The median price for Ada County in February was hovering just over $520,000 an increase from last year In Canyon County, the median price increased by nearly 5% with a median price of $410K. Why the sudden increase this early in the season?  Let’s dive into the trends driving the Boise Real Estate Market Facts and Trends – March 2023

Take a Look at the Boise Area Real Estate Market Facts and Trends for March 2024

Ada & Canyon Counties Home Prices Trend Upwards

Ada and Canyon counties, two pivotal areas in Southern Idaho, have experienced a notable uptick in home values from January to February 2024, primarily due to a scarce housing inventory. As of March 1st, Ada County reported 512 single-family homes on the market, marking a decrease of 95 homes compared to the previous year. This scarcity, coupled with a dip in mortgage interest rates at the year’s start, has intensified buyer competition, following the classic supply and demand principle.

Shifting Inventory Dynamics

The interest rates are playing a role in the inventory we are seeing entering the market and will have an effect on overall home prices, but there have been so many buyers on the sidelines in anticipation of lower rates and are now starting to emerge back into the market.  Other states that typically provide buyers to the Treasure Valley market are starting to soften and once these buyers can sell their homes in their current place of residence we can expect the buyer pool to surge again in the Boise area.  More buyers on the market, even with an uptick of homes coming for sale will most likely tip the market back into a seller’s market as demand surpasses supply.  We can expect it will be less dramatic than in the pre-COVID and COVID years, but buyers should prepare to start seeing homes go pending much sooner and multiple offers may become the norm again.

A Few Key Facts

The beginning of the year traditionally sees a slowdown in home sales, attributed to post-holiday work resumption and inclement weather, affecting buyer mobility. Despite this seasonal trend, home prices have risen. However, sales volume has dipped. The average days on market for homes in Ada and Canyon counties were 27 and 30 days, respectively, in early 2024. Notably, homes under $500,000 in Ada County are selling swiftly, often at full asking price, with bidding wars in some cases. Conversely, homes priced over $600K are taking longer to sell, with those at the $1M mark requiring 3-6 months to find buyers.

Mortgage interest rates continue to significantly influence the housing market, making homes more accessible and thereby increasing buyer activity. A softening market in other states is anticipated to further boost the buyer pool in Boise as sellers elsewhere can move more freely.

Current buyer trends highlight a demand for homes conducive to remote work, sustainability, smart technology, wellness amenities, and co-living spaces. These preferences are important for sellers to consider when updating or staging their homes.

2024 is gearing up to be another year of a shifting market.  Rates have come down from last year, bringing more buyers and are expected to continue decline, but not to the low rates we saw a few years ago. They will slowly trickle down, and this will bring on more and more buyers as homes come within their affordability range.  With more buyers we can expect home prices to go up in both Ada and Canyon County, not dramatically, but a steady incline.  The fact is, Idaho still remains a very desirable place to live for many relocating from other states.

Buyer Opportunities

I feel like a broken record, but there are still great opportunities for buyers out there right now.  Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.

Despite the competitive market, there are still advantageous opportunities for buyers, particularly in securing deals on homes that can potentially lower their monthly expenses compared to renting. Idaho offers various programs to assist first-time buyers with down payments and closing costs.

For personalized advice on navigating the Boise real estate market, reaching out to a seasoned agent like Jennifer Louis can provide invaluable insights and negotiation strategies.

Talk to an Expert

It’s imperative to talk to a real estate professional who understands the market you are buying and selling in to truly understand the best timing to sell and buy.  There are a lot of opinions out there on the Internet, or even trusted friends, colleagues, and family, but unless it’s coming from someone with the pulse on the market you are dealing in, you might be getting the wrong data and that could potentially cost you thousands.  Set an appointment today to understand the market trends in Boise and the surrounding Treasure Valley with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].

The median price for Ada County in November 2023 was $530,000, an increase from last year at this time.  In Canyon County the median price was just shy of $399,000 an almost 4% increase from 2022.  We can attribute these increases to the decrease in inventory and as always when supply is lower than demand prices tend to go up. But just how long will this trend continue?  Here are the Boise area real estate market facts and trends for December 2023.

Take a Look at the Boise Area Real Estate Market Facts and Trends for December 2023

Ada & Canyon Counties Home Prices Trend Upwards

Within Ada County, encompassing cities like Boise, Meridian, Eagle, Star, and Kuna, the real estate landscape has witnessed an unexpected resurgence. Home prices have rebounded, even increasing from a year ago.  This is mostly seen in existing home sales, new construction has still struggled since the market shifted in early 2022. As in the past few weeks, we’ve seen glimmers of interest rates dropping and with the knowledge that they will continue to drop more sellers are entering the market, despite the season.  Buyers are back out shopping including those that have been waiting on the sidelines for the past several months until rates dropped.

Shifting Inventory Dynamics

The interest rates are playing a role in the inventory we are seeing entering the market and will have an effect on overall home prices, but there have been so many buyers on the sidelines in anticipation of lower rates and are now starting to emerge back into the market.  Other states that typically provide buyers to the Treasure Valley market are starting to soften and once these buyers can sell their homes in their current place of residence we can expect the buyer pool to surge again in the Boise area.  More buyers on the market, even with an uptick of homes coming for sale will most likely tiip the market back into a seller’s market as demand surpasses supply.  We can expect it will be less dramatic than in the pre-COVID and COVID years, but buyers should prepare to start seeing homes go pending much sooner and multiple offers may become the norm again.

Here  are two interesting market stat sheets created by the Boise Regional Realtors for November 2023.

A Few Key Facts

The 2023 seasonal slow-down that typically starts in early Fall was less noticeable than in 2022 when market movement slowed.  The Boise Regional Realtors report that as of November 2023, there were 11 fewer sales than the previous month, but if you compare this to the same time in 2022 there were 45 fewer closings.

We’ve also seen days on the market decrease for homes priced beneath the median price of $530K in Ada County.  Canyon County also saw a dramatic decline when it came to days on the market in November.  The average days on the market was 42, down 29% from 2022.

2024 Market Projections

2024 is gearing up to be another year of a shifting market.  With so many sellers and buyers on standby in 2023 it is safe to assume as they enter the market and interest rates go down, brining in more buyers we can expect home prices to go up in both Ada and Canyon County.  The fact is, Idaho still remains a very desirable place to live for many relocating from other states.

Buyer Opportunities

That said, opportunities do still exist for buyers. Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.

Talk to an Expert

Whether you are buying or selling consult first with a professional that understands Boise real estate market trends and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].

The year 2023 has unfolded as an unusual chapter in the real estate world, catching many off guard. Nevertheless, the market has demonstrated remarkable resilience, outperforming expectations despite the slowdown experienced in 2022.  Here are the Boise real estate market trends for October 2023.

The Facts Year-to-Date

Ada County’s Surprising Turnaround

Within Ada County, encompassing cities like Boise, Meridian, Eagle, Star, and Kuna, the real estate landscape has witnessed an unexpected resurgence. Home prices have rebounded, now hovering at levels nearly identical to those of a year ago. This unforeseen stability in home values has left numerous individuals, including both buyers and sellers, as well as some real estate experts, pondering the direction of the market.

Shifting Inventory Dynamics

As of September 2023, the inventory of existing homes available for purchase stands at approximately 1,560, a significant decline from nearly 2,400 homes during the same period in the previous year. This sharp reduction in inventory is a key factor in maintaining home prices. The median price for single-family homes in Ada County currently sits at $535,000, marking a .9% decrease from 2022. In Canyon County, the median price is $416,000 down 2.6% from 2022.  However, it’s important to note that the year is not yet over, and market conditions could continue to evolve.

Here  are two interesting market stat sheets created by the Boise Regional Realtors for September 2023.

Here is a chart for Ada County and Canyon County’s market statistics compared to the same time last year:

Market-Report-September-2023-Ada-County

Market-Report-September-2023-Canyon-County

An Active Fall Season

This fall season has witnessed a surge in real estate activity, with an influx of out-of-state individuals considering relocation to Boise before the arrival of the holiday season and winter weather. Notably, despite mortgage rates hovering around 8%, the demand for homes has remained surprisingly robust. This could be attributed to homeowners across the nation having accumulated more equity in their homes than in the past, prompting them to cash out and make the move.

Clearing Up Misconceptions

Contrary to some misconceptions, homes priced correctly—within the value range of recently sold, comparable homes in their respective areas—are selling swiftly. In September in Ada Co., the average days on the market dwindled to 30, a notable reduction of about 13% from over 30 days in the previous year. In certain instances, bidding wars have erupted, resulting in homes selling above their asking prices. This may perplex new buyers who assume that offering below the asking price is the new norm.

Year-End Projections

As we approach the year’s end, the market is anticipated to remain relatively stable, with home prices holding firm. The recent uptick in mortgage interest rates may lead to a decrease in the number of homebuyers. Moreover, as the holiday season approaches, fewer homes are expected to be available on the market, which should help maintain a balanced supply and demand scenario. If more homes do surface for sale, this could present a favorable window of opportunity for buyers, with less competition in the market.

Buyer Opportunities

That said, opportunities do still exist for buyers. Homes that have lingered on the market for over 21 days and remain vacant may be more inclined to negotiate on price. Having a seasoned agent like Jennifer Louis, a real estate and relocation expert specializing in Boise and the Treasure Valley, is invaluable for understanding when and how to negotiate effectively in the current market.

Talk to an Expert

Whether you are buying or selling consult first with a professional that understands Boise real estate market trends and the best way to succeed.  Schedule a 30-minute no-obligation consultation with Jennifer Louis, Boise Metro Area Real Estate Expert at (208) 509-9122 or [email protected].