Boise Residential Realtors Release Market Analysis

The Boise Residential Realtors (BRR) analysis of the October market was released this week, summarizing sales prices, days on market, and overall inventory of existing single family homes throughout Ada County.   When comparing data from the same date, year over year, we are able to notice slight shifts in the market, helping our clients feel knowledgeable and informed about the right times to sell and the best offers to present.  Regional statistics show a strong and steady real estate market, making this a balanced and even environment for both buyers and sellers alike.  A slight, yet stable increase in values is welcome news for homeowners and those looking to list their property this year.  And inventory is also a touch higher than last year at this time (up 10% year-over-year), giving buyers more choices and increased opportunity to find their dream home.    Digging into the numbers a bit more, BRR reports that existing single family homes are spending a bit more time on the market this month than last - this is very typical this time of year, as potential buyers get busy with the holidays or lean in to slowing down as the seasons change.   Overall, the statistics reflect a healthy market that remains strong in Quarter 4.  With nice inventory that gives buyers more options, and median home sales prices up 2.1% from last year, whether looking to list a home or purchase one, real estate clients are in a position to feel confident about their move.

View more

Navigating the Market: Expert Insights and Positive Trends

  Photo courtesy of Knowles Gallery In the days following the election results, there has been a flurry of activity and updates regarding the economy and its influence on the housing market. While the Fed cut rates a quarter point last week, this move did not directly impact mortgage rates, which have continued to tick upwards, with 30-year mortgage rates ranging from the mid-6s and up, depending on several factors. Economists, Lenders, Real Estate Professionals, and potential homebuyers alike continue to watch these numbers closely, with new data and outlooks being published almost daily.   Despite recent moderate swings in interest rates and the activity in the financial markets, many analysts anticipate mortgage rates to stabilize in the upcoming weeks and months at a rate below this year’s levels.    The National Association of Realtors (NAR) Chief Economist, Lawrence Yun, gives his take on the real estate market, noting, “Housing affordability has been a challenge, but the worst appears to be over.  Rising wages are outpacing home price increases. And more inventory is reaching the market, providing additional options for consumers.” For homebuyers, this is certainly welcome news.    NAR reported housing affordability actually improved slightly, which is good news for many.  Monthly mortgage payments are down 5.5% from the second quarter of 2024 and down 2.4% from one year ago.     With much talk about interest rates and predictions about the future economy, Yun gives encouraging updates for homeowners, referencing national data stating that on average, a typical homeowner accumulated upwards of $147,000 in housing wealth in the last five years.  He notes that home prices remain on solid ground, reflected by the vast number of markets experiencing substantial gains. “Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal,” he says. “Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”   As presented in an article recently published by the Idaho Business Review, median prices on single-family homes throughout the US have continued to steadily climb.  The vast majority of Idaho’s counties reflecting a similar trend - In Twin Falls County, the median single-family home price was up 6.8% to $449,000; Bonneville County was up 4.7% to $450,000; Ada County was up 3.3% to $608,425; and Bannock County was up 0.1% to $399,900.    

View more

Spring Market Update

  Photo Credit to Doug Peterson Photography   Spring is just stunning right now. The leaves are in bloom. The flowers are bright. Our foothills trails are incredible to enjoy the outdoors and the greenbelt along the river is just as wonderful.` Real estate is also booming. Homes are selling quickly in Boise right now in the spring market. We are seeing multiple offers, days on market have come down and prices are going up. Interest rates, well, we aren’t hearing that they’re gonna be coming down anytime soon so we’re finding that buyers are jumping in to take advantage of today’s prices.    

View more