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So how's the housing market in Boise Idaho?

By
Real Estate Agent with Silvercreek Realty Group

  How's business? 

As a REALTOR in Boise Idaho, this is a question I've been getting a lot.  Many people are hearing that the housing market has picked-up lately, and it's great that some good news is getting around! 

So, what are the signs that our RE market is improving?

  • Decrease in Foreclosure Starts  Some of the best news lately was reported in the Idaho Business Review. " After three months of constant record-breaking in foreclosure starts, April finally bucked the trend. April's 712 foreclosure starts made for a 10.4 percent decrease from March in Ada and Canyon counties, according to Charlie Nate, president of IdahoDataProviders.com.  Nate said in a release. "This is definitely a good sign that we did not see another record in April, but the 712 filings are still the third highest month in history for the Treasure Valley.""  We are not out of the woods with Foreclosures, but this is a step in the right direction. 
  • Decrease in Absorption Rates  An absorption rate is a measure of how many month's inventory of homes are on the market.  Anything under 6 months is considered a seller's market, and anything over 6 months is considered a buyer's market.  Being around 6 months inventory is considered to be a balanced market.  The average absorption rate for the Boise area was 12.485 months in March.  That number decreased to 11.292 months in April. 
  • Idaho job market appears to have stabilized   The Idaho Business Review says "Possibly showing an early sign of better economic times to come, Idaho's job market appeared to stabilize in April even as the national unemployment rate rose to a quarter-century high."  This is a good sign for the housing market, because without jobs, people cannot buy homes. 
  • Home Sales up  Home sales in the greater Boise area were up 13.7% between March and April 2009. 
  • Interest Rates remain low  Another bright spot in the housing market is the historically LOW interest rates we are seeing!  Rates for the last few months have been hovering around the 5% mark and even under

Now obviously, you can see that we aren't headed right back into the investing frenzy of 2005 (thank heavens).  There is however, at the very least, an end to the free fall of the market, and in many cases signs of positive growth. 

If you've been waiting for the bottom of the Idaho housing market, you may have found it!  It's a great time to buy a home in Boise.  As more and more buyers enter the market, the more competition there will be for the terrific deals, and the less sellers will be motivated to reduce prices. 

Give me a call today~I look forward to helping you find a great home at an unbeatable price! 

Click here to visit the Idaho Housing Market Report Blog

Search greater Boise area MLS

Pam Pugmire

call or text 208-921-4800

Dan Woodworth
The Connection - Garden City, ID
Encouraging Communicator

Hi Pam,  Powwerful Post!  It is spring time and that means blossoming buds - EVERYWHERE!

May 12, 2009 10:34 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Great trends for Boise Pam. The absorption rate HEADING back toward balance is good, and whenever jobs improve that is a good sign. Jobs are so related to the housing sector and confidence of course.

May 12, 2009 10:41 AM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Looked who made a blog post!  Glad to hear business is picking up for you.  There are some really competitive spots in our market right now. 

The bank owned market is getting eaten up by buyers which will help offset some of REO's that aren't on the market yet.

The 150K and below market is also going full steam right now.

May 12, 2009 12:37 PM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Pam, Good to read that your market is rebounding. 

It appears that properties under $200K or over $400K are moving in my market.

May 18, 2009 06:33 PM
Pam Pugmire
Silvercreek Realty Group - Meridian, ID
Meridian Idaho Real Estate

Hi Dan!  Yes, the market has started to pick up!  YEAH! 

Gary~Yes, these are good signs.  Hope things are great in Texas! 

Hi Brian~Yes, I've had buyers in multiple offer situations a few times lately.

Leolinda~Yes, anything (priced well) under $200K is going great here! 

Thanks for the comments.

May 21, 2009 02:07 AM