Boise Area Real Estate News & Market Trends

Boise Idaho real estate market trends, important information, covering everything from local market data and home values to community events and featured Boise areas. We care about the Boise community and want to help you find your place in it. We'd love to talk to you about your real estate needs!

Aug. 16, 2023

Market Update July 2023

Boise Real Estate Market - July '23 

Boise real estate update

Boise real estate sales (single family homes) were lower in July 24% when compared to July 2022. Home prices were also lower - average sale price was lower by 3 percent. Prices and sales decreased on the month to month basis as well - see last month report. Below you'll find property selling data in July '23 vs. July '22 for Boise as well as Ada County.

 Contact us for your Free Home Evaluation.  Call (208)918-5007 today. We'll be happy to help!

Single Family Homes

Boise July 2023 July 2022 Difference 
No. of Sales 283 371 -24%
Median Price $524,950 $500,000 +5%
Average Price $606,007 $626,276 -3%
Days on Market 20 18 +2 days

Condos 

Boise July 2023 July 2022 Difference 
No. of Sales 13 8 +63%
Median Price $367,005 $316,200 -+16%
Average Price $376,351 $404,140 -7%
Days on Market 24 17 +7 days

 

Every market is different. If you'd like to find out what your home is worth in today's market contact Krystyna Ryan at (208)918-5007 or click below to get a price range.

free home evaluation boise Idaho

 

Ada County Market Report

The median sales price in Ada County got a slight reprieve in July 2023 at $540,000 — which eased by $5,000 compared to the previous month. This marks the first slide in MSP since March 2023. New construction cooled by approximately $12,000 in July where existing/resale eased by $1.

The glacial effects on new construction’s median sales price were likely affected by the sector’s increase in inventory. New builds saw a month-over-month boost of 8.9% — reaching a total of 601 homes for July 2023 — taking the lead over existing home inventory accumulation which landed at 7.0% more than the previous month. A 2.5% month-over-month increase in mortgage rates may have also contributed to ebbed pricing

With recent dips in pricing, affordability remains out of reach for many. Programs by the Idaho Housing and Finance Association, LEAP Housing, and other affordability programs have become instrumental for many low-income and first time homebuyers. Education programs like IHFA’s “Finally Home!” and NAR’s “Real [Estate] Talk” can prepare buyers for the market. Some homeowners who are looking to relocate or add to their portfolio are able to navigate the choppy waters by using cash equity to buy down interest rates.

As consumers tread carefully, sales for single-family homes have slowed to 655 this month after three months of consecutive increases — split by 458 existing homes and 197 new construction sales. Newly built homes were the only sector to experience positive growth compared to the same month last year at 14.5%.

Market options continue to remain elusive where homes last an average of 23 days on market and the months’ supply of inventory is currently 2.3. This could look up in future months as pending sales have slipped in July by 5.7% compared to June 2023. Resale saw the slimmest shift, down 0.4% month-over-month and 6.3% year-over-year. New construction experienced a more significant dip at 10.7% when comparing consecutive months and 33.7% compared to the previous year.

Mortgage applications have also decreased this month by 3.1%, nationally, according to the Mortgage Bankers Association (MBA) which may result in further shifts next month.

Mortgage rate hikes aim to tame inflation but have simultaneously pinched housing affordability, making sellers hesitant to uproot for higher rates. A hunger for lower prices to counteract the current mortgage payment strain is a large factor in why we’re seeing some homes come down in cost. We hope to see this continue to invite more first-time buyers into the market.

Source: Boise Regional Realtors
July 26, 2023

This Month's Featured Community - Movado Village

This Month's Featured Community - Movado Village

Movado Village in Meridian is a collection of single level patio homes, built within last 5 years so you'd be buying a home that is like new! If you're looking for low maintenance home with excellent amenities such as clubhouse, fitness center, beautiful pool, consider Movado Village. HOA covers all outside maintenance, roof replacement, snow removal. Choose from 2 bd 2 bath or 3 bd 2 bath homes; all homes come with 2-car garages. All Movado communities are located close to Top Golf, The Village at Meridian, wonderful dining, shopping and medical facilities.

Currently only one home is available at the Movado Village; It's a 3 bd 2 bath home listed at $549,600. 

Contact us if you'd like to be alerted when new homes become available at Movado Meridian

movado meridian

 



July 13, 2023

Boise Real Estate Market Update - June '23

Boise Real Estate Market - June '23 

Boise real estate update

Boise real estate sales (single family homes) were higher in June by 7% when compared to June a year ago. Prices are still lower on the y-o-y basis but have inched up over last three months - see last month report. Low inventory, rising rents were among contributing main factors. Is the market shifting again? Stay tuned ...

Below you'll find property selling data in June '23 vs. June '22.

 Contact us for your Free Home Evaluation.  Call (208)918-5007 today. We'll be happy to help!

Single Family Homes

Boise June 2023 June 2022 Difference 
No. of Sales 334 312 +7%
Median Price $530,625 $549,900 -4%
Average Price $643,909 $665,246 -3%
Days on Market 20 9 +11 days

Condos 

Boise June 2023 June 2022 Difference 
No. of Sales 20 9 +122%
Median Price $350,000 $505,000 -31%
Average Price $441,435 $498,188 -11%
Days on Market 30 7 +23 days

 

Every market is different. If you'd like to find out what your home is worth in today's market contact Krystyna Ryan at (208)918-5007 or click below to get a price range.

free home evaluation boise Idaho

 

As a comparison, below is date for Ada County home sales, inventory levels, home prices year over year:

Ada County Idaho Market Snapshot

 

 

June 9, 2023

Boise Real Estate Market -May '23

Boise Real Estate Market -May '23 vs. May '22

Boise real estate update

Boise real estate data indicates further market slowdown due to the higher interest rates and low inventory of affordable homes. The number of sold single family homes was down by27 percent. Median price of a sold house was 17 percent lower than a year ago; average price was 5 percent lower. House took 24 days to sell, 15 days longer to sell on average compared to May '22.

Below you'll find property selling data in May '23 vs. May '22.

 Contact us for your Free Home Evaluation.  Call (208)918-5007 today. We'll be happy to help!

Single Family Homes

Boise May 2023 May 2022 Difference 
No. of Sales 293 373 -27%
Median Price $499,900 $585,000 -17%
Average Price $644,623 $674,017 -5%
Days on Market 24 9 +15 days

Condos and Townhomes

Boise May 2023 May 2022 Difference 
No. of Sales 59 51 +16%
Median Price $404,900 $549,900 -36%
Average Price $416,722 $550,657 -32%
Days on Market 37 14 +23 days

 

Every market is different. If you'd like to find out what your home is worth in today's market contact Krystyna Ryan at (208)918-5007 or click below to get a price range.

free home evaluation boise Idaho

 

As a comparison, below is date for Ada County home sales, inventory levels, home prices year over year:

Boise Idaho real estate market

 

 

 

 

 

 

 

May 16, 2023

Boise Greenbelt Guide

Boise Greenbelt Guide

Boise Greenbelt is definitely one of the best hidden gems in Boise Metro. The Greenbelt provides an easy access to the great outdoors, restaurants, wineries, coffee shops, parks, and scenic views. All of these attractions and actives are accessible from downtown Boise. There is so much to see and do on the Boise Greenbelt! 

Downtown Boise is just one example of the wonderful Boise dining opportunities:

 

Click below for info on Boise Greenbelt favorites:

Boise Greenbelt map

If you're considering moving to Boise Idaho, Contact us at (208)918-5007 for more information and a Free Tour of available homes for sale.

Feb. 3, 2022

Multigenerational Homes

Benefits of Multigenerational Homes

multigenerational homes

If your needs are changing, you may be thinking about sharing a home with additional loved ones, such as grandparents, adult children, or other extended family members. Whether it’s for financial or health-related circumstances, or simply because you’ve reached a new phase of life, you might be wondering if living with multiple generations under the same roof is a good move for you. Many people have found themselves in a similar situation and they’ve already made the choice to live in a multigenerational home.

Search Boise Area Multigenerational Homes For Sale

What Is a Multigenerational Home?

The Pew Research Center defines a multigenerational household as a home with two or more adult generations. They include households with grandparents and grandchildren under the age of 25. As you weigh your options and decide if multigenerational living is right for you, here’s some helpful information highlighted by other homeowners living with additional loved ones.

The Benefits of Multigenerational Living

A recent report from Generations United surveyed individuals living in a multigenerational setting and asked them about the key benefits of this housing arrangement. It says:

“Nearly all Americans who live in a multigenerational household (98%) feel their household functions successfully, citing various aspects of home design, family relationships and interactions, and supports and services influencing their success.”

The study identifies some of the top benefits of this lifestyle as an improved financial situation, better mental and physical health, strengthened bonds with loved ones, and more (see chart below):

benefits of multigenerational living

Those are just some of the reasons why most people who decide to live in this situation find it worthwhile. As Donna Butts, Executive Director at Generations United, says: “Families may come together from need, but they are staying together by choice. Indeed, more than 7 in 10 (72 percent) of those currently living in a multigenerational household plan to continue doing so long-term.”

With More Adults Living Under One Roof, You May Need More Space

If you decide to look for a multigenerational home, it’s important to understand what everyone will need to make the arrangement work to its fullest. Something that often makes the top of the list for homeowners living with multiple generations is additional space for privacy. This could mean more bedrooms and bathrooms or features like an in-law suite or a basement.

If you’re realizing your current house doesn’t provide the room you need for multigenerational living, an expert real estate advisor can help you navigate the process to find the right home that works for you and your loved ones.

Bottom Line 

Living in a multigenerational household has real and impactful benefits. If you’re interested in learning more about these options in the Boise area, Contact us today to find a home that fits your changing needs.

Posted in Home Buying
Jan. 7, 2022

Can We Expect Foreclosures in 2022?

Can We Expect Foreclosures in 2022?

Can we expect foreclosures in 2022? Many potentials buyers here in Boise have been asking this question. The home values and prices in Idaho have shot up so much that the "bubble" question pops up a lot. It does not look like we will have a foreclosure problem.  Here is why:

When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosures like what happened after the housing bubble 15 years ago.

Here’s a look at why that isn’t the case.

1. There Are Fewer Homeowners in Trouble This Time

After the last housing crash, over nine million households lost their homes to a foreclosure, short sale, or because they gave it back to the bank. Many believed millions of homeowners would face the same fate again this time.

However, today’s data shows that most homeowners exited their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The latest data from the Mortgage Bankers Association (MBA) studies how people exited the forbearance program from June 2020 to November 2021.

Here are those findings:

38.6% left the program paid in full

19.9% made their monthly payments during the forbearance period

11.8% made up all past-due payments

6.9% paid off the loan in full

44% negotiated work-out repayment plans

 

29.1% received a loan deferral

14.1% received a loan modification

0.8% arranged a different repayment plan

0.6% sold as a short sale or did a deed-in-lieu

16.8% left the program still in trouble and without a loss mitigation plan in place

2. Those Left in the Program Can Still Negotiate a Repayment Plan

As of last Friday, the total number of mortgages still in forbearance stood at 890,000. Those who remain in forbearance still have the chance to work out a suitable plan with the servicing company that represents their lender. And the servicing companies are under pressure to do just that by both federal and state agencies.

Rick Sharga, Executive Vice President at RealtyTrac, says in a recent tweet:

“The [Consumer Financial Protection Bureau] and state [Attorneys General] look like they’re adopting a ‘zero tolerance’ approach to mortgage servicing enforcement. Likely that this will limit #foreclosure activity for a good part of 2022, while servicers explore all possible loss [mitigation] options.”

3. Most Homeowners Have More Than Enough Equity To Sell Their Homes

For those who can’t negotiate a solution and the 16.8% who left the forbearance program without a work-out, many will have enough equity to sell their homes and leave the closing with cash instead of facing foreclosures.

Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home. As Frank Martell, President & CEO of CoreLogic, explains:

“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue building their wealth.”

4. There Have Been Far Fewer Foreclosures Over the Last Two Years

One of the seldom-reported benefits of the forbearance program was that it allowed households experiencing financial difficulties prior to the pandemic to enter the program. It gave those homeowners an extra two years to get their finances in order and work out a plan with their lender. That prevented over 400,000 foreclosures that normally would have come to the market had the new forbearance program not been available. Otherwise, the real estate market would have had to absorb those foreclosures. Here’s a graph depicting this data:

foreclusure_data

5. The Current Market Can Easily Absorb Over a Million New Listings

When foreclosures hit the market in 2008, they added to the oversupply of houses that were already for sale. That resulted in over a nine-month supply of listings, and anything over a six-month supply can cause prices to depreciate.

It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:

“Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago (1.28 million). Unsold inventory sits at a 2.1-month supply at the current sales pace, a decline from both the prior month and from one year ago.”

A balanced market would have approximately a six-month supply of inventory. At 2.1 months, the market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.

Summary

The end of the forbearance plan will not cause any upheaval in the housing market. Sharga puts it best:

“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging. It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect. . . .”

Thinking about selling your Boise home?  Contact us today for a free home evaluation. Find out what your home is worth in today's market.

Dec. 18, 2021

2022 Market Forecast

What will the real estate market be like in 2022?

Home prices will continue to rise due to the low inventory of homes for sale and strong buyer demand.

Real estate experts are forecasting buyer demand will remain strong as people try to take advantage of low mortgage rates and prices before they climb, creating another strong year for home sales.

Real estate is local - every market is different.  Contact me at (208)918-5007 or via email Contact us for your Boise neighborhood market update and current situation.

real estate market forecast 2022

Nov. 11, 2021

Is It a Good Time To Sell a Home?

Is It a Good Time To Sell Your Boise Home?

Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says.

Housing supply is lower nationwide but a bit better locally in Boise than last year, but home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.

Feeling motivated? If you’re ready to sell and capitalize on today’s market, partner with a local real estate professional.

Call your Boise real estate expert at (208)918-5007 for a Free consultation - You'll get your Free home evaluation and find out what your home is worth in today's market

 

selling a house

Sept. 10, 2021

55+ Property Spotlight - Heritage Grove

55+ Property Spotlight - Heritage Grove Meridian ID

Rare opportunity to own home in the premier Boise/Meridian area active senior community of Heritage Grove. These homes do not come on the market often and sell quickly.

Contact us at (208)918-5007 for a Free Tour of available homes for sale.

Heritage Grove 55+ Meridian Idaho

Beautiful home in Heritage Grove 55+ community! Ideal floor plan with an open living room centered around a gas fireplace and gourmet kitchen w/ granite counter tops. Spacious master suite features access to the relaxing covered patio. Premier location overlooks common area away from busy roads. HOA covers lawn care, clubhouse use, community parks, walking paths.

This single lever home was built in 2016. It has 3 bd 2 ba; 1,726 sq ft., attached 2 car garage.

Asking price - $499,000.

Heritage Grove Boise Meridian  Heritage Grove senior home for sale

Heritage Grove home - kitchen Heritage Grove Meridian homes for sale - Bathroom