Boise Idaho’s low listing inventory is profoundly affecting sales.
Buyers and their agents are struggling to find available homes with our current low listing inventory.
As of this morning, we have only 1,211 single-family homes for sale in Boise, Idaho’s listing inventory.
475 of those homes are “To Be Built” (homes that may never be built), or “Under Construction”.
Those homes are of no interest to a buyer who wants to buy a home and move in.
That leaves 736 available homes, in all price ranges, spread over 17 MLS areas.
In real estate, a “balanced market” is generally considered to be six months’ supply of listings.
In stark contrast, we currently have only 1.25 months’ supply of listings in Boise, Idaho’s low listing inventory.
The Meridian, Idaho real estate market has only 1.5 months’ supply of listing inventory.
The Eagle, Idaho real estate market has 2.0 months’ supply, primarily due to its higher price point.
Resale home listings are nearly non-existent in some of our Boise, Idaho MLS areas.
Desirable homes usually sell immediately, above the asking price, with multiple offers.
Buyers with specific requirements for price, location, schools, square feet, and other criteria are often unable to find homes matching their wants and needs.
I’m seeing offers with escalation clauses, offers waiving inspection rights, and buyers willing to pay the difference when homes fail to appraise for the sales price.
Buyers, and their agents, were surprised last Friday afternoon when one of our largest builders increased prices on all of their listed homes by $25,000 to $40,000 across the board.
Some of those homes have already been sold.
Some buyers are submitting offers contingent upon selling their home, but very few sellers will accept such an offer.
I’m also encountering sellers who won’t list their present home because they’re afraid they won’t be able to find another home to buy.
Despite strong demand, our sales numbers have leveled off in some market segments due to a lack of listing inventory.
Simply stated, we could sell more homes if we had more homes to sell.
View March 2018 Boise, Idaho Real Estate Stats
View March 2018 Meridian, Idaho Real Estate Stats
View March 2018 Eagle, Idaho Real Estate Stats