Reading or listening to the national news can really scare you when it comes to real estate. It is certainly true that some markets have experienced serious drops. But, real estate is local. It varies from state to state, city to city, and even from one neighborhood to the next. Boise ID real estate has remained fairly constant during this housing "crisis." Be prepared for your home to stay on market a bit longer than in the past. Prices have fallen a bit, but in most areas our market remains strong. Sure, we feel some of the effects of over-speculation by builders and investors, but on the whole we are stabe. Give me a call if you'd like more information about a specific part of town.
Please take a look at our market statistics for the last several months to see what I am talking about.
AVERAGE % OF ASKING PRICE FOR ADA COUNTY PAST 6 MONTHS
Boise area homes are still selling for close to asking price. On average, homes are selling at between 95% and 100% of the asking price. Working with your Realtor® to correctly price your property will reduce days on market and get you closer to your goal. Overpricing your home is one of the worst mistakes you can make. Work with an agent who gives you the facts. Hiring an agent who inflates your home's value to win a listing will end up hurting you in the long run.
AVERAGE DAYS ON MARKET FOR ADA COUNTY PAST 6 MONTHS
Boise homes are staying on the market longer than they have in the last couple of years. With a low of 66 days in March and a high of 72 days in January and June, this is an adjustment to a much more balanced real estate market. Homes that are well-priced are still selling quickly. Homes that are priced higher than the market will bear are staying on the market for 100, 200 days or longer.
AVERAGE SOLD PRICE FOR ADA COUNTY PAST 6 MONTHS
The average sold price for Boise area homes has dipped a bit. When you consider the appreciation we have seen over the past several years, I'd say we are still doing fairly well. Ada County saw 10.5% appreciation in 2004. We followed that with close to 20% appreciation in 2005 and 2006. 2007 numbers showed that our average sales price rose just over 2%. Some of the areas in Ada County have certainly fallen in price, but the outlook is not as grim as some would make it out to be.
TOTAL # OF HOMES SOLD IN ADA COUNTY OVER THE PAST 6 MONTHS
As you can see, the number of sales in Ada county has been steadily growing for the past 6 months. We still have lots of inventory, which keeps prices down. Now is a fabulous time to buy.
Data available courtesy of Intermountain Multiple Listing Services. Information in deemed reliable, but not guaranteed.
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