After weathering a Spring slowdown, the Mountain Home Idaho real estate market is beginning to heat up. Inventories for proposed and lower priced homes are at higher than normal levels but there continues to be strong demand for homes in the $150-220K price range.
Although busy, activity is not at the near "frantic" levels of the recent past. Buyers now have the luxury of choice without the need to rush a hurried offer to the seller before someone else "steals" the home. Sellers are understandably less delighted but realize that the value growth their homes have already experienced will result in large gains upon sale, even in a slower market.
Recent layoffs at Micron Technology, plus a huge inventory of unsold homes (accompanied by falling prices) will likely reduce the number of buyers from the Boise area but it's important to point out that the median priced, existing home in the Boise market is still 33% more costly than it's Mountain Home counterpart.
By historical standard, marketing times remain quite short, there's evidence of continuing value growth and interest rates appear to be stabilizing. All in all, it's a good market for buyers.
Mountain Home, Idaho Market Indicators | |
Median Sales Price (New) | $211,500 |
Median Sales Price (Existing) | $151,000 |
Average Marketing Time (Days) | 57 |
Updated 7/25/07
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