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What's Happening in Boise's Real Estate Market?

What’s Happening in Boise’s Real Estate Market?

We are often getting questions as to what is currently happening in Boise’s real estate market with the stay at home order in Idaho. Below you will find actual data of whats taking place in the market.

We felt it was important not to share our “feelings” and focus on the numbers so you can make an informed decision.

Overall, the real estate market is still very active.

COVID-19 and the real estate market

 

So what does this mean right now?

Homes are still selling – We’ve had too much buyer demand for so long that even with Buyers choosing to take this time off and not purchase, there are still plenty of eager buyers actively looking that have to make a move. In fact, just last week , we listed 2 homes that BOTH received multiple offers and sold well ABOVE asking price.

Home inventory is still low. We’ve had less than 1 month supply of homes in Ada County for every price range up to $800,000 . So even if we do see home sales start to slow down, it is likely that pricing wont be impacted for some time. A balanced market is typically 5-7 months worth of inventory. This means that if inventory is under 5 months, its a Sellers market. If its over 7 months, its a Buyers market. We will be watching inventory levels closely to help advise our clients to any shifts that may take place in Boise’s real estate market.

Listings prior to stay at home vs. today: There were 221 new listings the week prior to the Stay at Home Order and 422 the week of the Stay at Home Order – that’s a 91% increase!

Real estate was deemed essential – We are still operating AND taking every necessary precaution to ensure we are helping to minimize the spread of COVID-19. Some things we have implemented include:

  • Virtual tours whenever possible
  • Virtual consultations for both our buyers and sellers
  • Encouraging sellers to sanitize their occupied homes after showings
  • Requesting buyers to only bring essential parties to view the property and not to touch anything while there

You may have to buy or sell right now – We realize that we are in uncharted territory. It seems the only thing everyone agrees with, for certain, is that lack of certainty. With that said, your situation may require you to make a move right now. Understand that Own Boise is here to help you navigate this difficult time should you need it. Please don’t hesitate to reach out!

About Own Boise

Own Boise isn’t just about owning real estate in Boise, although we love that people do! We believe that in order to own where you live, you must be involved in the community. That involvement can come in many different ways. Donating time, money, volunteering, teaching, coaching, leading or simply just showing up. Our team of dedicated agents wants to work with you, whether you are a buyer or seller in the market. We put our clients first. Our goal, at the end of the transaction, is to ensure you had an A+ experience with our team. Our specialized team of agents and administrative staff are here to assist you. We strive to ensure the real estate transaction is as smooth and seamless as possible, for all parties who are present. Not only the seller or buyer but also the family involved in the transaction.

Have real estate needs? Contact us at Call (208)391-5117 or fill out this contact form and we will get back to you as soon as possible!

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