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Find Your Home in Boise.

Boise, Idaho

Boise Realtor Market Report March 2023

Boise Realtor, Ava Tong, shares the March 2023 Market Report for Ada County, Elmore County, and Gem County. March is the fifth consecutive month of annual decline in price. Here are the latest stats from Boise Regional Realtors:

Boise Regional REALTORS®

MARKET REPORT
March 2023

INVENTORY ACCUMULATION ASSISTS MARKET RECOVERY

In March, the median sales price of homes that sold in Ada County was $483,450 — down 16.0% compared to March 2022, and the fifth consecutive month of annual decline in price. March 2023 showed a return to month-over-month decreases (a slant of approximately $8,600), unlike February where we saw a slight increase from the preceding month.

With 742 total sales for the county, closings were 9.3% lower than the same month last year. March marks the second month in a row that year-over-year declines were limited to single digits, pointing to an uptick in overall market activity.

This is echoed by a month-over-month decrease in Days on Market — homes spent an average of six more days on the market in February than they did in March 2023, where they spent a total of 72 days before going under contract.

Inventory continues to accumulate, leading to a better position for Months’ Supply of Inventory (MSI) — a metric for determining how many months the current inventory would take to run dry without having any new listings. There were 1,134 single-family homes available in March 2023, split into 613 existing homes and 521 new construction homes.

We are still working toward a balanced market — one that does not favor buyers or sellers. Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years. March 2023 shows an MSI of 1.6 for all single-family homes, MSI of 1.3 for existing homes, and MSI of 2.3 for new construction. A balanced market is achieved by having an MSI of 4-6 months, meaning we are still shy of being considered “balanced.”

As we head toward the Spring market, demand and movement will tick up. However, buyers still have negotiation power. Work closely with a real estate professional to ensure your pricing and marketing strategies are up to date with market shifts due to seasonality, rates, and other factors. A REALTOR® can prepare you with options as a buyer, such as down payment assistance programs, or as a seller with various online and in-person marketing techniques.

And now, THE REST OF THE STORY . . .

One Thing That Will Never Go Away in Boise/Treasure Valley Real Estate

The fantastic geographic location of land and real estate in this area!

Contact Ava or Cristina. Their over 70 combined years as  residents of the Valley will help you decide to stay & buy your home in this beautiful metropolis full of “Treasure”. You won’t regret it.

Photo by Alden Skeie on Unsplash

Other Boise Idaho Real Estate Blog Posts of Interest:

Boise Realtor Market Report June 2021

Boise Realtor, Cristina Pescaru, shares the June 2021 Market Report for Ada County, Elmore County, Gem County, and Canyon County. The market is changing slowly, but surely. Here are the latest stats from Boise Regional Realtors:

Boise Regional REALTORS®

MARKET REPORT
June 2021

ADA COUNTY INVENTORY ROSE IN JUNE AS HOME SELLERS CAPITALIZE ON HIGHER PRICES

The median sales price for homes in Ada County reached $525,000 in June, nearly even with May 2021.

While our region has faced insufficient supply for years — the main driver of home prices — June marked three consecutive months of inventory growth. While still low compared to previous years, there were 729 homes available for sale at the end of the month, up 27.9% from May. 

ELMORE COUNTY HOUSING MARKET UPDATE
The rolling 12-month median sales price climbed to $263,500 in Elmore County as of June 2021 — an increase of 28.9% over the same period last year.  

The continued price growth may be encouraging homeowners to list, as monthly existing inventory has been climbing for the past three months — a trend we hope to see continue. At the end of June, there were 27 existing homes available for purchase, up from 16 at the end of May, and nine in April. Inventory of new construction has also been improving slowly, and as of June, there were 14 available for purchase. 

GEM COUNTY HOUSING MARKET UPDATE
The rolling 12-month median sales price climbed to $341,000 in Gem County as of June 2021 — an increase of 29.7% over the same period last year. 

The continued price growth may be encouraging homeowners to list, as compared to 2020. At the end of June, there were 36 existing homes available for purchase and another 14 new construction options on the market — the highest number since December 2019.

And now, THE REST OF THE STORY . . .

Boise Regional REALTORS® May 2021 Market Report

The real estate market has taken us all on a wild ride for the last year and a half, and here are some facts and figures helping us to make sense of it. Boise Realtor, Cristina Pescaru, shares the May 2021 Market Report for Ada County, Elmore County, Gem County, and Canyon County.

ADA COUNTY’S MEDIAN SALES PRICE PASSED THE $500,000-MARK IN MAY

The median sales price for homes in Ada County reached a new record of $523,250 in May, up 8.7% compared to April 2021. Crossing this threshold may have been anticipated by some, considering the recent report from realtor.com shared by the Idaho Statesman noting the Boise metro’s price growth was the highest in the country over the past four years. Learn More

Ada County Single-Family Homes Market Snapshot May 2021

ELMORE COUNTY HOUSING MARKET UPDATE


Competitive market conditions continued in May as the average number of days between when a home was listed for sale and an offer was accepted dropped to a record eight days – five days faster than in April 2021. Not only did buyers pick up properties more quickly than ever before, nearly 70% of all home buyers who closed in May were willing to pay over list price. Learn More

Elmore County Single-Family Homes Market Snapshot May 2021

GEM COUNTY HOUSING MARKET UPDATE
 

In May 2021, the median sales price for homes in Gem County reached $334,000, an increase of 1.1% compared to April 2021. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. In addition to the insufficient supply of available homes compared to demand, another factor putting upward pressure on prices was that more than half of all buyers paid over list price on homes that closed in May. Learn More

Gem County Single-Family Homes Market Snapshot May 2021
Canyon County Single-Family Homes Market Snapshot May 2021

5 Main Points Every Purchase Contract Should Cover

home purchase contract
Image by: Mohamed Hassan from Pixabay

1. Name
2. Legal description
3. Signatures of both parties/dates
4. Penalties for default explained
5. Home inspection date

There is so much more to a contract than meets the eye. Call Ava or Cristina and let’s consult together.

Find your home in Boise with help from Boise Idaho realtors.


Ava Tong, Boise Idaho Realtor

Contact Boise Realtor, Ava Tong, for further information.

Website: FindYourHomeinBoise.com
Facebook: facebook.com/FindYourHomeinBoise
Twitter: twitter.com/FindHomeinBoise

***********************************************

Cristina Pescaru Boise Realtor

Contact Boise Realtor, Cristina Pescaru, for further information.


Pledge to Clients:
Experience * Loyalty * Commitment * Care

Top 5 Best & Most Economical Ways to Prepare Your House for Selling

Prepare your house for sale.

Image by Jhonatan_Perez from Pixabay

  1. Green up the lawn, plant flowers, prune, remove dead or invasive plants, power wash exterior
  2. Paint front door, add brass kickplate
  3. New light fixtures inside
  4. De-clutter, clean closets to show space, stage rooms
  5. Clean carpet

These are the main things you can do, but there may be more depending on your lifestyle.

Next step; call Ava or Cristina for professional negotiations resulting in a quick sale and best terms on the sale of your house.

Can 1031 exchange on your property work for you?

Can 1031 exchange on your property work for you?

Find out if a 1031 exchange on your property could work for you. Contact your CPA then get in touch with Ava 208/440/5810 or Cristina 208/284/1545 for selling and finding another property. 

5 Ways to Handle Seller’s Remorse

Self examination is essential

home seller

1.  List pros & cons of selling
2.  Are you prepared to move— have a place to go?
3.  Are you selling for the wrong reason?
4.  Are you thinking of the sale as a business decision? truly separated emotionally?
5.  Are all the owners of your property in agreement as to selling?

Still not sure?  Call Ava or Cristina. Their insight will help ease your mind.

Looking for a Home to Decorate?

New home construction in Boise.
Image by Paul Brennan from Pixabay

New construction is available!

Build your custom home with assistance you need. 

Rely on expert experience and knowledge to build that special place you will call “home”.

Contact Ava @ 208/440/5810

Or Cristina @ 208/284/1545

We will get you started on the path that will make your dreams happen.

Your real estate professionals.
The Property Team
Silvercreek Realty Group

4 Reasons to Sell This Fall

Reasons to sell your house in the fall.
Image by David Mark from Pixabay
  • Flexible Existing Market. Sellers with homes that have been on the market all summer will be more willing to negotiate on the purchase of your new home. Getting a good deal on your new home empowers you to make strategic decisions in the selling of your former home.
  • Less Seller Competition. By listing in September or October, you have less competition for buyer attention. This means you are less likely to have to compromise on your listing price.
  • Natural Curb Appeal. The changing leaves make a home look cozy and comfortable as buyers start thinking of the cooler weather.
  • Buyers are Serious. Fall and Winter are when the most serious of buyers are in the market for a new place to call home.

Contact Ava @ 208/440-5810 or Cristina @ 208/284-1545

We are happy to answer any questions you have and help you feel confident in your decision to sell. 

The Property Team
Silvercreek Realty Group

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