Boise Idaho Home data for April 2016
Real estate market data for Boise Idaho in Ada County provided by:
Mark Miranda of Keller Williams Realty Boise & Boise Regional REALTORS®
Key Data For April:
- Home Prices Near Peak but Inventory Mix Makes This Market Different
Home Prices
Month-after-month, the median sales price has been getting closer to our market peak in July 2006 — off just 3.1% for Ada County as of April 2016. While this has caused many to wonder if we’re nearing another market peak, taking a closer look at today’s inventory, that doesn’t seem to be the case.
Single-family inventory in Ada County, for existing and new construction combined, in April 2016, was 63.9% lower than the high in July 2007. So, while prices are getting back to the recent market peak, inventory is nowhere near the levels we saw back then. And that’s kind of a good thing…
Iinventory of homes currently available in Boise Idaho is at 2.1 months. The median sales price was up to $239,000. See the current price points for all Boise Idaho Zip Codes HERE. The number of homes closed in Boise Idaho in April were up from March (788 to 910). It is still the perfect time to sell a home in Boise Idaho.
If you are considering buying a home in Boise Idaho or the surrounding areas you can still find deals on a house, but having a great real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our our best listings do sell within a few days of hitting the market. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Boise Idaho home on which you are making an offer.
Low Inventory - Buyers don't have many options!
We don’t have an oversupply of homes being built speculatively, nor do we have the fear of a distressed “shadow market” as we did back in the mid-2000s. On the contrary, new construction inventory in Ada County was at 3.9 months of supply in April (on the edge of the 4-6 month mark that’s considered balanced). Homes that were foreclosures or short sales accounted for less than 1% of the inventory — and a recent report from RealtyTrac indicated that the number of homes nationwide that are “underwater” continues to go down.
Most buyers today are very well informed of the homes currently available. They are signed up to websites and are looking frequently. They are aware of those that are priced right as well as those that are overpriced. Sellers must price their home correctly to ensure a favorable offer. Factors such as recent comps and location play a big role in pricing. Keeping in mind the need for an approved appraisal at the offer price is very important. Both parties risk a lost deal and time if an offer is overpriced
If you are interested in how much current inventory is on the market in Boise you can find that information by clicking on the link. Currently in Boise Idaho, homes have a median time of 44 days on the market before they sell.
In this market of low inventory homes, I wil guide you through the process and stay on top of new listing with your criteria that come on the market. If you have considered building a new home, I can help with that too!
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