As Boise continues to make all of the “best cities in the country to live” lists, people continue to relocate here. And, as people continue to move here, real estate inventory has decreased – driving up demand and prices.
Boise Regional Realtors® (BRR) reports that while existing home inventory is down, new construction homes are on the upsurge. There were 317 more new homes for sale in Ada County in December 2017 than existing homes. The actual numbers reported for Ada County were 854 new homes, compared to 537 existing homes on the market in December 2017.
According to the National Association of REALTORS® (NAR), we need builders to bring more product online to pull us out of our local inventory shortage, so an increase in new construction is welcomed. But some question if this strategy could lead to another wave of overbuilding like we saw in the mid-2000s. At that time, new construction was more speculative, which led to more new houses than there was demand. Today’s new construction inventory levels are much more in line with buyer demand for new homes, which has increased with the Boise region’s population growth.
Last May, the Idaho Business Review reported that Boise joined Salem, Ore.; Seattle; Greeley and Fort Collins, Colo.; and Provo, Utah, as the only cities among the 95 markets that ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, analyzed to hit record highs in the January-to-March timeframe. Utah, Nevada, Idaho, Florida, Washington, Oregon and Colorado were the seven fastest-growing states in 2016, according to the U.S. Census Bureau.
CLICK HERE to Watch the Ada County Market Report for December 2017.
If you are considering selling your current house and would like to talk with us about what your options are, give us a call! Templeton Real Estate Group—208.473.2203 or via the web. We offer a free and confidential consultation. And, remember if you choose to list with us, we offer a complimentary staging service that, combined with our marketing expertise, will sell your house for more. You may not need to spend a lot in improvements to sell…staging may be all you need to make your house shine. We are TOP BOISE REAL ESTATE agents who know Boise real estate.
Are you a buyer looking for a new home? Come see East Boise and everything that makes it great — Boise River, Boise Greenbelt, and our beautiful Boise Foothills. Whether walking, hiking, jogging, biking, or just appreciating the views, these are Boise gems and treasures of our Valley. And, a large reason why builders like Boise Hunter Homes and Brighton Corporation are developing in Harris Ranch and River Heights.
By Bonnie Way Snider, Licenced Realtor® and Blogger
Boise Regional Realtors. http://boirealtors.com/category/news/
Data from Boise Regional REALTORS® (BRR) and the Intermountain MLS (IMLS) as of [DATE]. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.