Will we have enough Boise homes for sale this Spring?
Based upon our current listing inventory, combined with continued strong sales activity, we can expect a severe shortage of listing inventory this Spring.
Last year’s Spring market, with a greater number of listings, spawned multiple-offer bidding wars across the Boise real estate market.
We’re probably in for more of the same this year.
Current Available Listings
As of today, we have only 554 resale homes for sale in Ada County.
We also have 365 completed new homes available.
That totals 919 existing homes for sale in the Boise real estate market.
For buyers willing to wait for a home to be completed, we have 425 new homes under construction.
We also have 99 “To-Be-Built” homes, most of which will never be built.
Builders offer those homes to land “build jobs” without first starting construction.
We call those listings “phantom listing inventory”.
New Listings vs. Absorption
Our Ada County listing inventory is spread over 17 MLS areas and includes all price ranges.
It’s safe to assume that we’ll see additional listing inventory as we approach our Spring market.
That listing inventory will quickly be absorbed when more buyers emerge from hibernation in the next couple of months.
However, we’ve averaged 962 closed home sales per month in Ada County over the past 12 months.
With 919 existing homes for sale, we have less than one month’s supply of existing Boise homes for sale.
When you factor in specific criteria for price, location, schools, floor plan, bedrooms, baths, garage size, commuting, and other criteria, most buyers will have one or two homes to seriously consider.
Serious buyers soon realize they aren’t the only ones interested in those homes.
To illustrate our scarce listing inventory, let’s assume you want a single-level home in SE Boise.
As of this writing, there are 12 available homes matching those criteria.
If you want that home to be under $300,000, you have only three homes to consider.
Looking to buy a home this Spring?
- You’ll enjoy my consultative approach with buyers.
- No sales talk, no pressure, and no closing questions.
- I’ll fully inform you and you’ll make your own decisions.
- I work with a few clients at a time to ensure a high level of responsive service.
- Think of me as your personal real estate consultant!
- My extensive experience as a licensed broker is your assurance of a good buying experience.
- Give me a call at (208)938-5533 or e-mail me and let’s get started!
- Data pertains to Ada County single-family homes on lot or acreage.
- Data does not include condo, townhome, or mobile home properties.
- Data extracted from Intermountain MLS on 2/17/19