Boise Market Kicks Off 2020 Even Hotter Than Before; Supply Hits Two Year Low
Posted by Lisa Kohl on Tuesday, January 7th, 2020 at 1:57pm
Miss the bidding wars of 2018? Based on current trends we may be headed for the hottest Boise real estate market in two years.
The Boise median single-family home price jumped $42,600 to $335,000 in the month of December, finishing out the year of 2019 with a 14.57 percent increase.
In Ada County and Canyon County, the cost for the typical home rose 8.02 percent and 13.08 percent, respectively.
While every city in the Treasure Valley is seeing higher prices, the lowest priced markets continue to appreciate the fastest. “Luxury” markets are seeing the smallest year-over-year price gains with Eagle up a relatively paltry 3.73 percent.
Compared to last year, total homes sales rose 18.76 percent in Ada County and 26.11 percent in Canyon County.
Vigorous sales activity combined with a nearly 10 percent drop in new listings pushed available inventory down to levels just shy of the all-time record lows we saw at the beginning of 2018.
The supply of homes for sale in Boise declined to 0.84 months. In other words, if demand were to stay the same and there are no new listings, in less than four weeks there wouldn’t be any homes for sale.
If you are wondering when the Spring buying season starts – it never really stops.
In the last five years, the competition for homes has moved the beginning of the buying season from April to March, then to February and now, January.
If it isn’t already evident- Start sooner than you think.
If there is a common regret I hear it's “I wish I would have started the process sooner.” This tends to be the most common with the two-thirds of people that are both buying and selling.
Unless money is no object or you are willing to settle for anything with four walls and a roof, give yourself twice as long as you think you will need.
I can help you find, or sell, a home in a weekend, but it will be less stressful and more financially rewarding if you give yourself some breathing room.
It’s not your imagination; you really aren’t seeing all the listings
Up until the late 1990s, you had to get a newspaper or a real estate magazine to actually see what was for sale. Chances are, by the time you got up to speed, your real estate agent had already found you a house.
Then, between 2006 and 2014, we saw a significant increase in the availability of real estate listings online. At the same time, the recession created a massive drop in demand.
With a home taking six to twelve months to sell, for the first time, we saw something we hadn't seen before, 95% of listing were ending up online.
As we shifted back to a more balanced market and eventually a seller’s market, homes are again selling before ever needing to be advertised on the open market.
In some of the most popular neighborhoods, 80% of all transactions take place without so much as a for sale sign in the yard, let alone an online listing.
Ultimately, a real estate agents’ job is to find buyers for their sellers and sellers for their buyers. In fact, nearly a third of our buyers have purchased an off-market deal we found for them.
For buyers, off-market properties not only give you a better selection but in most cases, better prices too.
The reverse is also true. I always advise sellers to avoid “pocket listing.” You will almost always get a better price with the extra exposure of going to market.
When working for sellers, our goal isn't to sell it off market but to do an abundance of premarketing to generate as much buzz as possible. We want a long line of buyers anxiously waiting to see the property when it finally does list.
Hire a pro, be patient and plan ahead.
Boise Real Estate Market Summary for December 2019
- Median list price - $337,900 (up 15.76%)
- Median sold price - $335,000 (up 14.77%)
- Price per square foot - $203 (up 12.78%)
- Total home sales - 355 (up from 305)
- Median days on market - 18 days (up 1 day)
- Available homes for sale - 0.84 month supply (down from 0.97)
- 30-year mortgage rates - 3.72% (down from 4.64%)
Boise Metro Housing Markets by Area
Median sales price:
- Ada County - $350,000
- Eagle - $499,450
- Garden City - $368,650
- Kuna - $290,000
- Meridian - $351,490
- Star - $399,500
- Canyon County - $255,000
- Caldwell - $239,000
- Middleton - $307,990
- Nampa - $250,000
Lisa Kohl
Lisa carefully studies the local housing market to give her clients the edge when buying or selling a home in Idaho. We Know Boise is a full-service real estate team that combines our LOCAL expertise with traditional know-how to create exceptional results for each of our clients.
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Information in this We Know Boise market report was obtained from the Intermountain MLS (IMLS) on January 7th, 2020. Deemed reliable but not guaranteed. City data refers to single-family homes on less than one acre, while county data includes homesites of all sizes. Current inventory is calculated on a twelve-month rolling average. Combining existing homes for sale with new construction is the best way to gauge current home prices and Boise housing market trends. New house prices are much more volatile and can create unreliable comparisons, particularly on a month to month basis.
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