Some of you have asked how the Boise Idaho real estate market is doing this year vs. last year.
Here’s an interesting year-over-year comparison for the 1st quarter of 2016 vs. 2017:
Boise Idaho Real Estate: Available Listings
- 2016: 1762
- 2017: 1,581
- % Change: -10.3%
Boise Idaho Real Estate: Months’ Supply of Listings
- 2016: 2.2
- 2017: 1.7
- % Change: -22.7%
Boise Idaho Real Estate: Pending Sales
- 2016: 1,559
- 2017: 1,520
- % Change: -2.5%
Boise Idaho Real Estate: Closed Sales
- 2016: 801
- 2017: 828
- % Change: +3.4%
Boise Idaho Real Estate: Average Sales Price
- 2016: $270,178
- 2017: $286,840
- % Change: +6.2%
Boise Idaho Real Estate: Median Sales Price
- 2016: $235,000
- 2017: $250,599
- % Change: +6.6%
- The numbers are skewed by our unusually harsh winter weather during the 1st quarter that continues into our Spring Market.
- Listing inventory declined 10.3%
- Months’ supply of listing inventory declined 22.7%.
- Pending sales declined 2.5%.
- Average and median sales prices posted healthy, reasonable increases.
- We would probably be selling more homes if we had more listing inventory and better weather.
- New home sales are benefitting from the severe lack of resale listing inventory.
- Our lack of listing inventory is driving rising sales prices as buyers compete for scarce listings.
- 580 of our 1,581 available listings are TBB (To Be Built) or UC (Under Construction) homes that aren’t viable options for buyers wanting to buy and close promptly.
- There are only 1,001 existing homes for sale in Ada County, in all price ranges, spread over 17 MLS areas.
Data pertains to Ada County single-family homes on lot or acreage.
Data does not include condo or townhome properties.
Available listings, pending sales, and months’ supply pertain to end of 1st quarter for both years.
During his 44 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.
Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.