The Boise housing market experienced a 1.1% decrease in median sales price last month, but the 20% year over year increase remains significant. And, while the rate of increase is slowing, the overall trajectory of sales prices in the Treasure Valley continues on an upward trend. As stated before, these increased prices are fueled by strong demand—much of which has been brought on by opportunities for people to work remotely and finding our area an attractive place to do so.
Though listing activity has also been on the rise in 2022, demand still far outweighs supply, and we are not yet near reaching a balanced market. Looking at prices, buyer demand, and listing activity, Boise Regional REALTORS® asks and answer the following:
“With low, but increasing, inventory, will we continue to see the fast market pace and multiple offer scenarios experienced in 2021? We can’t say for sure, but so far Days on Market (DOM), the metric that measures the time between when a property is listed and when it has an accepted offer, has increased and normalized for existing homes. Days on market for existing homes reached 33 days in January 2022, 18 days longer than in January 2021 and more in line with pre-pandemic levels in early 2020. This is good news for buyers as they may have a bit more time to make decisions and may not feel the need to waive contingencies when writing offers. Additionally, the Percent of Original List Price Received for existing homes that sold in January 2022 was 97.3%, meaning that, on average, buyers paid less than asking through a lower accepted offer and/or seller concessions. In contrast, the Percent of Original List Price Received for existing home sales in January 2021 was 103.6%, indicating that, on average, buyers were paying more than asking price for homes.”
If you are looking to possibly buy or sell this year, we would love the opportunity to meet and share more about how current market trends could affect you. We know that buying and selling real estate can be one of the biggest life decisions and probably the biggest financial decision many people make. Thus, we count it an incredible privilege to walk with you through those waters and to use our gifts to serve you well.
For a quick snapshot of the Boise housing market for January 2022, see Boise Regional REALTORS® housing market summary for Ada County below:
See more monthly Boise housing market updates HERE!