Despite seasonal slow down this winter, the median sales price for the Boise housing market hit a new record high this past month at $549,900. This 21.6% increase from February 2021 is largely due to insufficient supply to meet Boise’s growing housing demand. In addition to rising prices, two other factors indicate another competitive buying season may be in store for us this spring: the number of days a home is on the market before it goes under contract and the percent of original list price received. Last month, the average Days on Market (DOM) was 23 days. While this number is 14 days more than February of 2021, it is 10 days less than last month and still well below historical averages. As stated by Boise Regional REALTORS®, “Buyers may have a bit more time to shop than they did last year, but they will still likely need to make quick decisions once they find a home they’d like to purchase.”
The percent of original list price received for existing homes in February was 99.6%. This is down from the 105.5% of list price received last year, but it is still significant. BRR explains: “Buyers may be unable or unwilling to spend over list prices to win a listing, as was common a year ago, or we’re seeing sellers pricing homes more in line with the market comparables. Overall, we are seeing fewer bidding wars than last year, but that doesn’t mean it isn’t still happening in some instances. It just depends on the particular property, the list price, and what buyers are willing to pay.”
If you have questions about the market and how it may affect your individual buying, selling, or investment decisions, please give us a call. We would love to meet to help you think through your options!
For a quick snapshot of the Boise housing market for February 2022, see Boise Regional REALTORS® housing market summary for Ada County below:
See more monthly Boise housing market updates HERE!