Home Prices May Continue Slow Climb In Boise, Thanks To Supply And Demand

greenbelt_boise-3Supply and demand. In real estate, the smaller the supply for homes, the greater the prices. Here in Boise, prices may continue to creep back up, thanks to supply and demand.

According to the Intermountain Listing Service, there were only 1,857 single-family homes for sale in Ada County. Of that total, 30%, or 1,857 homes, were short sale listings. A short sale can occur when a homeowner who owes more than his or her house is worth sells the property, pending approval of the lender. But short sales typically take longer to buy and close.

That means, serious buyers looking for homes in Boise for sale have even fewer options to choose from. Instead of 1,857 homes, those who want to move the process along quickly are actually looking at 1,299 listings.

What Does That Mean For Boise Buyers?
With such a small stock of listings, homes in Boise for sale have been going fast. Realtors report selling some homes in one day – and even getting multiple offers above the asking price. Homes below $200,000 are particularly popular. Take a few Boise neighborhoods for example.
* NW Meridian, 77 single-family homes sold in March 2012: 11 new homes sold for an average of $241,589; 66 existing homes sold for an average of $158,964.
* NE Meridian, 60 single-family homes sold in March 2012: 14 new homes sold for an average of $219,622; 46 existing homes sold for an average of $164,926.
* SW Boise-Meridian, 56 single-family homes sold in March 2012: 13 new homes sold for an average of $196,779; 43 existing homes sold for an average of $137,270.
* W. Boise-Garden City, 52 single-family homes sold in March 2012: 5 new homes sold for an average of $228,431; 47 existing homes sold for an average of $143,612.
boise_house_1_-_bire_400Those areas sold the most homes, according to the Intermountain MLS. Overall, 523 homes were sold for an average price of $179,069, an increase in price of 9.4% compared to March 2011. That includes 89 new homes sold for an average of $215,672 and 435 existing homes sold for an average of $171,661. And homes were on the market nearly three weeks less with an average of 75 days compared to 95 days in March 2011.

Better Move Fast On Your Dream Home
Ultimately, though, home sales could slow the next several months due to the lack of inventory, but prices are expected to continue their upward climb. But if you’re looking for homes in Boise for sale, low interest rates combined with reasonably priced listings makes the city a market to watch. And for prospective buyers? That dream home you’ve been eyeing might not last long on the market.

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