Spring 2023 Market Update

We felt the tides turn in April, with strong buying activity and the return of multiple offers.  May has continued the same trajectory. We are feeling a zealous Spring Market, which has brought an increase in the median sales price. A seasonal increase in the Spring Market values is expected and commonly experienced, year-over-year. This year, however, has been exceptional. Our Spring increase in the values of existing homes during the month of April was even stronger than a typical Spring, perhaps due to the market balancing out an “over correction” of the Treasure Valley’s values, which had dropped significantly over the past year.  How did our market get here? Our local market was hit harder than many others in the US, when the Federal Reserve dramatically increased its benchmark borrowing rates and the market-correction occurred last year. In Spring 2022, we saw area inventory swell, buyer activity decrease, and prices fall. By the beginning of 2023, inventory (available homes to buy) had decreased and balanced, and mortgage interest rates eventually stabilized and ceased the trajectory of skyrocketing up. Currently, favorable market conditions of this Spring 2023 are clearly indicating renewed buyer confidence in our market, fueled by low supply and a strong demand. The monthly trend of declining values, which started in Spring 2022, changed in February this year when we saw stabilization of pricing and a slight increase in the median sales price. The same occurred in March this year. Then, this April was significant. April provided a substantial gain in values illustrated by an increase in the median sales price: The median sales price of existing homes increased from $475,000 in March 2023, to $515,000 in April 2023, (this is a one-month comparison)! While it remains true that values, overall, and the median sales price for existing homes in our valley, have decreased 9.6% over the past 12 months (from end of April 2022 – end of April 2023), the data shows a strong market in our valley, and one that is finding its place and balance after a period of market correction. Pricing homes competitively in the current market remains important. While many homes are experiencing multiple offers and price escalation, certain segments of the market are still feeling a normal or slower market. These include homes priced over the competitive range of the market, small pockets of the market where the inventory of similar homes are high, or where buyer demand is specialized. As the Spring conditions continue to spread, each segment of the market has seen a pick-up in activity, one after the next. Thank you to our clients for their continued business and trust for three decades! Being in touch with a knowledgeable and experienced real estate advisor is crucial to successfully buying or selling a property during an ever-changing market.  Contact us to learn how our signature client concierge service can benefit you in the sale or purchase of a home by phone: (208) 472–5337 or email: info@lysibishop.com. We have a full-service team of experts, who will help you through each step of the important journey of buying or selling a home. Stay up-to-date on your home’s changing value here. 

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Boise Real Estate Summer 2022 Conditions

It’s time to adjust the sails, the winds of change are here. The impact of a down economy and the efforts of the Federal Reserve to manage inflation has rippled into Boise real estate.   What we’re seeing: Inventory has increased 192.9% YoY Home sales are down 16% YoY Mortgage interest rates are double what they were this time last year Price reductions are a daily occurrence And… median sales price is still up 12.8% YoY*current market stats from July 1, 2021 to July 1, 2022   These metrics are trending to a normal and balanced market. After we all got used to Boise real estate breaking record after record over the past 2 years, this change seems like a stark one… doesn’t it?  It is taking extra thought for realtors, buyers, sellers and homeowners to acclimate to the adjustment from an extremely undersupplied market (with prices escalating at unprecedented rates) to entering back into a “normal” market. It has become difficult to decipher the media's headlines, with the sound-bites not providing the full picture. Most interestingly, the median sales price still remains significantly above the same time last year, and year-to-date this year. That's incredibly positive news for sellers and homeowners that we're not seeing in the headlines. Remember the days when a home would sit on the market for 30, 45, 60 days and get 1 offer? That was normal. This type of market may seem like something from yesteryear, but it also feels like a much healthier and less stressful market to buy or sell in.    What this means for buyers: Better selection and more options to choose from More time to make a buying decision Mortgage loans are more expensive   What this means for sellers: Expect longer days on market Expect more competition Effective pricing is key   We are all feeling the aftershock of an exuberant market, and now it's time to take things a bit slower. Now, more than ever, sellers are leaning towards the expertise of knowledgeable Realtors® to make their home stand out among the rest. Buyers are taking a bit of reprieve, but need to move quickly to lock in mortgage rates while they are still low.  

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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. 

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