Some agents have commented that they are seeing small signs of “cool down” in the Boise real estate market. But, overall, conditions remain primarily “hot” and continue to lean heavily in favor of sellers. This reality combined with uncertainty about the future, seems to have finally enticed some people to take the leap and list their homes. This was evidenced by an increase in inventory from 570 available homes in May to 729 homes in June. In comparison to last year, June’s inventory was still down 25%. But, 25% down was a welcome improvement from the 54% it was down at the month prior. The number of sold properties was also up last month, clocking in at 970 homes sold verses only 790 in May.
Though increased inventory and more home sales will help balance the market and alleviate upward pressure on prices over time, buyer competition on most properties remains fierce in the present. The median number of days on market dropped to a new record of only 10 days! And the majority of sellers continue to receive multiple offers above asking price within the first few days of listing their properties. Given these competitive conditions, both our buyers and sellers have expressed the importance and value of having a reliable and knowledgeable agent by their side.
It’s no lie that buying a home in this market is difficult, but we also want you to hear that it’s not impossible either! We would love to talk more with you about the current market, answer questions you may have about how it may affect you, and pray with you about how best to move forward. We don’t know exactly what the future will hold, but we DO know the One who does, and we are grateful for any opportunity to come alongside you in asking for His help, wisdom, and peace as you navigate your next steps.
See more monthly Boise housing market updates HERE!
