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 1^st 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 1^st 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 1^st 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.