Boise Real Estate Market

According to Realtor.com, the Boise Real Estate Market is booming! But those of us (well most of us) in the real estate business here in Boise already knew that! I have watched the real estate market for several years now and noticed back in April that the prices were no longer going down, market time was though, as well as the inventory. When inventory goes down, prices will go up! We have seen the return of multiple offers and homes selling almost before they hit the Multiple Listing Service (MLS).

So it is nice to see that Realtor.com has finally picked up on our good fortune. We are by no means totally out of the woods yet. We need to see more jobs coming into the valley and a decrease in the distressed properties sitting on the market. For now though, we are  enjoying a market that is finally healing!

Here is the story from Realtor.com:

All week Realtor.com has been announcing the cities included on its Top 10 Turnaround Town Report. Today, we are announcing the final city on our report – Boise City, ID, which holds the number six position on the list.

#6 Boise City, ID’s year-over-year for sale inventory observed by Realtor.com is down 40 percent, eighth best in the nation based on the year-over-year rate of decline. A key reason for the declining inventory is a reduction in foreclosures. A smaller inventory has helped drop the median age of inventory by 23.42 percent compared to a year ago. Smaller inventory is driving a median listing price increase of 13.77 percent, fifth best among Realtor.com’s 146 markets in the fourth quarter of 2011. Boise’s unemployment rate at 8.5 percent in November is better than the national rate.

“The Boise market seems to be picking up. In fact, my fourth quarter sales were nearly half of my total sales volume for 2011! The buyers seem to have been holding off purchasing because the media keeps telling us that our real estate market has not ‘hit the bottom.’ These buyers seem to be tired of waiting when our prices have remained steady and interest rates remain at all-time lows, it seems as if they finally feel now is the time to buy,” said Jacque Neef, Homeland Realty. “We have great inventory currently so the buyers have many options, although with our current sales velocity that may not continue to be the case! My colleagues are also seeing properties with multiple offers and not just on distressed (short sale or foreclosure) properties.”

“Boise is still, as with other markets, struggling with short sales and foreclosed properties. The short sale process is not shorter, or more streamlined, unfortunately. Affordable properties under $150,000 are still hard to come by in Boise proper, and when we do get those, they go fast and sometimes at over the asking price,” said Cristina Pescaru, Realtor. “The inventory is low because sellers don’t like to put their properties on the market during winter and the holidays. Hopefully, once Spring comes we will see a more lively market, and a lot more activity, especially now, that Boise has been a couple of times in the news, most recently placed 4th on the list of best cities for women’s health. As of now, and due to the overall economic picture, Boise still seems to be the best kept secret.”

That concludes Realtor.com’s fourth quarter Top 10 Turnaround Town Report. Come back next quarter to see what towns make Realtor.com’s Top 10 Turnaround Town Report in the first quarter.