As expected, the gradual reopening of Idaho brought about a gradual increase in sales for the Boise housing market. In fact, the number of closed homes was up 37.5% from last month! Pending sales were up 4.2% from last month, and more impressively, were up 17% from June of last year. This increase in the number of homes under contract is not only a result of pent up demand created during the initial COVID-19 quarantine, but also due to the fact that the Boise region has been attracting out of area buyers both pre and, perhaps even more, post the onset of this pandemic.
Though May statistics showed a small dip in the median sales price, June brought us back to a new record high of $375,000. This is a 6.3% increase from the median sales price in June of last year. It is anticipated that prices will only continue to rise, as inventory levels are still far below what is needed to keep up with demand. In fact, the overall months’ supply of inventory (MSI) in June hit its lowest point since Boise Regional Realtors started tracking the metric in January of 2016. Basically, 1 month’s supply of inventory means that if no more homes were listed as of today, it would only take 1 month for consumers to buy up all the homes available. In a balanced market, on the other hand, it would take between 4-6 months.
As is evidenced by the MSI as well as by our brokerage’s frequent, personal experience with extreme buyer competition and multiple offer situations, our market could certainly use more inventory in all price ranges. If you are considering selling, we would love the opportunity to sit down with you. Although hot markets like ours can make selling without out an agent more doable, we have valuable expertise in marketing and negotiation that can help you not just sell your home but sell it for the best price! Additionally, if you are looking to buy in this competitive market, we are experienced in helping our clients make offers that give them the best chances of being the winning bid. We’d love the opportunity to serve you, even if it’s just answering questions about the market and helping you determine if now is the right time!
If you're interested in knowing more about the current state of the market, check out the full Boise Regional Realtors Market Report HERE.