What’s the deal with the Boise real estate market? We’ve got some observations and want to share them with you!
All data pulled from the Intermountain MLS from 4/1/2021 to 4/30/2021.
Monthly Sales
Monthly sales reached almost the exact same level as one year ago, down by only 29 units, or 2.3%. Sales rose by 78 units from March, a 6.9% change. With a few small differences, the 2021 sales trendline looks similar to 2020. The number of Boise area home sales started to rise again in April, following Idaho’s typical seasonal pattern of higher sales activity in the spring and summer.
Sale Price
Sale prices continued to rise in April. The average sale price across Ada and Canyon counties was $512.7K, up $143.9K from April 2020. That’s a whopping 39% year-over-year increase. The average sale price was up by $16.3K, or 3.3%, from March. Given that demand matches last year’s levels, and a lower supply, the steady increase in sales prices will probably continue, barring any changes in market conditions.
Days on Market (DOM)
Boise area homes sold faster in April than in any month in the last two years, at least. The average home sold in 14 days, down by 21 days from 2020. That’s a decrease of 59.5%. Average DOM came down significantly from March as well. The figure dropped by five days, or 26.3%. The drop in DOM is fueled largely by steady demand and low inventory. Any homes on the market tend to get snapped up quickly.
Inventory
Active listings continued their rise from a low point in January. Active listings were up by 119 units from March, an increase of 21.9%. However, inventory levels were still historically low, down by 1460 units, or 68.8%, from April 2020. A steady rise in active listings from January, starting months earlier than in 2020, indicates a potentially warmer spring and summer selling season. More active listings on the market means better chances for prospective buyers hoping to have an offer accepted on a Boise-area home.
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