It is no question that the Boise housing market continues to be hot, fast-paced, and competitive. The average days on market for existing homes dropped to a record low of 10 days. This means homes are selling more than two times faster than they have in the last three years. We have noticed a developing trend, where most new inventory is listed on Thursday or Friday (the historically best days to list) and nearly all are pending by the conclusion of the weekend. For the first time in my career, buyers are suspicious of homes that are on the market for over a week, often asking the question, “What’s wrong with this house?”
Competition over new listings is fierce, with many of the same people bidding against each other for the newest inventory each week. I recently read somewhere that buyers nationwide are making an average of 4.8 offers before they get a home. We’ve had some buyers be competitive enough to get the first home they’ve bid on, while others have had to make 8 or 9 offers before securing a property. This can be incredibly discouraging as a buyer, as well as for us as agents. But, it is also incredibly rewarding and exciting when the Lord opens a door and patience and perseverance pay off in an accepted offer!
As you can imagine, fierce competition over limited inventory, has continued to push prices up. The median sales price for existing/resale homes in the Boise housing market rose 2.8% over the last month, reaching a new record of $489,000! With prices continuing to increase so rapidly, many wonder if we are headed toward another bubble. But, expert opinions, as well as my own personal opinion, say “no” (see THIS ARTICLE more information on why).
Although this market is difficult to navigate and is stretching for all involved, we are dedicated to walking with you through its ups and downs. And, we believe home ownership is a worthwhile pursuit. No matter where you’re at, whether just curious about the market or contemplating jumping in, we can be a great resource in helping you determine the right next steps. We are never too busy for your phone calls or questions, so please don’t hesitate to reach out!
For a quick snapshot of the Boise housing market for April 2021, see Boise Regional REALTORS® housing market summary for Ada County below:
See more monthly Boise housing market updates HERE!
