In February, the Boise housing market experienced the lowest inventory of single-family homes since at least 2004, when the Intermountain MLS started tracking inventory. A mere 1,039 homes were available for sale at the end of February—only 344 of which were existing homes. Overall, inventory was down 23.4% from the same month last year. Inventory of newly constructed homes was down 13.7% and existing homes was down 37.6%.
Though these numbers can be discouraging for buyers, it’s important to remember “low inventory” doesn’t mean “no inventory.” Buyers still have options, especially those considering new construction. But, there’s no question the market is competitive. Those looking to purchase a home need to be prepared to act quickly and present a clean and attractive offer in order to give them the best chances of being the winning bid on the house they want to pursue. If you’re considering buying this year, we would love an opportunity to share more about what to expect in the process and to help you best prepare to have a necessary competitive edge.
For those considering selling, current home values remain strong. The Boise housing market median sales price in February was $361,350, which is lower than last month but still an 11.3% increase from last year. With demand still far exceeding supply, your home is a desired commodity and, in most cases, can be expected to sell quickly at a good price. If you’d like to know what your home is worth or to find out how to get the best price for your property, please reach out. We are always happy to do a free home value analysis and to share strategies to prepare you to get the most out of your investment!