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 3/1/2021 to 3/31/2021.
In March, monthly sales went down by 279 units, or 19.7% from the previous March. Sales rose sharply from February. The market saw 363 more home sales in March, a 46.8% month-over-month change. The market’s low inventory rates are still keeping home sales numbers lower, compared to last year. However, we see the 2021 trendline mirroring last year’s. March sales came out of the winter valley and appear to be following the Boise market’s normal spring warmup.
Boise area home sale prices continued to rise in March. The average sale price rose 31%, or $117.4K, from the same time last year. Prices were also up by 15.9K, or 3.3%, from February. The competition from the scarcity of available homes and increased demand continue to drive Boise home prices up.
Days on Market (DOM)
Homes on the Boise market continue to sell relatively quickly. The average number of days spent on the market came down by 26 days, or 57.9%, from March 2020. For the past six months, the average DOM has hovered in the high teens. In March, average DOM was up by one day from February, a 5.6% change. A unique combination of scarce inventory and high demand has created a competitive, fast-selling Boise housing market.
Inventory in Boise has come down significantly over the past year. In March the market had 1,497 fewer active listings, down 73.4% year-over-year. There are still fewer listings on the market than there have been in years. However, the last two months have seen the first inventory increases since June 2020. The Boise market had 51 more active listings in March than in February, a monthly increase of 10.3%.
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