Boise Real Estate Sales Slump in March-Say What???

Did you hear that thump? That was the sound of my head hitting the keyboard on my computer as I finished reading yet another Statesman article filled with misleading headlines and misinformation within. On Thursday, the Statesman had a front-page headline “Valley home sales slump in March”.  This is the kind of headline that makes my head spin!

What the newspaper was trying to show as a slump was to compare March 2010 to March 2011 in ADA County. Well that is another “duh” moment, since this time last year there was an $8K home buyer credit in play. But even comparing 2010 to 2011 the numbers are not that far apart with 601 properties closed in 2010 and 537 closed in 2011. But if we look at the first three months of 2011 we will see the continued upswing of homes sold: January-381, February-393, and March-537. Does that look like a sales slump to you?

Now if the Statesman had written that the median sales prices had dropped in March 2011 that would have been an accurate statement. Although, the prices are still on a rollercoaster and are down one month and up the next, only to come back down the next month. (January median sales price-$135.5k, February-$145.7k, and March-$135k).

The real estate market both in ADA and Canyon County are slowly but surely recovering. The median sales prices (sold) will continue to go up and down until the majority of distressed properties have moved out of the market. In the meantime, the good news is that homes are selling and they are starting to sell quickly (particularly in the $250K and under price range). I look forward to seeing what our totals will be for the month of April because so far they are looking very good. I will be posting those results during the first week of May.

If you would like additional information regarding the  Boise real estate market or the Canyon County area, please go to my web site (no sign up required):

article referenced: “Valley Home Sales Slump in March”- Idaho Statesman, April 21,2011, written by Joe Estrella

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