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 2/1/2021 to 2/28/2021.
Boise home sales took a slight dip from the previous month and continue to trend below 2020 numbers. In February, 32 fewer units sold than in January, a monthly change of 4%. Year-over-year, sales dropped more significantly. 283 more Boise area homes sold in the previous February than in February 2021. That’s a decrease of 26.8%. Lower than normal inventory is likely contributing to these lower sales numbers.
Home sale prices are still on the rise in Boise. The average sale price in February was $480.4K, up .9% from January. The annual change in average home price was over $107K, up 29% from the previous February. Demand has outpaced supply in the Boise market, and the increasing competition appears to have driven average home prices ever upward.
Days on Market (DOM)
The average number of days on the market in Boise continues to hover in the high teens. The average home spent one more day on the market in February than it did in January, a 4% uptick. Boise homes continue to sell more than a month faster now than they did a year ago, on average. The DOM decreased by 33 days from February 2020 to February 2021, a change of 65.3%. The market conditions of low supply and high demand have largely driven down the average number of days homes spend on the Boise market.
At the crux of the current Boise market status, inventory remains at never-before-seen lows. Available inventory rose slightly from January 2021, the first increase in eight months. There were 64 more active listings in February than in January, a 14.9% increase. Compared to the same time a year ago, inventory levels have slid into a remarkably low valley. There were 1,137 fewer homes for sale in February 2021 than in February 2020. That’s a 69.8% difference. The market has seen more scarcity in the last few months than it has in years.
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