Analysis of Boise, ID Area March Real Estate Activity
I just posted (see three previous posts) the March real estate activity statistics for Boise, Meridian, and Eagle, Idaho real estate markets.
Here are my thoughts on current market conditions in those areas:
For the first time since mid-2006, I see signs that our market is improving.
Closed units are off substantially year-over-year, but Ada County and Meridian prices seems to have stabilized.
In other words, homes are selling and the sellers are not being forced to give them away.
I’m hearing some sellers grumbling that they can’t make the killing they expected, but all is not doom and gloom.
But, buyers are being very selective and considering only the homes that are in in top condition and priced properly. Everything else is languishing on the market with repeated price reductions and incentives to buyer agents.
The Eagle real estate market is still trying to find its footing, however.
With 436 listings, an average asking price of nearly $670,000, and only 34 closings during March, Eagle has a 13- month supply of listing inventory. The good news is that there are 79 pending sales in Eagle at this time, and that is a very strong number. Many homes that were on the market for several months are now in escrow.
Finally, it’s promising to note that pending sales numbes are up across the board.
I think we are seeing the Boise area market stabilize and that we probably will avoid the more severe corrections currently underway in California, Florida, and Nevada.
April 2nd, 2007 Posted in Uncategorized
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