019 June 2018 June 2012 % Chng '19 to '12
Boise- North $518,181 $484,239 $268,654 +192.88%
Boise- Northeast $530,055 $509,636 $310,894 +170.49%
Boise- Bench $266,633 $252,585 $115,858 +230.14%
Caldwell- South $212,133 $202,183 $88,401 +239.97%
Eagle $513,518 $501,451 $294,608 +174.31%
Garden City $296,456 $289,509 $116,939 +253.51%
Meridian- Northwest $308,337 $297,556 $160,519 +192.09%
Middleton $282,796 $256,019 $127,762 +221.35%
Nampa- South $238,011 $226,692 $112,141 +212.24%
Star $361,419 $338,647 $180,601 +200.12%

 

Why did Garden City Home Values increase the most?

Garden City for decades has not been a desirable place to live. Many areas were mobile homes or older homes, many run down. Finally a developer found this place along the Boise River that was able to jump start other opportunities making the area look much more appealing. The Waterfront District was the start of the boom in Garden City. Not too many years ago Boise Whitewater Park was created and last year Esther Simplot Park opened.

Now Garden City has several blocks of beautiful homes on or near the Boise River Greenbelt.

 
Posted by tlangford at 7/10/2019 9:11:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
208.629.0217 | [email protected]

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