Boise Real Estate Blog

 

Market Updates for Our Owners

We live in unprecedented times and keeping our Clients up to date on market changes is vital. While no one can predict the future, we will do our best to bring you current statistics as well as direct feedback from area professionals to provide the information and tools you need to keep you informed and equip you to make any preparations or changes needed as we experience this shift together. 

We are dedicated to protecting your investments and will continue to keep service to you our #1 priority. Feel free to reach out to us directly at any time for assistance or insight. We are always here to help you with your portfolio, from management to purchases, sales, and investment planning. 

Thank you for being a part of

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RECORD LOW NUMBER OF HOMES FOR SALE IN ADA COUNTY

Key Takeaways:

  • There were only 1,039 homes for sale in February 2020 in Ada County — 23.4% less than a year ago, and the lowest number since at least 2004 (when the Intermountain MLS started tracking the metric).
  • Of the housing inventory available for purchase, only 344 were existing or resale homes, also a record low for our data set. This is down 37.6% from February 2019.
  • Persistent buyer demand compared to low inventory, as well as an increase in the share of new home sales, continues to influence home prices in Ada County. The median sales price in February 2020 was $361,350, up 11.3% compared to last year.

 

February 2020 saw a new record low number of single-family homes for

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NEW YEAR, NEW RECORD HOME PRICE IN ADA COUNTY

Key takeaways:

  • As the share of new home sales continues to increase, so does the overall median sales price. In January 2020, 40.2% of all home sales were new construction, up 8.2% compared to January 2019. New homes are typically priced higher due to increasing cost of land, labor, and materials.
  • Persistent demand from home buyers compared to the record low number of existing/resale homes for sale — just 361 existing homes available, down 28.1% from January 2019 — also drove prices up.
  • While condos, townhomes, and mobile/manufactured homes are a small part of our area’s overall housing supply, these property types may offer buyers additional options at lower price points.

Home prices in

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#1 Boise, Idaho

Surprising cities are attracting new residents, businesses, and investment dollars at the expense of the United States’ most influential real estate markets. It’s a story that Buildium’s up-and-coming markets list has tracked for three years running; and it’s also visible in the Census Bureau’s most recent analysis of domestic migration. On any given day, as Phoenix gained 170 residents, New York City lost 545. Dallas grew by 127 residents each day as Los Angeles shrank by 325. Las Vegas gained 97 new residents per day, and Chicago lost 230.

What’s going on here? You’ve heard the news: The supply of affordable homes simply isn’t keeping up with the demand in primary markets like New York City, San Francisco, and Boston. Long-term

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Most economists anticipate the housing market moving sideways, propped up by strong employment and low mortgage rates but dragged down by low inventory. (Rick Bowmer/AP)

By  Kathy Orton  Washington Post Jan. 6, 2020 at 10:05 a.m. PST

A strong job market and low mortgage rates should sustain the housing market in 2020. The problem will be finding enough homes for buyers.

With unemployment hovering at a 50-year low and interest rates well below historical norms, the real estate industry is being dragged down by scarcity in housing stock, especially at lower price ranges. Not enough homes are being built, and homeowners are staying put longer, creating a bottleneck.

Still, the

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Californians moving to Boise

In recent years, Idaho has seen a surge in growth. So much so that in 2018 it was the fastest growing state in the country.

People have been relocating to Idaho from across the country, but the majority of them are moving from California.

According to the most recent U.S. Census report, one out of every four people who moved to Idaho was from California. And one of their favorite spots to reside is Boise.

But why are so many Californians moving to Boise?

Cost of Living

One of the top reasons why Californians are moving to Boise is because of its low cost of living.

California is famously expensive, boasting some of the highest median home prices in the nation. Los Angeles has a median home price of $717,500 and San Francisco's is a

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Market Summary and Outlook

 

Helmstar Quarterly Market Summary

 

Outlook for 2020:

No Boom, No Bust, No Bear

By: James R. Solloway, CFA, Chief Market Strategist and Senior Portfolio Manager
Courtesy of Helmstar Group

..."We believe that the U.S. and global economies will likely continue to expand in 2020, although at a slower pace. This should support further gains in stocks and other higher-risk assets. The combined effects of positive economic growth and positive equity markets should keep inflation at bay. We believe that a tame inflation environment will encourage central banks to continue to err on the side of easy monetary policy. We also think that quantitative easing should keep fixed-income yields steady, despite government deficit-spending accelerating.…
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