2 months in and its starting to look like 2012 is going to be a good year here in Boise for the housing market!Â Intermountain MLS released February’s numbers and there are some encouraging signs.
Signs of Strength in New Construction
The biggest news in my book is that new home construction really picked up year over year (and even month over month). Last year in Boise, we saw 48 new homes sold and 128 accepted offers on new homes. This February we saw 83 new homes bought and 221 accepted offers on new homes!
New home construction is still not what it was 6 years ago here in the valley, but its showing more than life, its showing some strength. That’s an encouraging sign for the market as a whole. In 2011 we did see new construction stabilize price wise, but on really low volume. Prices are remaining at 2011 levels (2 months into 2012) but it looks like we could really see new construction pickup this year to a very healthy level!
Listing Volume still Dropping
Listing volume for existing homes in Boise dropped for the 16th month in a row–but not by much for the 2nd straight month. And although I would love to see more homes on the market (as would my buyers who are finding themselves in multiple offer situations A LOT these days), its a good sign to see that listing volume has stabilized. That should continue to bring some price stability to the market; which after only 2 months of 2012, does seem to be the case.
Dare I say it?
I think we could be finally at the bottom of this market. Of course, we won’t know for sure until 2012 is over. But so far we are seeing some very positive signs for both home buyers and home owners. New home construction is up. Listing volume is stabilizing, and we’ve had a healthy demand for a year now. I’m getting excited for 2012!
Market Statistics for February 2012