Last time we chatted, I said we were above the COVID low. So, now we are exactly 20,000 units above the COVID low.
We were at 4,070,000 units having sold when COVID first kicked off.
We are 4,090,000 units now. It definitely tanked for December, which we had expected, due to seasonality.
Price Point
Despite ongoing concerns about a potential real estate market crash, the current data shows that the market remains stable. The national price point currently sits at $370,700, only a $4,000 decrease from the previous month. This small dip in price can be attributed to seasonality and is not necessarily indicative of a market crash. It's important to consider that the market has seen a gradual decline in housing prices since early 2022, but even with this decline, the market has remained relatively steady.
We are seeing home sales slow down which makes sense due to affordability, but prices are still hanging in there. During what is known around our office as " the COVID Sugar High", we definitely got inflated prices at that point.
Price points are beginning to look more normal again even though they remain above pre-pandemic levels. We are still above that, but we are seeing the prices gradually work their way back down.
As Leigh mentions, the interesting thing about the drop in price points is the houses going down in price are the lower-priced houses.
Leigh and Rob discuss the nationwide real estate market statistics and the trends for the everyday consumer, home sales, and interest rates.
Top Five Most Overvalued Markets (Yahoo Finance)
Five Things to Know About the Next Housing Crisis (Al Jazeera)
Home Buyers are Canceling Deals at the Highest Rate Since the Start of the Pandemic (CNBC)
Leigh and Rob get creative when describing a rather unique property.
We know you have seen it in the headlines, you've seen the clickbait too.
We all have. And... Yes, things are getting blown out of proportion. What we have with our current nationwide real estate market is not, we repeat, NOT a crisis, a crash, or another 08'. What we are seeing, however, is a downward trend. A healthy correction if you will. A much-needed one at that.
That doesn't make for good clickbait or ratings though.
So, that is why guru real estate agent duo, Leigh Wilson and Rob Inman, decided to start their own fact-based, real estate podcast. And congratulations to you for being here for episode one. We thank you! Check out their new YouTube Channel here.
The National Real Estate Market & Trends
As the above graph shows, total existing home sales are in that downward trend we mentioned. Prices remain high as interest rates increase, but the interest rates are doing their job. It did take a second rollout for prices to begin coming down, but we are now seeing the fruits of that labor. Our lenders are telling us things are beginning to calm down despite many people fearing 8% or 9% interest rates. Luckily, we aren't there. The hype made it scarier than it needed to be. Shocking. Now, we know most people have gotten comfortable around the 2, 3, and 4% range after COVID; we did too, but we are currently sitting at a healthy 5 to 6% interest rate. That hike does come with some sticker shock, though, as it can up your monthly payment. Most people have not seen the interest rates of years passed where we regularly saw 8 & 9%.
So to clear up that clickbait...
Our lowest point in home sales was the height of the pandemic in 2020, as you can see in the graph. It also shows we are currently above that point today - far from a crash or crisis. Our nationwide median home sale price is going, again, in that downward trend.
The median price of existing home sales is currently at $407,600. That number is still expected to increase with the next rollout of market stats. Keep in mind though, that real estate markets can vary greatly from region to region and yours may not be following the national trends. In San Fransico prices are decreasing massively, yet the national average continues to tik up. This can really skew that national average so for this one just pay close attention to your local area.
Currently sitting at a 14.8% change year-over-year in the existing home sales price and expecting that number to decrease with upcoming data, makes for a healthy market. We are expecting that number to drop to 10% or 11% in the coming months. A year ago, went that percentage was sitting in the mid-20s, which was not sustainable, that was screaming "crash". Today though, we are happy to see this percentage has been steady, with no great spikes or quick drops in the past few months, and that is a sign of a healthy market.
"When you buy a house and you are making that final financial decision for your family to buy a house, you should be looking at anywhere between 2 and 6% appreciation in most markets. That'd be a healthy market. That's good. Over years you get that appreciation. This is crazy. When you can buy a house, turn around in 2 years, and make $150,000 that's not sustainable."
- Rob Inman on home sales price change year-over-year from 2021 to today.
During our COVID bump, existing homes went way up, and we are now seeing that begin to taper back down and expect it to continue or at least stay the same with the new market stats coming up. Which is fine, that is what we expected. We have got a lot of uncertainty with interest rates and home buyers really having to calibrate differently to buy a house now. So, we expect that number to stay down for a while, and that is the goal of the Feds raising interest rates.
See, not so scary. Just a little change, but no crash, no crisis.
Leigh and Rob will be discussing top real estate articles in each episode of their new podcast. In this episode, they chose to start with the one that mentions our very own Boise and Coeur D'Alene. That's right, not one but two mentions of our beautiful state. Of course, that article is about the top five most overvalued housing markets (Yahoo Finance) in the nation. Yikes!
Rob defends Boise, "Yeah, we've made up a lot of room because if you compare us to other metros on the west coast, we are still one of the most affordable. So, it doesn't really add up, they see these huge numbers like 73% and this is crazy, you guys are so overvalued. And I'm like no you are forgetting that we were so undervalued for so long."
Leigh astutely notes, "Because we were an unknown market."
Though we all know that is no longer the case, we have been discovered and our world has changed. Coeur D'Alene has had its share of the price increase and changes as well. Check out the full article here to see what other 3 cities joined us on that list, or watch Rob and Leigh's video at the top of the page, or their SoundCloud account here.
Rob chose to discuss one of those “crisis” headlines with the next article, Five Things to Know About the Next Us Housing Crisis (Al Jazeera). We know this is an overused word lately, but this was an interesting article because it was talking about housing prices going down. This “crisis” references an entire generation of millennials questioning what homeownership looks like moving forward.
“Well, and I can tell you, I can tell you exactly what's happening. So now, you've got inventory out there, home buyers have choices, home buyers are not having to write deals with no inspection contingencies or even getting, or if they do have one, they get through the inspection. They go, "Well, it's not that bad. It's not going to fall down. We will take it because otherwise, we are going to be homeless." They don't have that now. Now, they can do a home inspection and say, "Well, there are some safety and structural things here." Or "There are some I can find that are better." And if the seller, which sellers are kind of still unreasonable right now, they go to the sellers and say, "Mr. & Mrs. Seller, we want you to do this, this, and this." And then Mr. & Mrs. Seller say, "No, we don't have to do that. We are not doing it." Fine, the deal falls apart. The buyer knows there is another house down the street that they can buy.”
So, now buyers have choices, and we are seeing a more even playing field. Again, signs of a healthy market. People aren’t buying houses out of fear or putting upwards of 10 and more offers in on houses just to get one accepted. Buyers get to take a breath and enjoy home shopping again. Like they should.
It sounds like we are on our way to a happily ever after here. Only time will tell so until then, enjoy Leigh and Rob’s creativity when describing the property below.
For you, realtors out there that are struggling to come up with ways to describe maybe a rougher property that doesn't have a lot going for it and you just need that extra help. This is what we came across. This is not a listed property, full disclosure, it is just for fun. This is up off route 21 in Idaho near Idaho City. It is a fireplace that obviously was in a house at one point. The Gurus glamorize this beauty with the following realtor poetry:
•Open Floor Plan
•Open Concept
•Great Views
•Unobstructed Views
•This property really brings the outside in
•High Ceilings
•Indoor/outdoor fireplace
•Close to nature and hiking
•Great Gardening Area
•Free Flowing Floor Plan
See realtors, you really can get creative!
And for the buyers, sellers, and investors out there with questions about the market or your real estate options you can always reach our team at info@boisesbestre.com or leave your questions in the comments below. We’d love to hear from you so don’t be shy.
I know. I went to Seattle, and it was beautiful when I left. Then it rained in Seattle all weekend. Then I came back here and I brought with me apparently.
Oh I went to Seattle and Eugene and it like dumped. Like yeah like DUMPED.
For days.
Yeah, I was really glad to come home. But anyways it is supposed to be nice this weekend.
Yeah?
Yeah, golf clubs may come out one more time.
One more time, you are hopeful. You're an optimist.
Yeah I know, I am I am.
Alright, crazy market, but things are kind of settling down a little bit.
Yeah definitely.
It's kind of feeling a little more normal; It's feeling holiday-ish for sure.
Yeah for sure.
It's feeling a little more end of year, a little faster this year than it did last year or in previous years I feel like.
Yeah and I think that is a combination of things. I mean we always have seasonality. That always happens. Kids go back to school , we start to get into the holidays. You know after about Halloween it kind of just dips off a little bit.
Yeah but I usually don't feel it until like a week before Thanksgiving.
Well, that's the second part of it, we got to a price point where a lot of buyers, even out of state buyers, I know it's crazy to say, but even our California friends and our friends from Washington kind of looked at us and went, "You're kind of crazy!" And so until you did your research, there is a couple of articles I'm sure some of you have read, Boise is the least affordable place to buy a house in the nation.
Sssshhhhh!!! Don't tell!
But that's good. We got to that point because obviously great appreciation, that's great for home sellers, but now we are starting to see the correction for that.
Yeah, in fact, let me jump into Ada County. Because we know that median sales price topped out at about $540k.
Yep.
Then it kind of waffled you know at $535k or $534k. Last month we were at $534k now we are at $533k this month. So things are you know, I mean a $1,000 give or take, that's not a change.
No that's pretty, that's like a plateau.
So we are really leveling out which is cool. However, that's up 30% over last year.
Yeah.
So I mean, that's that's stupid crazy appreciation that obviously is not sustainable.
Yeah and I think is why we are feeling the correction a little harder. It wasn't such like a slow roll kind of on like we are used to in previous markets. It's been more of a woah woah woah, STOP!
Yeah.
And that is kind of where we are at. So if you are a home seller out there, don't panic. You are sitting in great shoes. Even Zillow just came out with a report and Realtor.com just came out with a report, they still expect an appreciation. So, even if you just bought a home, you are still sitting pretty, you are just probably going to see normal appreciation.
Well and Ada County days on market is still down 21% over last year. We are 23 days average days on market in Ada County.
Yeah.
And we still sold 986 homes last month.
Yeah.
So, yes that's down 17%. That's because of numbers. That's because of cost, absolutely.
Now, the cool news for buyers is we've got 1,145 actives listings on MLS.
Right.
So, that is up 158%, but that's still not a huge number.
No, that's not a ton.
So, it's really kind of good news for both buyers and sellers. Is that inventory is still low, but it's up enough now that buyers have choices. So, I love that because it's not a frenzy for both sides.
Right.
Neither side gets to get greedy. We get to play in the sandbox nicely like we are supposed to.
Right and the only multiple offers you are really seeing out there are the top notch homes, priced really well. So the homes that are priced the best, that show the best. Which that is normal. When we see a house like that, we go "hey", in any market, we are going to go "this is going to be a popular house, we probably might have 2 or 3 offers."
And on the flip side of that, the bottom end of the market.
Right.
You know in any market those are going to be your hot homes. But I love it because the word negotiation actually comes back into play again. We get to do what we are trained to do to help whichever side we are representing.
Yeah.
It's so cool, I don't feel like somebody is losing now.
Right, yeah exactly. And now buyers are not being put in that position where they are waiving things like you know trying to get an appraisal waiver, trying to get an inspection waiver...
Yeah waiving inspections, I mean gosh.
You are really rolling the dice, even on new construction houses you are still rolling the dice. So it's really nice to see the calm down.
So what are our people down the road doing?
Yeah so Canyon County, so again we are seeing the same thing we kind of saw I think at top peak I think we were like $434k was our peak in Canyon County. And now we are down to $422k. It got down to like $419k and back up to $420k and now we are at $422k. So again we are seeing that same thing where things are leveling out. The difference is that because the market is slowed down and Canyon County always slows down a little bit more if Boise slows down. Their days on market, still great. It's at 26. But that's up 44% from last year.
Wow.
So we are definitely seeing the slow down, and obviously Canyon County, a great place to live but it's not quite as popular as Boise.
Also, I think something else that you are seeing is a lot of those new construction projects are getting done.
Right.
And so that in itself.
Yeah I know some of our big bulk builders actually have inventory right now. I got an email, I can't remember who the builder was, it might have been Cory Barton or somebody but they have like five or six things just sitting there waiting for somebody.
Like you can ago buy a house and move in!
Yeah, brand new house. you just walk in and say "I want this one." and move in in 30 days when you close. So, that's pretty cool. That's a little bit more normal.
I like that.
So homes sold was 556, that's down 1.6% year over year. So the same amount of homes are moving.
Yeah.
But we have just got more out there. I think we got a lot of sellers that were finally like yep we are going to make the jump and did it. It kind of happened all at the same time as seasonality kicked it and those price points reached their top, top peak. The articles that I referred to earlier they basically take in you know, what do people make in Boise, ID versus what a home costs. And so the correction came at a very natural time.
Well and you were just interviewed again by Realtor.com.
Yeah and the rest of the world, it's funny, they are lagging us because they called me thinking, "oh, Boise is crazy, things are flying off the shelf." And I was like, "Actually, that's old news."
I mean things are still moving fairly quickly. I mean we are still in a sellers market. But we are transitioning fairly quickly. Now, what will be interesting to see is how much of this plays into seasonality and price point versus an actually shift. We won't know that really until probably the end of January or early February once we see some new buyers come out and start hitting the market again. We will be able to see how much of this was actually just the seasonality part of it versus the price point. Now that price point has come down and people have options, you know, we may see it tick back up again with buyers because they may come out of the wood works.
I know, that's kind of what I am hoping. I'm hoping that a lot of those buyers that I was talking to that they were priced out or they just couldn't deal with that appreciation just going up so quickly month over month that by the time they could get here, you know, they lost another 15%.
Even for our local buyers, I mean we look for you know because it was so tight it would take some time to find that house we get an offer in and literally appreciation would increase in a month and basically out price, price them out of the market in a MONTH!
Well, look at our new construction people that were 12 to 18 months out to build. They've closed on their homes and they have over $100k worth of equity.
Oh I know.
You know the builders, the builders are wanting those houses back. They don't even want them to close.
Oh I know. It's crazy.
You know, if we are just kind of the normal kids on the block now, Realtor.com may not even want your comments.
I know, I know, I told them that we are cooling off. I get a lot of comments right now, everybody is like, "Oh, we are in another bubble." We are not. Our lending is very secure right now. Obviously the economy is doing pretty well; we have got some questions out there which may be leading to some buyer confidence that we are seeing. Again we will see as the year progresses, as supply chains come back and the people that were struggling to work are back to work, we will see how that works out, but things look good. There is no big, scary monster out there except for how expensive we got, how fast.
Right, but we are not alone in that.
No we are not, we just saw the most appreciation in the nation. Nobody is really even close to us, there are a couple of places in Utah that were up there, a couple of places in Texas that did it. We saw a massive increase.
You know, Boise kind of does this because it's like you go from being a nobody and all of a sudden you are on the map and then, oh now you are normal. It kind of reminds me of our football team.
Yeah yeah. We still haven't let it go. Our fans are still like "oh we lost a game, the season is over" and we haven't been that good for a little while.
See they went from a "nobody" to "oh my gosh they are the best in the whole world" to now we are "normal and we have no use for you".
It's great though because you can actually go to the game and it's actually competitive.
I know right.
You don't know if you are going to win.
Oh, like the housing market?
Yeah.
Nice.
So things are looking good. If you've been looking to buy and you are in a position to be able to afford where our prices are at, you've got a lot more options out there, prices have actually down ticked a little bit,
Sellers actually have to do repairs..
Right. You are not looking at for example in Canyon County a house is $420k, you are not looking at putting $440k or $450k just to get it.
Yeah.
We are putting in offers kind of at asking and sometimes below and just a little bit over depending on how popular that property is, but that is normal, that is how real estate should be. we should be able to gage it based on the type of house, where it's at and put our offer in based off of that.
Well we have sellers right now that are doing repairs.
Yeah actually doing repairs. We have had a few price drops, you know we've had things like that. Yes, sellers don't like to hear that because we have gotten so used to this upswing, but that's normal and healthy and honestly we are still getting great prices for homes.
And let's look at it 30% year over year, if you have to bump the price down just a little bit. Come on.
We are going to be alright.
So you are only going to get 28%, you'll be ok.
Yeah, exactly. So, if you guys have nay questions, as always, you can comment on this video, reach out to us, call us, email us, whatever you need to do.
And if you are thinking about selling, now is a fantastic time because you do end up with a little bit less competition on the market over the holidays. People buy homes every single day. I've had closings the day before and the day after Christmas, and I have shown houses on Christmas Day. In fact, I'm no up to I have written contracts on every holiday during a year.
That's right, I did know that.
I had to get Easter done.
And by the way, to our veterans, Happy Veterans Day.
Happy Veterans Day. Thank you for your service. We will talk to you guys next month. Have a good one.
Yep, and stay tuned. Kelly is going to be sending out a email, if you don't already get it. This going to be talking about all the activities to do in Boise. It's really cool. It's very little to do with real estate, it has all to do with all the cool stuff that's going on Boise. We have so many cool activities now that we never used to.
Well and to let you know things like Boise isn't having a Holiday Parade but Meridian is. And if you wan tot be in the parade they are only taking 50 people, floats or whatever they do....50 Santas?
50 Santas, I think that is confusing for the kids. Watch out for that. It's an awesome resource to get your family out and go do really cool stuff especially if you are new to the area or you just haven't been out in a while, obviously we've been locked in because of COVID. So, please look out for that and there is also a small business highlight on there. We always share great businesses. So if you have a great business you want to share with us that you think is just awesome, we would love to highlight them. So until next time guys, we will talk to you soon.
With our hiking and paddle boarding plans squandered by the current air quality, team BBRE set out to find an indoor alternative for staying active.
And what luck!
Boise Fitness Week(end) is JUST around the corner! This is such a cool event that "aims to highlight Boise's top boutique fitness studios by offering our community access to discounted classes across the Treasure Valley."
Um, yes please!
By purchasing a "Sweat Card" you have access to 11 Boutique Studios throughout the month of August.
or Delight yourself with a 2 day Pass ($50) allowing you access to both Boise and Meridian events as well as 2 drop in classes at each of the 11 boutique studios throughout August .
We love this idea as it offers the chance to not only visit and get a feel for these studios, but it also provides the chance to compare the studios to one another allowing you to decide which one will best meet your fitness needs and goals.
All that while supporting local businesses and local nonprofits!
The Local Nonprofits are listed below, click the links to learn more about each:
Now let's talk about these "Top Fitness Boutique's" and how they can keep us all on track with our goals during fire season (and during this sweltering heat). This awesome event does a fantastic job at providing a variety of exercise types as well as locations throughout the Treasure Valley to make it convenient for all.
As a team who really succeeds in a group environment, we must say that one of our FAVORITE things about each of these boutiques is that they all focus on group activity. So, these are not the headphones on, working out solo type of gyms. These are top studios providing organized workouts allowing you to show up, socialize and bust a sweat as a unit.
Boise Fitness Week(end) also allows you to see how you may work a variety of exercises into your workout regimen. Several of these boutiques offer packages for a 3 months at a time or perhaps 10 classes a month, which is great as you can do 3 months at one studio and 3 months at another throughout the year and boom, you have attended 4 studios throughout the year and seriously added some diversity to your workouts. Each studio is so unique and offers its own benefits.
So, what are these 11 studios you get to sample with this fantastic event?
We will list them below with links to each website so you can learn about each studio and even sign yourself up for a class if you cannot wait until Boise Fit Week(end)!
Cyclebar - an indoor cycling experience located in The Village at Meridian
Pure Barre Boise - improve strength, agility and flexibility with four different class formats to choose from
Yogasix - with classes from hot and powerful to slow and mindful, you are sure to get your yoga fix at Yogasix
F45 South Eagle - in just 45 minutes you get a full-body workout focused on functional, everyday movements
Orangetheory Fitness - this unique workout focuses on time spent in each heart rate zone, the goal is 12 minutes or more in "The Orange Zone"
D1 Sports Training - with programs derived from Division 1 Strength & Conditioning, these athletic-based programs are sure to get results
Barre3 - a 60 minute class complete with cardio, conditioning and mindfulness leaving you feeling balanced
Ascent Life Fitness - High Intensity Resistance Training that leaves no muscle group unworked
Corestrong - the only studio in the Treasure Valley to offer the Lagree Method, a low impact alternative to high intensity training
KaiaFIT - a year-round fitness program designed by women for women with a variety of training focuses
Ilovekickboxing.com - talk about letting off some steam! 60 minutes of HIIT mixed with punching and kicking your own bag has got to be the best way to get fit. At ILKB you can perfect your roundhouse, learn the spinning back-fist and make new friends.
We hope this has encouraged you to go out and find your fit fix during fire season. Let us know which studio is your favorite! And share photos on your social using #getfitboise and tag us @boisesbestre! Let's keep the comradery going during Boise FIT Week(end) and beyond.
I want to talk a little bit about our market, obviously still going in the same trajectory that it was going, that really has not changed much. But what are you hearing from buyers and sellers out there?
You know it's kind of weird. We know that inventory is up, In fact, it's up pretty drastically month over month, year over year it's still down. And that is, of course, typically in the higher end stuff. What I am seeing as I pull stuff up, and it's, it's been on the market for four days. It's been on the market for seven days. Which is super cool. Things are still going at listing price or slightly above, but they're not, we're not seeing the $30, $40, $50 thousand above asking price on a $400,000. So that's really nice. I'm trying to reiterate to buyers that there is hope. You know, I've actually got a little buyer looking for a $250,000 house. You guys went and looked at one. Yeah, we did, and it's not the fit. But I just sent her five more this morning out in nampa. In Caldwell, better cute little houses. That's awesome, there's hope. So, buyers, don't give up. Interest rates are still amazing., and there's stuff out there.
Like I said, in our last video last week or the week before, you know, there's this kind of stigma, that’s going around that market is impossible and nobody can buy a house. We had over 700 transactions last month. Properties are still moving. Like I said that’s, over 700 people, you know, bought homes sold homes and transition. So, it's not impossible. And our market is looking really strong. So, if you can swing it, and you think you can make it happen sooner is better than later because our prices looks like they're going to continue on this same trajectory. 20 plus percent appreciation over the next year.
Honestly, I'll tell you what it comes down to, and that's working hard on our end. You've got to have somebody that is literally looking at every single thing that is coming soon scraping the barrel. it's looking for things that are off market, looking for, for sale by owners, because let's face it, this has been a really great for sale by owner market. So you got to look at those. And you have got to be looking every single hour of every single day, because once they do come up, you do still have to jump. Sellers are still excited about what's going on with the market. You're seeing a little bit of glossy eyed confusion because their house it's on the market for maybe a week and they're like, oh my gosh, what's happening are things crashing.
It was funny, I pulled up a bunch of listings, I do price, you know, looking at prices in different areas, whether it's Kuna or Meridian or whatever. Trying to figure out where they are at and what they are doing. And I have to say for the first time I pulled up, I think it was Kuna that I was looking at. And I saw like five or six price drops. You know, the people who kind of overshot the market, which is totally normal, nobody's fault. It happens in this crazy market. Nobody is really sure exactly where to price. But I did see like four or five price drops, and they weren't big. They are like $5,000, $10,000. But yeah, I just looked down and I did not see any price increases, which I was seeing for a little while.
It's really cool, I just pulled up things that were less than 20 years old in Meridian and Kuna for 450K and under, and there were 17 of them, that's awesome. So that was exciting. sellers, I think they are a little unsure now what's going on, if we're going to sell it, maybe we better do it now, which, you know, none of us have a crystal ball. So, I look at what is your situation? Your situation is such that this is a good time for you to sell. Chances are you have made good money on your real estate. So yeah, absolutely. I will say go for it.
And I mean, it is all situational based. I was just talking with one of our investors the other day, and we are talking about moving some properties around or maybe just selling them outright. But I'm telling her to hold on for a little while, because we're looking like we're having a great year of appreciation and There's no roadblocks that we can see. So that is great. So if you don't need to sell, you've got another year of great appreciation. If you need to sell you have probably done fantastic. So do not feel like you've left money on the table, because nobody has right now.
The only thing that you might see is a little more competition. If you are a seller, then maybe you will see right now or what you have seen in the last two years. So that might be the only thing to think about. If you want to be the only show in town sell now. The place that we are seeing really crazy stuff is McCall and Donnelly. Donnelly for sure. I have got some clients up there just sold a house up there. I have got some others that are looking at stuff and things are just going crazy up there.
Their days on market are nothing, their prices especially around the Donnelly area, I mean, they're rivaling ours, if not higher than ours in a lot of cases, so it's pretty crazy out there right now.
Welcome to Tamarack being back on the radar. Yeah, If you haven't been up to Tamarack to check out what they're doing. You have to go because it is amazing. Talk to us about market stats. What's going on? All right.
Now remember, before I get into this, this is for May, I had a couple questions about that. We will not have June's until July, if that makes sense. So, we're looking at May stats. So, we do not have June off yet. We will have those July 12. So, this is for May, which is pretty crazy. Because Ada County We're at 523,250 median sales price. Yes. that's high. Half a million bucks for a house in Ada county now. I mean, that's what it is. I never thought we'd be in a half million dollar market. But we are we're there and inventory year over year still down. 54%.
570, homes on the market. We had 790 homes sold total, which is great. that's what we're talking about earlier, we've had over 700 again. If you have that mindset that it's impossible it's not, there are people moving, there are people buying, shockingly, 12 days on market, which is down 57% over last year. It's actually kind of an uptick over the last couple months. We were seeing like 7-8-9 days. So we're up to 12. That's what you're talking about earlier, seeing a couple of those houses stay out there for three or four days, which is nice. it's usually the higher price stuff. That’s always where we see the change first. that is your trendsetter? Well, we've got a lot. I mean, not everybody studies the real estate market every three seconds. You know, some people probably woke up yesterday and went, holy cow, did you hear how much our house is worth? So we're starting to see some of those people making that move and making that jump. We've actually talked to some sellers that are making that jump because of how much appreciation they have in their house. They didn't even know, they're like, I guess we're going to move. Yeah, because maybe our house doesn't work for them for whatever reason perfectly and they can move into something that will work. So what is canyon county doing? Canyon county is crazy to, it's over 400,000. Now 410,000, our median sales price. We had just over 460 transactions. It's more year over year then Ada county. It is Yeah. 48%. Well, that's money moving. It's going that way. Um, our inventory is 357. That's down 35% year over year, and again at the same days on market. So that just tells you right there that the competition in Canyon county just like it is in Ada county the appeal in Canyon county is just as strong. Absolutely and now that it's grown, people can live and stay there and not have to come to Boise if they don't necessarily want to.
Well, you know, I've got clients that are looking at moving a mother in law this direction. They live in Boise, they'd love to have her close, but because of prices, they're actually looking at putting her in Nampa or Caldwell, you know, somewhere like that, because it is a little bit more affordable. And they can make it work
and you've got all the amenities. Now, there's no reason you can't live out in that region and feel like you have to come to Boise for stuff because you really don't you can stay in Nampa.
You know what, it's kind of goes full circle, because you know, back when my husband lived in Napa like 100 years ago, okay, well, he's not quite that old. Yeah. Literally, it was the you know, come to Boise to do your Christmas shopping.
now people go from Boise to Napa to go Christmas shopping. its' Not quite as busy as maybe like the mall. I got a couple comments last time about Elmore county and Gem county.
I have stats on that. Typically, we stick to Ada and canyon counties, But we do serve both of those other counties. So, we're going to go over the numbers over there. So, we don't leave those people out this time. doing. Well, they're going crazy, too. Obviously, their prices aren't quite as high because their a little further out. But we'll start out in Emmett So Gem county has an average price point or medium price point of 334,500. Which that's great for some homeowners out there. We used to go to Emmett and find homes for 100 grand all day long. So that's great for homeowners. They only had 25 units sold, Their inventory was 48. Their inventory is actually up right now. So that's really quite a lot. There's actually some things to look out over there. Then your days on market, and this is just because you're out in Emmett little bit far, that's not appealing to everybody. You've got 27 days on market, which honestly, in a normal seller's market, that would still be great. We're selling houses in under 30 days. 60 days is considered a balanced market. So to give you some perspective, when we see like 27 days, it's not a scary number by any means. Ada county would be flipping out. We have sellers all the time. my house has been on the market for eight days, and we're like, Okay, calm down. It's okay.
We're used to things just flying and so when they don't go and four and a half minutes, we're like, oh, no. Elmore County, again, even a little bit cheaper than Emmet. We were worth 258,725. They had 39 homes sold last month, their inventories 21. That's down 43% homes a little bit different than what we're seeing in gem County. And then days on market is only eight So I'll be excited to go look at that and see if see if there is transplants moving out there from Boise. Is it more of a military thing I'll have to look and see what the base is doing because that eight days on market and not saying that Elmore county is not a great place. So it kind of tells me it maybe they've got some new Airmen coming in. Yeah, something's going on. Because eight days on market is lower than both Ada or canyon county and I know the demand is not as high in Elmore County, not to say that it's not worth living there. It's just not as populated and not on the map as much. So eight days on market is pretty tight for that area. But I'll have to look and see. See what's going on out there. Because it seems like something's moving around. You know, it's kind of fun to see some changes going on. I've been so tired and it's just steady. Like there's just no homes for sale. That's how we operate.
Now it's actually kind of exciting except for that one that I've got in the north end and it's been out for like nine days.
It's okay, just calm down. Remember we've been through this before days, remember our 10 days. 10 showings.
Oh my gosh. Yeah, And it's like I've had like three showings. All right. All right. So if you know anybody that needs development land in North Boise, I have got an awesome property in the north end.
It's pretty cool. So as always, if you guys have any questions at all, if you want to learn about stats, I have stats on other areas, not just these so if you have questions about those feel free I don't leave them out on purpose. We just try to keep the time in a certain time frame. Maybe next time we'll do Valley county Yeah, that'd be a great one to go over. I know that some of these second home areas or people trying to get out of the craziness of Boise now we know a lot of Idaho that are like we're out of here. Yeah. i had some friends that moved to Twin Falls last year. So you know, they were just like, its getting a little too big for me. So we can pull up the stats on those but if guys have any questions remember advice is always free here at Boise’s Best. So feel free to reach out to us, comment on this video. you can email or call us. Have fun on vacation. Yeah, I will go through the rest of the country because I hear there but just as crazy as we are. have a fantastic week and we will catch you next month. Alright, Bye, guys.
Oh My! We do no know about you, but for the Boise's Best Real Estate Team, scrumptious food and cool, crisp drinks are always elevated when enjoyed on a good patio. We wanted to share with you some of our personal favorites that we have tested and approved! We promise not to steer you wrong here.
Now, we are not ranking these, as we know it always depends on the vibe you are going for and the occasion for the outing. So, we will simply share our opinions developed from our experiences. We hope you might find new place to enjoy with your friends and family too!
This outdoor oasis is open Spring through Fall and features live music daily and all day on weekends. Located just off the Greenbelt in Garden City, this spot is prime to take a break from biking, grab a bite and relax! Enjoy the beautiful view of the Boise River and the endless opportunities for people and pup watching.
This flower covered patio makes for a fantastic weekend brunch spot. With a winning menu ranging from stuffed breakfast peppers to chicken fried steak to eggs benedict, you are sure to find something to delight your taste buds on this menu.
Reef
105 S 6th St, Boise, ID 83702
Website coming soon!
A rooftop hangout, tropical vibes and a vast menu bring The Reef Boise to our list. We love that you can get a sandwich, steak or sushi all in one spot. The live music makes for a great time, but we do want to warn it has been a touch louder than our preference a time or two. So, this may not be the spot for a conversational dinner, but definitely great for some roof top drinks and photo ops. We hope you tag us on Facebook so we can see your rooftop photos! @boisesbestre
Tupelo Honey takes a fresh spin on southern cuisine and we are loving it. First off - Fried Green Tomatoes! Secondly, Fried Green Tomato Blt! Ok and they have a pretty sweet patio as well. In the heart of downtown Boise, Tupelo Honey is a great spot to hang out on their second level patio where you can enjoy the the city from the view above while indulging in the southern fix you didn't realize you were missing out on.
With their patio open year round, Coyne definitely belongs on this list. Plus their happy hour is always happier on the beautiful patio! Their enticing menu boasts quality entrees with chicken, steak or seafood, as well as, upscale salads and sandwiches. The Coyne's experience provides the space to put down the phone and make real connections. We hope you and yours take time enjoy this space and one another's company.
Great News Treasure Valley! Inventory is finally going up!
Ada County
Ada County had 437 active listings in the month of March which is up from 72 the previous month.
$467,325 is the median sales price in Ada County.
Highest increase year over year in the entire nation.
This is up 27.2% in sales price year over year.
739 homes sold in Ada county in March.
Average days on market, 22.
Canyon County
Canyon County's average price point is at $386,000
399 homes were sold in March in Canyon County
Average days on market, 14.
This tells us that people that could not afford Boise have gone to Canyon County for affordability.
Canyon County had 262 active listings in March
Don't forget to look for your client party invitation in the mail. We are excited to be hosting a "Night in White" June 3rd. Of course will be prepared with stain remover on hand!
Last but certainly not least, we are welcoming Kerry Cron to the Boise's Best Real Estate Team and we are so excited to grow together. She is our newest real estate consultant fresh from real estate school. She is eager to get started to so feel free to test her knowledge when you see her at the client party.
