Everyone wants to know what’s going on in the Boise Real Estate Market because people are hearing one thing from their cousin Ralph and another thing from the national news and yet something else while picking up the kids from soccer practice. Its getting confusing!
Well, fortunately for us, we have some numbers we can look at. Now, before we go any further I should just say, this probably isn’t going to clear anything up for you! Haha! There’s both good news and bad news for buyers and sellers.
In Boise, for existing single family homes we are continuing to see prices slide downward–its no longer a free fall, but we are down year over year (about 15%) and month over month (less than 1%). However, we are seeing increased buyer activity year over year right now! In May 2010 we had 579 closed sales and 619 pending sales while last month we say 583 closed sales (only 4 more) and 802 pending sales (almost 200 more!).
The buyer activity wouldn’t be much of a story by itself (statistically speaking); but when you find out that inventory levels (number of listed homes) is down over 30% year over year suddenly it gets a lot more interesting!Â In May 2010 we had 3,222 homes listed compared to last’s months 2,047 in Ada County! We have over 1,000 fewer homes on the market right now as we did a year ago with stronger buyer activity.
If you are a home owner who is in an equity position in your home (meaning, you actually owe less than the home is worth) and have been wanting to sell… we need to talk. Seriously! I can’t tell you 2006 sorts of things, but you might be surprised to find out your home will sell in this market.
If you are a buyer, I don’t even need to tell you how good the market is for you right now. Especially for distressed properties (about 60% of the market right now) that are being priced aggressively. The only bad news is its a lot harder to find those homes that aren’t distressed; and if that’s what you are looking for then you need to be prepared to work a lot harder.
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And if you are curious about how New Construction is doing in Boise have a look at this post!