Looking at the mid year statistics for Boise, Meridian, Eagle and Kuna I am getting mixed messages depending on what segment of the market that you are looking at. In all of these various sub-markets over $400,000 there are a very large number of homes currently on the market and not a lot of them selling on a monthly basis.
The minimum "remaining number of month's inventory" is 16 with a high of 42. Let's look at the latter for a minute. In Eagle there are 175 homes currently on the market priced over $600,000. This area is averaging only 16 closed homes per month. At this rate it will take "only" 42 months, yes that's almost 3 years, for the market to get through its current inventory of homes. That is a very long time!
What does this mean to you?
With all of the homes on the market and the fierce competition you will continue to see sellers dropping prices to remain competitive and hopefully sell their home. Today is a very good time to be in the market looking for a home over $400,000 in any of the various markets.
If you are planning to sell your home in this price range you must price your home very competitively from the start in order to sell your home in a reasonable time frame. I am seeing new homes that have been on the market for up to 390 days, and these are very nice homes in a nice community.
The best priced homes with the best location and the most amenities are selling, even in this price range!
The homes priced under $250,000 in both Boise and Meridian remain very healthy markets. Boise comes in the winner with only 5.5 remaining number month's inventory. Meridian lags just behind at 8.0 and Eagle comes in last again at 13. Both Boise and Meridian are where they should be in a healthy real estate market.
What does this mean to you?
It is a good time to sell a home in this price range if you are considering moving up in the market from $250,000 to $350-400,000. You should expect your home to be on the market between 90-120 days and get within 1% difference between your asking to closing price. If you sell your home for $250,000 you can expect to get somewhere around the ballpark of $245-247, 5000.
Call or email me today if you have any questions or you think that I may be able to help you with your real estate needs.
Here to help!
Email me today at Andy@BoiseHomeSellers.com or you can reach me on my toll free phone number at 1-877-443-2466 and put my Local Real Estate Expertise to work for you.
ZIP Codes: 83701, 83702, 83703, 83704, 93704, 83705, 83706, 83707, 83708, 83709, 83711, 83712, 83713, 83714, 83715, 83716, 83719 Location Characteristics: Sometimes called the most beautiful city of its size in America, Boise offers an incomparable environment and lifestyle. Named in 2005 as the best place for business and careers by Forbes Magazine, it has also been described by The Wall Street Journal as "an oasis for retirees" and by Bike Magazine as the "No. 1 Mountain Biking Town". Rich in culture and western history, and with a vibrant economy, the city attracts creative and entrepreneurial people from across the nation. Few cities can equal its scenic and outdoor recreational opportunities, with superb hiking, biking, and fishing available even inside the metropolitan area and world-class white-water rafting, skiing, snowboarding, hunting, fishing, backpacking and camping in the surrounding high desert foothills and mountains.
About Andy Green:
Dedicated to providing exceptional customer service, my enthusiasm for the real estate industry results in success for each and every client or customer with whom I work. As a third generation Realtor in the Treasure Valley I have experience in real estate marketing, sales, new home construction and land development. Selecting a qualified real estate agent is an important decision. Put your trust in one of Idaho's Top Real Estate Experts - one who has a passion for your total and complete satisfaction. Whether you are looking for the home of your dreams, looking to sell your current home or invest in the Boise real estate market call Andy Green and put my local real estate expertise to work for you.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
