The Boise housing market is witnessing a shift in its buyers’ interests. Because the average prices of new homes in counties Ada and Canyon have increased by $46,527 and $21K respectively within the last year, buyers are focusing on resale homes instead. Ada County is just $20K shy of a record average new home sales price (currently that statistic is $335,277, August of 2007). Total new homes closed for both counties is down 30% from last month, while total resale homes closed is up 7% from last month.
The amount of distressed homes on the market in both counties dropped, due to the significant increase of total resale homes available (Ada County inventory is up 18% from last month, while Canyon County is up 12%). The upside to more resale homes on the market means there are more buyers in the marketplace! Where will they be moving this summer? A new home? Or a resale home? We shall see!
Summary based on market reports by Mike Pennington