Will Donald Trump Affect Boise’s Housing Market?
The Ada County Association of Realtors says the Boise housing market remains strong and appears to be unaffected by elections. Since elections occur during the seasonal, annual slowdown in the real estate sales cycle, they don’t typically have a short-term impact on the housing market. The 2016 elections were no exception, according to Jonathan Smoke, Chief Economist for REALTOR.com®, in his article about how Presidential elections affect the U.S. housing market.
However, we do know that the incoming President will limit the federal government’s role in the real estate market, as was outlined in the 66-page Republican Platform 2016. So, longer term, the implications of this for home buyers, sellers, and owners could be sweeping. Potential changes in policies and programs related to taxes, lending, employment, student loan debt, and so on, will certainly affect housing over the long-term, but how and what that impact will be remains to be seen. These are issues that REALTOR.com® and the National Association of REALTORS® (NAR) will monitor, and that Boise Regional REALTORS® (BRR) say they will analyze locally through these monthly market reports.
This month’s report looks at local activity through October 2016. Next month’s report will show whether local homebuyers reacted once the November numbers are in. That said, year-over-year growth in pending sales shows that sales will continue to be strong through the end of 2016.
Courtesy Ada County Association of Realtors
As for current numbers, there were 1,319 pending sales in Ada County in October 2016, up 7.8% compared to October 2015, reflecting homes that will close within the next 30-90 days. Of those homes that did close in October, the median sales price was up. Ada County’s median sales price was $252,000, up 9.6% compared to October 2015.
High consumer demand and low supply are keeping prices high. The number of homes for sale in Ada County dropped back below the 2,000-mark for the first time since April 2016, reaching 1,950 in October 2016, a decrease of 12.5% compared to last year.
Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the October 2016 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.
If you are in the market for a home right now or thinking about selling, give Templeton Real Estate Group a call @ 208.473.2203. We are a small yet highly skilled real estate team with decades of area expertise, service, property pricing, and negotiating. We are passionate about providing our clients with the best real estate experience available. Our office is located in East Boise’s beautiful Bown Crossing, just steps to Boise’s Greenbelt. You can learn more about the Templeton Real Estate Group on Realtor.com or contact us today to schedule your complimentary and confidential consultation.