Boise Idaho Real Estate Market Conditions

Housing prices for March in the Treasure Valley continued to fall, fueled by the tide of bank owned homes and short sale real estate. This is a bit of a mixed blessing depending on who you ask but fact is the 13% drop in prices in Canyon County resulted in over a 50% increase in the number of homes sold overall. Ada county showed similar results with a 7% decrease in median home prices which figures show to have been a large part in the over 30% increase of homes sold there during the same time period last year.

While recent news of a decline in home sales shocked many there are still those who understand the market and know that the sales decrease was very likely due to the lack of the First Time Home Buyer Tax Credit that was in play last year. What is not so commonly reported is that the average sales price of homes in the Boise area are now showing the first timid signs of increasing.

The median asking price for homes in Boise City peaked in April 2007 at $269,720 and is now $123,780 (45.9%) lower. From a low of $139,205 in February 2011, the median asking price in Boise City has increased by $6,735 (4.8%).

How does this impact you? Without a doubt the market is saturated with excellent buying opportunities; with prices still very low this also means there are many more potential buyers for those homes. This is especially true as some investors are taking advantage of the market and buying multiple properties while they are affordable.

Mortgage rates remain low, inventory is reasonably priced and there is an abundance of good properties throughout the Treasure Valley. While some may argue this makes for a weak sellers market many are realizing that despite lower prices there are exponentially more buyers looking for real estate because of that very reason.

Ready to buy? Not sure if you should sell? The best course of action is to always consult with a qualified Boise REALTOR who knows the market. They will be informed on current real estate market trends and will have the skills you need to avoid possible pitfalls.