March 2022 - Boise Real Estate Spring Market Update

It’s beginning to look a lot like Spring, weather wise and in our local real estate market. Temperatures hit the 60’s this past weekend and we saw many eager folks out on the trails and Greenbelt soaking up every bit of the promising Spring season. This time of year in Boise is simply incredible, as the warmer temps bring life to the dormant parks and riverscape while the surrounding mountains are still capped in snow… truly the best of both worlds. 

It’s not just the weather that shows signs of rejuvenation. After a quieter (more balanced) January market, buyer demand appears to be on the hot plate again creating a bubbling over of activity. Days on market decreased from January to February for existing homes, showing a faster pace of sales. Real estate sites like Zillow.com are full of pending sales, indicating that our market is moving quickly.

The percentage of sales at asking price in February was 99.6%, compared to 105.5% in 2021, indicating buyers are unwilling or unable to purchase over asking price. Still, the percentage is quite high and favorable for sellers who appropriately price their homes using current market comparables. Pricing too low or too high can have significant consequences on the success of your home sale. If you’re curious to learn what your home could be worth right now, click here for a quick evaluation. Then, we highly recommend consulting with one of our experienced listing agents for a more detailed market analysis of your property. Sellers are asking and receiving more for their homes than ever before due to competitive demand and record-breaking appreciation. If you’ve been thinking about selling your home, reach out to our team to learn how we can help you receive top dollar for your home. Our services include a complimentary home staging consultation, professional photography, expansive marketing strategy with magazine-worthy print materials, and extensive market knowledge.

Key Metrics for Single-Family Homes in Ada County:

• Median sales price hit another record high of $549,900 (up 21.6% from February 2021)
• 493 available homes to buy
• 660 closed sales
• Average of 32 days on market 

Key Metrics for Single-Family Homes in Canyon County:

• Median sales price hit another record high of  $434,450 (up 18.1% from February 2021)
• 316 available homes to buy
• 450 closed sales
• Average of 42 days on market 

Buyers have been through the ringer in our market the past couple of years. More days on market is giving them just a little extra time to make purchase decisions compared to last year, but they still need to move quickly. Mortgage interest rate hikes may be slower than expected, due to the conflict in Ukraine. However, we are seeing buyers feel the pressure of purchasing while rates are historically low, as well as sellers who would be buyers after selling. Home appreciation is still on the rise, but not at the rate we were seeing this time last year. If you’ve been wanting to own real estate in Boise and the surrounding areas, now may be the best time to buy into the market while rates remain low and before further appreciation could put your budget out of reach. Contact me to get started on your home search today. 

Our listing team has been quite busy, going on dozens of appointments and filling our pipeline with amazing inventory. Sign up for our weekly newsletters to learn about these properties before anyone else, and to receive market updates like this right to your inbox.

Working with a knowledgeable team in your buying or selling process is critical to your success. We pride ourselves on helping hundreds of people just like you live the Boise dream or move on to other adventures elsewhere. Feel free to contact us by phone at (208) 870-8292 or email us at info@lysibishop.com to learn how we can be of service to you.