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%
Summary/Context:
- 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.
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Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.
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.
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