Overall, the market for single family housing in Boise has steadily retained its strength. However, there are some some small areas seeking improvement. The total number of homes that closed in February (including Ada & Canyon Counties) is down 74 units (11%) from one year ago. This is the first sign of a reversal in an upward trend over the last four years.
In Ada County, the average resale home price is $2,000 behind last year’s average, while Canyon County’s average is $4,000 ahead. For new homes being built, Ada County’s year-to-date average sale price was $303,575–the first time over $300K since 2007 ($9K over last year’s average). Canyon County’s year-to-date average sale price was $184,126 (about $8K over last year’s average).
Perspective buyers need to act quickly! It’s still a great time to buy or sell real estate, but mortgage bankers predict an increase in interest rates (between 5.1 and 5.4%) this time next year.
Summary based on market reports from Mike Pennington