Boise, Idaho Real Estate ~ Parsing The Numbers
Here’s some commentary on my three earlier blog posts describing 2006 vs. 2005 Boise Real Estate statistics.
Those numbers do not indicate a collapsing Boise real estate market.
To the contrary, the numbers I posted indicate that our market is moving past the frothy stage and settling down to a more reasonable and sustainable pace.
In other words, we are getting back to normal vs. the frenzy of 2005.
It is interesting to note that the Ada County, Meridian, and Eagle (the areas I specialize in) posted 7% to 21% appreciation last year despite the doom and gloom prognostications of the bubble experts.
We are not experiencing a crash or a bursting bubble, we are simply getting back to some semblance of normalcy in our market.
It’s true that the number of closed units is down in many segments of our market, but one reason for that is unrealistic sellers who still think it is 2005 and that they are going to hit a home run. It is taking some time for those sellers to face reality and properly price their homes.
It’s important to note that attractive, properly-priced homes are being purchased every day by realistic buyers who want/need to buy a home.
I helped buyers from California purchase a beautiful custom home yesterday. They can’t wait to move to Meridian and enjoy a much higher quality of life than they have now in Orange County.
Those buyers are typical of many of our current buyers because they are purchasing in order to live here; not buying several rental properties on speculation.
The speculators are gone from our market and that is a very good thing. They drove our prices up and disrupted our rental market with excessive vacancies for a time, but those days are behind us now.
10,000+ people bought homes in the Boise area during 2006.
That’s hardly a “bad” market!
January 30th, 2007 Posted in Uncategorized
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