As evidenced by the large number of pending TripleCord listings right now, the Boise housing market has really begun to pick up. Pending sales have surged by 10% compared to last month and nearly 25% compared to last year. Additionally, the median number of days properties spend on the market has decreased by 24.5% from last month and 32.7% from last year. This indicates a higher rate of home purchases occurring within a shorter timeframe—a trend we haven't seen for a bit.
While some of this increase can be attributed to seasonal patterns, it's also a reflection of changing buyer sentiment. Many prospective buyers have long been hesitant, waiting to see if home prices and interest rates would decrease further. However, recent months have shown that such declines are unlikely. Therefore, more and more buyers are choosing to stop waiting and move forward.
Sellers are also becoming more active, with the number of homes listed for sale rising by 10.3% from last month and 19.9% from last year. As noted by Boise Regional REALTORS®, “With a spike in pending contracts, home sales, and market speeds, increased inventory is a welcome friend.”
It’s important to note that while more people are making decisions to jump into the market, it doesn't mean it's the right time for everyone. If you're considering buying or selling, we would welcome the opportunity to discuss the current market conditions with you. We can highlight the advantages of entering the market now, as well as potential drawbacks, to better help you make an informed decision based on your unique circumstances. Please feel free to give us a call – we're here to help!
For a quick snapshot of the Boise housing market for April 2024, see below.
For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.
