This past month, the Boise housing market saw a 7% increase in the median home price, going from $483,450 in March to $517,500 in April.  This is the biggest monthly price increase we’ve seen since May 2021.  It is common for prices to begin to increase as we move into the spring and summer months.  However, as BRR put it, “This month’s uptick is uncharacteristically hefty for the season.”  

The jury is still out as to whether this jump was an anomaly or the beginning of a new wave of price increases.  We are certainly in a unique market, and it’s difficult to tell which way things will go. “Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said Lawrence Yun, chief economist at NAR.  “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand.”  

Though we can’t speak to the experience of all agents in the valley, our brokerage has definitely seen the effects of limited inventory in the “under $500,000” range resulting in very competitive situations for buyers and rapid upward pressure on prices.  Given the higher interest rates and how they affect monthly payments, it is likely this price range is the max that many buyers in our area, especially first-time home buyers, can afford. This means that, until enough homes are listed in this range to better satisfy growing demand, buyers will need to be prepared to act quickly and offer attractively to get into a home.  

This short synopsis provides a broad overview of the real estate market in our area.  However, if you are considering buying or selling at some point this year, we would love the opportunity to give you a more comprehensive view of how the conditions of the current market and possibilities for the future may affect your personal real estate decisions.  We hope you will reach out!  

For a quick snapshot of the Boise housing market for April 2023, see Boise Regional REALTORS® housing market summary for Ada County below:

See more monthly Boise housing market updates HERE!

Spring is perhaps my favorite time of year.  Watching the vibrant colors break forth from the gray of winter and the warmth of the sun push out the cold delights my soul. It’s no wonder God chose this incredible season for the backdrop of Jesus’ death and resurrection—the moment in history when God proved His love can bring forth new life where there was once only barrenness and death.   

When we look at the world around us, it can be easy to feel like we are in the dead of a brutally long “winter.”  Wars, political strife, sickness, natural disasters, abuse, famine, hatred, and corruption paint a dark and bleak road ahead.  When we consider the state of our own souls, it’s not much better.  We experience sorrow, shame, failures, hurts, fear, and brokenness that can leave us feeling hopeless.  But, it is into this bleak, dark, hopelessness that God, in His mercy and love, brings light and life.  As it says in Matthew 4:16 “The people who live in darkness have seen a great light, and for those living in the land of the shadow of death, a light has dawned.”   

Springtime is God’s annual, visual reminder of the gift of new life and restoration that He causes to spring forth from the fallow ground of a dying world and of the hard hearts of those who inhabit it.  Just as we can bank on spring coming every year, as long as the world turns, so too in greater measure, because of what Jesus accomplished through his death and resurrection, those who trust in the Lord can bank on this:  The long “winter” we are living through will one day give way to the eternal spring of new life.  Indeed, “God will wipe away every tear from our eyes. Death will be no more; grief, crying, and pain will be no more, because the previous things have passed away…Look, He is making everything new” (Revelation 21:4-5).  May this spring season be a sweet reminder of this promise.  May you rejoice in the gift of new life.  And, “May the God of hope fill you with all joy and peace as you believe so that you may overflow with hope by the power of the Holy Spirit” (Romans 15:13). 

By Katie Miller

For more blog posts by Katie Miller, click HERE

The median sales price for the Boise housing market was $483,450 last month.  This is down 1.8% from the previous month and down 16.0% from March 2022.  Despite lower prices, or quite possibly because of them, the market remains competitive for buyers.  Last month, our brokerage submitted 13 offers.  Of those thirteen, 10 were on properties that received multiple offers, and several ended up with offer prices well over the list price within only a few days of being listed.  

As stated by Boise Regional REALTORS®, “We are still working toward a balanced market—one that does not favor buyers or sellers.  Inventory growth and longer days on market grant buyers options and time, an opportunity they have not had in recent years.” The number of homes available for sale increased slightly from February to March and will likely continue to increase through the spring and summer.  However, we still have a way to go before reaching a balanced market.  Months Supply of Inventory (MSI)—a metric used to measure market balance based on the number of months it would take for all current inventory to be sold if no new homes were listed—was 1.6 months in March.  This is 146.8% higher than the same month last year but still well below the 4-6 month metric reflective of a truly balanced market.

Whether you are considering buying or selling or are just curious about real estate in the area, we would love to be your resource for the information you need.  Please don’t hesitate to reach out!

For a quick snapshot of the Boise housing market for March 2023, see Boise Regional REALTORS® housing market summary for Ada County below:

See more monthly Boise housing market updates HERE!

Recently, my friend, Ashley Sears, invited me to be a guest on The Stories Unveiled Podcast.  She left what we'd talk about up to me, so I chose to have a conversation about something I've been growing in, stumbling in, and seeking to grow more in lately--balancing truth and grace in relationships.  

As He does in all things, Jesus balanced these perfectly, and I want to learn from His example. Both grace and truth are central to the Gospel, and if we want to reflect the Gospel love of Christ in our lives, we must learn to incorporate them both well in our relationships.  As adapted from a quote by Tim Keller, "The TRUTH of the Gospel is that we are more sinful and flawed in ourselves than we ever dared believe or imagine, yet at the very same time, the GRACE of the Gospel is that we are more loved and accepted in Jesus Christ than we ever dared hope!"

You can listen to our full conversation on the podcast at the following links: Spotify, ApplePodcasts, Google Podcasts, or YouTube

By Katie Miller

For more blog posts by Katie Miller, click HERE  

If you are considering buying or selling this year, watching statistics and reading reports on the Boise housing market can be helpful.  But, since statistics and reports can't speak directly to your unique needs, circumstances, or concerns, we believe a far better approach is to meet with an agent you trust. We would love the opportunity to meet with you to help assess your individual situation, provide relevant information for your position, and assist in thinking through the best plan for moving forward based on your specific needs, goals and timelines.   Please contact us today if you'd be interested in talking more!  Or, if you'd rather just see statistics and read general updates for now, here is latest real estate Market Report from Boise Regional REALTORS®:

"In February, the median sales price of homes that sold in Ada County was $492,115 — down 10.5% compared to February 2022, and the fourth consecutive month of annual decline in price. However, this was a slight increase of approximately $5,000 from last month’s median sales price.

More than 40% of all home sales that closed in February were new homes, which typically sell for more than existing/resale homes. This higher-than-average share of new construction sales likely kept the overall sales price a touch higher than the month prior.

Prices are still adjusting to mortgage rates and buyer demand, but this month-over-month uptick in prices may indicate that we’re reaching a new normal with prices. Mortgage rates and supply versus demand will be the ultimate determining factors on where prices go, but we’ll keep watching to see if prices continue to level out"...CONTINUE READING

If we were to write down all the adjectives we’d like to describe ourselves, I doubt “needy” would make many of our lists.  We don’t want to be needy.  We want to be helpful, productive, and self-sufficient.  We want to be needed by others, not to be needy of others.   Yet, the truth is, we all are incredibly needy beings.  In order to thrive or even survive, we depend on the necessary provisions of food, water, sleep, medicine, affection, and care—just to name a few.  Even our very next breath depends on the supply of oxygen, which we can’t create ourselves.  So, why are we so quick to dismiss this very true reality about who we are?

While reading through the book of Mark with our church, I was reminded of Jesus’ statement: “Truly, I say to you, whoever does not receive the kingdom of God like a child shall not enter it.”  I learned that “child” in this verse is referring to an infant—the youngest and most dependent of all children.  Thus, Christ is essentially saying that the way into His kingdom is by recognizing our neediness and utter dependence on Him.  It is not by our strength, productivity, goodness, or usefulness that He invites us in and gives us salvation, but rather it is solely by His gift of mercy and grace and our acceptance of that gift.  

Lord, help me to fully embrace my identity as a needy child, and You my good and loving Father—my sole provider.  Help me to rest and rejoice in the truth that I do not need to earn my place in Your kingdom—indeed, I CANNOT earn it.  I need only to come to You, recognizing how needy I really am, and to trust and rely on You as the Source of every provision, the Giver of mercy and grace, and the Savior of my soul!  Amen.

By Katie Miller

For more blog posts by Katie Miller, click HERE  

In January, the median sales price for the Boise housing market dropped for the third consecutive month to $487,495.  This was a 5.6% drop from the previous month and a 9.7% drop from January 2022. This also marked the first time the median sales price has been below $500,000 since July 2021.    Home sales were also down 32.8% from last year.  Boise Regional REALTORS® (BRR) explains, “Demand for housing waned as higher mortgage interest rates and home prices put pressure on affordability, resulting in fewer home sales.  Since the housing market continues to be driven by supply versus demand, sellers are having to adjust prices and negotiate with buyers to close the deal.” 

However, we are beginning to see another shift in the market that makes us believe prices may be headed back up soon.  According to BRR, “ Newly pending sales data, a forward looking metric, could indicate that demand bottomed out and is beginning to recover. For the last two weeks, we’ve seen new contract signings up year-over-year. We’ve also heard from members that they’ve experienced increased interest from both buyers and sellers. This uptick in activity, as well as the stabilization of mortgage interest rates, is a positive sign as we gear up for our spring market.”

If you are toying with the idea of buying or selling and are having trouble deciding when might be the best time, we would love to talk with you about your situation.  We can share more about predictions we are hearing and data we are seeing that may better help you decide when and how to move forward.

See more monthly Boise housing market updates HERE!

Our friend Maddy is an incredible sculptor.  When she went out on her own to begin her sculpting business, Luke and I wanted to support her by commissioning a piece of her work.  The tricky part was deciding what to have her sculpt—something that was meaningful, maybe a conversation starter, and definitely something we would enjoy for years to come.   During that time, our friend Don gave a sermon at church where he mentioned his excitement about one day meeting Jesus in heaven and enjoying that first big hug.  I welled up with joy picturing it for myself and thought, “Yes, that’s going to be amazing!  I can’t wait!”  

This gave me an idea for the piece—the first hug!  A sculpture of that scene would definitely be meaningful, most likely start some good conversations, and would certainly be something I’d enjoy looking at for however many years I’d have left to look.   The next thing to figure out was who Jesus would be hugging.  My first thought was myself.  But, I figured if Jesus was hugging a woman, it could at first glance be reduced to a mere romantic embrace.  And, if they recognized my face, they may wonder why we had a sculpture of me hugging another man--one with long hair and a beard no less.  I didn’t want that.  I didn’t want the potential of the piece being mistaken for a romantic hug over the much more beautiful and intimate embrace it was made to portray.  This was a divine, welcome home embrace between the Maker and His beloved child--between the Savior and one He willingly died to save.  

Luke easily became the next choice and, fortunately, with a little coaxing, was willing to go along with my idea.  Then, after a few conversations, a picture session with a long, awkward, and hilarious hug between Luke and Maddy’s husband Zac, and months of Maddy’s time, energy, and talent being poured into her creation, we received Maddy’s masterpiece—“The Hug.”  Luke made a beautiful wood base, and the sculpture found its home on our mantle above the fireplace.  I can see it when I come down the spiral stairs from my office and when I come down the main stairs from our bedrooms.  It makes me smile every time it catches my eye.   The look of joy, peace, and warmth in their faces and in their embrace reminds me daily of the truth that, “In His presence is fullness of joy and at His right hand are pleasures forevermore” (Psalm 16:11).  What a gift He has given us in His steadfast love, in the joy of a relationship with Him, and in the hope of eternity by His side!  

If you want to check out more of Maddy’s incredible art, watch a video on the bronze casting process, or maybe even commission your own Jesus hug, please visit her website at madelinelivelyart.com

By Katie Miller

For more blog posts by Katie Miller, click HERE    

A newer tradition for us is to spend time thinking of one word we would use to describe the past year and one word we would like to characterize the coming year.  Last year, the word I wanted to describe 2022 was “prayer.”  I definitely spent more time in focused prayer over the year and grew in my relationship with the Lord through it.  Most notably, I found it was key to experiencing my closing word for the year, which was “rest.”  2022 was by no means a naturally restful year, but as I shared in a previous blog post and in our Christmas letter, it was through prayer and God’s word that I gained a deeper understanding of how to find rest in the Lord amidst the calm or the storm of my circumstances.  

I was amazed at how He showed up, carried my burdens, showered me with grace, and grounded me in the truths of His word no matter how chaotic or difficult things were around me.  In my deep desire to experience more of that, the word I’ve chosen to hopefully characterize 2023 is “awe.”  I want to learn more about God this year and become more in awe of who He is.  I want to continue to stand in amazement as I witness Him answer the cries of my heart in ways I asked and also in ways I didn’t even know how to ask or truly imagine.  I want to continue to wonder at the unbelievable truth that the God of the universe is mindful of me—that He cares for me, is attentive to my needs, is not burdened by me, gave Himself up for me, and loves me despite my many faults, failings, and frustrating habits.  Indeed, I want to experience in ever-increasing measures the nearness of my Savior—my strength and my song.  “This is my God, and I will praise him…Who is like you, O Lord, among the gods?  Who is like You, majestic in holiness, awesome in glorious deeds, doing wonders?  You have led in Your steadfast love the people whom You have redeemed” (Exodus 15: 11 & 13).  I hope to be able to come to you next year around this time with an even deeper grasp of this truth!  

If you have time to write, I would love to hear what word would characterize your 2022 and why as well as what word you are hoping to characterize your 2023.  It’s always a joy to hear from you!

By Katie Miller

For more blog posts by Katie Miller, click HERE       

After experiencing a jolting shift, the Boise housing market may be settling into a new normal.  Increased interest rates and questions of whether or not prices will continue to come down have put many buyers in a "wait and see" mode.  But, with inventory levels still below that of a balanced market and with the median sales price for Ada County actually increasing 4% from last month,  it seems unlikely home prices will drop much further.  Thus, we anticipate interest rates will be the biggest factor in determining the pace of the market in the coming months.  

In speaking with some lenders and other agents in the valley, it seems likely one of the following two scenarios will occur: (1) If rates go down, many buyers (and there are many) who have been waiting in the wings will jump back in the market, lock their rate, and seek to get in contract on a home.  This could flood the market with more buyers than there is inventory, creating another competitive season of bidding wars and price increases.   (2) If rates go up or remain the same, buyers may stay on the sidelines for a while.  But, as they realize these rates are likely the new norm,  they will gradually begin figuring out how to pursue homeownership or facilitate a move, and the housing market will march forward.

Every person's scenario is different, and market conditions affect people's decisions differently as well.  If you are considering buying or selling and want to discuss potential timing and plans, we would love the opportunity to meet with you.  Please don't hesitate to give us a call. 

See more monthly Boise housing market updates HERE