Is change on the horizon for the Boise Housing Market?
Remember, these monthly Boise Housing Market updates are only month over month numbers, so they are just a little part of the bigger picture.
Home prices were down or relatively stagnant in ALL cities except Eagle, Idaho..Eagle had a huge jump! So now everyone in Eagle can list their homes for 20% more, right? Wrong! A closer look at the data reveals that Eagle just happened to have a large amount of sales over $1million in January 2023, so that skewed the data. Just like Kuna happened to have many more sales in the lower price point in January 2023, which skewed the data downward. It is the consistent pattern that I would look for over several months to gauge the overall trend.
But watch out, the Boise Housing Market is picking up steam in the under $550k price point, the lower than average price point. With builders slowing W A Y down on production and sellers of existing homes still not having high motivation to list due to higher interest rates, inventory is low, and actually, demand is increasing as people are feeling more confident in stabilizing interest rates this year.
Will we have a repeat 2021 in the Boise Housing Market for the under $550k price range?
It’s beginning to feel that way! Time will tell…
It seems as if the price points above $700k will still be slower. WIth higher rates, we are seeing more cash buyers in the higher price ranges.
Watch for my Boise Housing Market update video coming out soon for the bigger picture.
