In case you haven't noticed, Boise's real estate market is booming - in some price ranges, that is. Boise is one of the markets hit hardest by the real estate bust, as indicated by the fact that for more than 2 years, over 50% of homes for sale were distressed sales - foreclosures and short sales. That is a large factor in driving housing prices way down. Our median price dropped over 42% in a 5 years! When coupled with 30 year mortgage rates now below 4%, these extremely low prices are now creating a huge demand for super low-cost housing. As a result, the inventory of houses priced below $120,000 is dropping sharply. Currently, there is only a 1.7 month supply of homes below $120,000. This is extreme, as a "balanced" market generally has an inventory somewhere between 4-6 months. The depth and speed of the drop of prices has certainly created the path for a quicker-than-average recovery, which is what we are experiencing now. Multiple offers are the norm for the lowest priced houses, and their availability is dropping. Even in the range of $120,000 to $159,999, we only have 2.7 months' inventory. All homes priced up to $250,000 have less than 4 month's supply. The Boise Agent Weekly reports that "soon there could be so few homes available in this price range that it will no longer weight down the average and median area home price statistics like it has over last couple of years." Mike Turner, a real estate agent with Front Street Brokers and host of Boise Real Estate Radio says, "I expect Boise home prices to increase close to 20% over the next 2 years. However, I don't see this increase as appreciation, but rather a further correction to this market." Another positive indicator is the huge increase in pending new construction sales, which is now over 100% higher than it was in 2011. These statistics only include new construction home sales recorded in the Intermountain MLS, and do not even include custom sales that never went on the MLS. So our roller-coaster ride continues! If you were waiting to purchase a home under $120,000, NOW is the time! Hopefully our current trends will also improve the sales of our more expensive homes in the near future.
Location Characteristics: Boise, the City of Trees, is a beautiful city located at the foot of the Boise Mountains, foothills of the Rockies. Fabulous outdoor recreation, including skiing, hiking, fishing, hunting, boating, white water rafting and more, are all within very easy reach. Located along the Boise River, the area offers a wonderful life style full of opportunities.
If you would like more information about our Boise community, please email me with your questions or request my interesting and informative Boise Relocation package. You can also visit my website at www.PaulaSternHomes.com.
About Paula K. Stern:
"In Tune with Your Needs" is more than just a motto for Paula Stern, it’s a way of business and a way of life. Trained as a professional violinist, her excellent listening skills enable her to really understanding her clients’ dreams and needs. Whether it’s as a concert violinist with the Boise Philharmonic or as one of the Boise area’s premier real estate professionals, Paula Stern combines creativity, care and attention to detail to create beautiful results. When you work with Paula on your home purchase or sale, you can rest assured every need will be taken care of. She listens carefully to understand what really matters most to you throughout your move. For Paula, staying in tune with the needs of her clients is her top priority, and it’s her level of personalized service that sets her apart from the crowd. Give her a call today and see how being "In Tune with Your Needs" makes the ultimate difference for you and your family.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
