Boise Idaho Listing Inventory Breakdown April 15, 2021

By
Real Estate Agent with Progressive Realty (Boise Idaho) www.Progressive-Realty.info DB-17066

In an effort to show the benefits of working with a Realtor who is a member of the MLS to search for properties I will go step by step through the process of narrowing down the search criteria.

Here are the current market statistics for Ada County (Boise) Idaho.

Buyers typically only concern themselves with what is actively for sale (not what has historically sold until they try to figure out valuations).  Therefore, there are currently 1,198 homes listed as being for sale in the Intermountain Multiple Listing Service (IMLS).

Since the IMLS is a regional MLS service, let’s narrow it down to just Ada County (Boise, Eagle, Meridian, Kuna and Star).  That brings the # down to 447.

Then we look at the “types” of property.  These include Condo, Mobile Homes (on rented/owned lots), Recreational Land with Homes (typically good second homes or vacation properties), Single Family, Single Family w/ Acreage, and Townhouses.  If I narrow it down to Single Family, the # drops to 357 choices.

Obviously, price is a huge factor, so let’s assume a price range of up to $500,000.  That drops us down to 141 choices. 

If we narrowed location down to just Boise or Meridian, that would drop us down to 97 homes.

Other than price, I typically never use upper limits since more is typically better.  So, let’s make sure the homes have at least 3 bedrooms and two bathrooms.  That drops us down to 80 homes to consider.

Size of a home is another major factor.  Since Boise is such a family friendly environment, lets choose homes over 2,000 square feet.  That would drop the # of options down to 19.  Much more reasonable number to start looking at details and comparing.

You must be careful to not get overly restrictive.  For example, if you put a minimum of a 3 car garage you drop down to only 8 choices.  Would a two car garage with an RV Parking pad work instead? Instead of selecting a single level home, what if the master bedroom was on the main level?

What if you raised your price point 10% to up to $550K.  That would give you an additional 15 choices?  You would want to make sure it was in great condition and didn’t need any immediate work, but it might be worth stretching a bit for the right home.

Due to low inventory, I have been going back and looking at inventory levels for the past 3 months to get a feel for the size of the market pool.  There are 389 homes meeting the above criteria going back to January 15th!  That should tell you might be able to wait for homes to come on the market instead of settling for something just due to limited options.  The average home that closed in that time period averaged 102% of list price (so don’t expect to negotiate down in price in most cases).

If you have time to consider a brand new home, please do.  Many builders are not listing their homes until they are near completion to make sure their schedule is on tract and that lumber prices don’t keep climbing.  The average home in the Boise area costs roughly $20,000 more in lumber than just a year ago!  Of the 389 homes mentioned above, 238 were brand new homes!

Hope this helps the current market in Boise and the surrounding areas.  If you would like help finding the right home for you and your family, please reach out to me at 208-573-0471 at your convenience.  I would love to put my 30 years of licensed real estate experience to work for you!

Comments (2)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jim loved this post indeed there are many factors that need to be considered so the better the agent representing the buyers the easier these quiestions are adressed before the buyers even think of them:))Endre

Apr 15, 2021 10:56 PM
Jim Paulson

Thank you.  Many times, I share my screen as I search for a buyer so they can see how the numbers drop in potential choices as we refine their search.

Apr 16, 2021 08:56 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

That's a great overview of the Boise area. What struck me right off the bat was the 27% rise in median sale prices over the last year, the 50% drop in days on market and the 80% reduction in inventory. Yikes! The Boise area could definitely use more homes on the market.

Apr 16, 2021 05:31 AM
Jim Paulson

One thing I didn't factor in is house size.  Many of the new homes are being built bigger due to rising lot costs making it hard to justify building a smaller home.  Our average new home is about 2,300 sq. ft. last time I checked.

Apr 16, 2021 08:59 AM

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