Median Home Prices In Boise Jump In March

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March was a good month to sell your home in Boise. Median prices for homes in Ada County jumped almost 14% compared to the same time last year, while home values nationally declined by 4.5%, according to the latest statistics. It wasn’t all good news, though, as the number of homes sold last month dipped slightly.

According to the Intermountain Multiple Listing Service, the median price of a single family home in Ada County was $154,900 in March 2012. That compares to March 2011, when the median price was $136,000, or a 13.9% increase. Likewise, the average price of a single family home in the county was $179,189, compared to $163,623, or a 9.51% increase.

A closer look at the latest figures by Intermountain Multiple Listing Service includes:
* There were 1,879 total active listings as of March, compared to 2,636 in March 2011.
* There were 1,134 total pending listings as of March, compared to 918 in March 2011.
* Homes sold much faster in March compared to last year, with homes staying on the market an average of 75 days compared to 95 days in March 2011. For the year, homes are staying on the market an average of 81 days, compared to 95 days last year.
* The total dollar volume is well on its way to surpassing last year’s total. The total dollar volume through the first three months of the year was more than $241 million, an increase of 12.54% compared to the same time last year.
* Home sales were up almost 15% in March 2012 compared to the previous month.
* Pending sales were up 14% in March 2012 compared to the previous month.
* The number of single family homes sold in March was down 2.28%, with 515 homes sold compared to 527 the same time last year.

Homes in Boise got a close look in late 2011, when Realtor.com selected the city for its list of the top 10 cities to see a real estate turnaround in 2012. Boise came in at No. 8, ahead of Fort Wayne, Ind., and Flint, Mich., and just behind Phoenix-Mesa, Ariz. The reason?
Improving unemployment rates and median price appreciation.

But a week later, Forbes listed Boise as one of its worst real estate markets in the country. The Forbes study, though, looked at past numbers for homes in Boise and used less data. The Realtor.com study, on the other hand, used up-to-date information and poured over more trends.

What does all this mean? March statistics show that it’s possible Boise could end the year in double-digit home price increases, which would put the national spotlight on the city’s real estate market.

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