With the shift in weather, we’ve seen a shift in the Boise housing market too. Though homes are still selling for near record highs, we experienced a slight 0.2% drop in the median sales price from September to October. It’s been refreshing to see the market cool a bit. There are still some homes that receive multiple offers within the first few days on the market and sell for over asking price. But, for the most part, the process of buying or selling a home seems a bit less frantic than it has been in the last several months.
Much of this shift has to do with increased inventory. Last month, there were 703 available properties for sale in the Boise market. This was an increase in inventory of more than 300% from October 2020! In those months when inventory was at its lowest, competition was high, influencing buyers to pay over list price to get their desired home. This led to more than half of all homes that sold in October 2020 through July 2021 to sell for over list price. Since July 2021, as more inventory has become available and competition has eased, the number of homes selling for over list price dropped significantly to 26.15% of all home sales in October 2021.
Although the market is becoming less and less frantic as supply moves closer and closer to present demand, every house and situation is different, and there are still many steps to navigating a successful purchase or sale. So, please give us a call! We know the market well and are experienced in helping buyers and sellers make wise and informed real estate decisions. We’d love the opportunity to answer your questions, share what we know, and walk alongside you in the process!
