The last of the 2011 data for Boise’s real estate market keeps rolling in, and for the most part things are looking up in the Treasure Valley.
Recently I mentioned how Boise, Idaho was in the national spotlight, named as one of the few U.S. metro areas that should see a home prices increase in excess of 4% percent this year. Economists might actually be right on this prediction as the year over year home price data actually shows Boise up 3% already in January. I’m adding my prediction that market bottom for Boise will be named Jan or Apr of 2011--nearly a year behind us. So, at least we are off to a good start.
Other good news from the 2011 data shows home sales are already up 13% year to date, and pending home sales are up 17%--reflective of the growing demand for Boise area homes.
Another bright spot is new construction pending sales are up 54% compared to Jan of 2011. This is probably the statistic I am most excited about since an increase in new home sales means more jobs for local contractors.
However, what is really setting the Boise market apart from other cities across the nation is our extremely low inventory of available homes for sale--a number that keeps shrinking. Currently, Ada County’s supply of homes for sale is down 61% since the peak. Similarly, Canyon County is down 68%, which means 2/3rds of the market has been bought up. Buyers are scrambling to get to what is left of the lower-priced homes, aware that this “comeback year” may just be the end of the buyer’s market we’ve had over the last several years.
Boise Housing Market Update: 2012 Looks Hopeful to be the Year of the Comeback
The last of the 2011 data for Boise’s real estate market keeps rolling in, and for the most part things are looking up in the Treasure Valley.
Recently I mentioned how Boise, Idaho was in the national spotlight, named as one of the few U.S. metro areas that should see a home prices increase in excess of 4% percent this year. Economists might actually be right on this prediction as the year over year home price data actually shows Boise up 3% already in January. I’m adding my prediction that market bottom for Boise will be named Jan or Apr of 2011--nearly a year behind us. So, at least we are off to a good start.
Other good news from the 2011 data shows home sales are already up 13% year to date, and pending home sales are up 17%--reflective of the growing demand for Boise area homes.
Another bright spot is new construction pending sales are up 54% compared to Jan of 2011. This is probably the statistic I am most excited about since an increase in new home sales means more jobs for local contractors.
However, what is really setting the Boise market apart from other cities across the nation is our extremely low inventory of available homes for sale--a number that keeps shrinking. Currently, Ada County’s supply of homes for sale is down 61% since the peak. Similarly, Canyon County is down 68%, which means 2/3rds of the market has been bought up. Buyers are scrambling to get to what is left of the lower-priced homes, aware that this “comeback year” may just be the end of the buyer’s market we’ve had over the last several years.
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