Builders and prospective home sellers have been unable to keep up with the persistent demand from homebuyers, stemming from general population growth, Millennials “aging into” the traditional homeownership years, in-migration due to our comparative affordability, and now, the ability for many to work from anywhere.
These reasons, coupled with historically low mortgage rates, have resulted in buyer demand outpacing supply for years, which has been driving the growth in home prices and increasing the speed of the market. In February 2021, the median sales price was $452,400 — up 25.5% year-over-year — and the average days on market metric was 19 days — down 62.0% year-over-year.
Rising home prices are good news for prospective sellers, allowing them to utilize any equity gained to help with the purchase of their next home or a variety of other opportunities. According to a recent Homeowner Equity Insights report from CoreLogic, Idaho ranked second among all states in which homeowners gained the most equity between 2019 and 2020, $48,500 on average year-over-year.
Despite the equity sellers may bring to their next purchase, the tight supply of inventory has made some hesitate to put their current home up for sale until they find their next one.
At the end of February 2021, there were just 168 existing homes for sale — 51.2% less than in February 2020. However, there were 65 more homes for sale at the end of February than in January, an increase of 63.1% month-over-month, which we hope is an early indicator of more inventory coming online as the weather warms up.
Looking at weekly activity through the second week of March, new listings were nearly even with 2020 and just below 2019. This is a trend BRR will continue to monitor, keeping in mind any year-over-year comparisons to April 2020 will be skewed due to COVID-19 restrictions.
For those shopping in the new construction segment, there were just 135 homes for sale at the end of February — 80.6% less than the same month last year, and a month-over-month decrease of 18.7%. However, we have heard from some builders that they are selling properties yet-to-be built, meaning more new homes are available than indicated in the inventory counts.
This tight supply has contributed to the fast, competitive market with homes receiving accepted offers quickly after being listed. Looking at just the existing/resale segment, in February, homes were on the market for just 10 days on average, compared to 32 days last year — a decrease of 68.8% and the fastest we have on record.
If you are considering selling your home soon or anytime this year, talk to a REALTOR® right away. Together, you can make a plan that will coordinate your sale and purchase around a timeline that best suits you, keeping these fast market times in mind.
In this planning stage and as part of this pre-sale consultation, your REALTOR® will advise you on what’s needed to prepare your home, such as how to declutter, how much to invest in staging, repairs, or updates (or even if that is needed) and will then coordinate the professional marketing to help your home show best and be seen by the widest audience of potential buyers.
Your REALTOR® can also prepare you for the financial and legal implications related to your home sale and purchase, including, but not limited to the following:
- Determining the appropriate pricing strategy based on nearby sales and the demand for homes like yours.
- How to best evaluate multiple offers and which contingencies you are willing to accept from buyers (or not).
- How to avoid fair housing violations when marketing the home and evaluating offers.
- Tips to keep you safe and your property secure as it relates to COVID-19, audio and video recording devices, property photos, and other potential risk factors.
- Disclosure of adverse material facts that may be present on the property and whether a pre-listing inspection or home warranty may be worthwhile.
- Ways to mitigate any capital gains tax, utilize a 1031 tax-deferred exchange or bridge loan, whether or not you should consider a leaseback… and much more.
In each of our reports in 2021, BRR is focusing on the various phases of a real estate transaction to help consumers be prepared before, during, and after a real estate transaction, showing them what their REALTOR® will be doing for them along every step, and the key data points they can look for to make sense of the market. To find a REALTOR®, please visit realtor.com/realestateagents.
The median sales price of Elmore County homes sold in February reached $244,200, up 23.3% from the same month a year ago. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
Rising home prices are good news for prospective sellers, allowing them to utilize any equity gained to help with the purchase of their next home or a variety of other opportunities. According to a recent Homeowner Equity Insights report from CoreLogic, Idaho ranked second among all states in which homeowners gained the most equity between 2019 and 2020, $48,500 on average year-over-year.
Despite the equity sellers may bring to their next purchase, the tight supply of inventory has made some hesitate to put their current home up for sale until they find their next one.
There were 19 homes available for purchase at the end of the month, down 69.4% from the year before and a record low. While the Elmore County housing market is experiencing low inventory, this does not mean there is “no inventory” available. There were 37 homes that sold in February 2021, an increase of 8.8% compared to February 2020, and another 53 homes were under contract, a slight increase of 1.9% year-over-year.
This tight supply has contributed to the fast, competitive market with homes receiving accepted offers quickly after being listed. Homes that sold in February spent only an average of 15 days on the market before going under contract, compared to 34 days last year.
If you are considering selling your home soon or anytime this year, talk to a REALTOR® right away. Together, you can make a plan that will coordinate your sale and purchase around a timeline that best suits you, keeping these fast market times in mind.
The median sales price of Gem County homes sold in February reached $331,000, up 32.2% from the same month a year ago. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
Rising home prices are good news for prospective sellers, allowing them to utilize any equity gained to help with the purchase of their next home or a variety of other opportunities. According to a recent Homeowner Equity Insights report from CoreLogic, Idaho ranked second among all states in which homeowners gained the most equity between 2019 and 2020, $48,500 on average year-over-year.
Despite the equity sellers may bring to their next purchase, the tight supply of inventory has made some hesitate to put their current home up for sale until they find their next one.
There were 23 homes available for purchase at the end of the month, down 43.9% from the year before. While the Gem County housing market is experiencing low inventory, this does not mean there is “no inventory” available. There were 19 homes that sold in February 2021, an increase of 11.8% compared to February 2020, and another 86 homes were under contract, a 87.0% increase year-over-year.
If you are considering selling your home soon or anytime this year, talk to a REALTOR® right away. Together, you can make a plan that will coordinate your sale and purchase around a timeline that best suits you.
Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada County, Elmore County, Gem County, City Statistics, and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.
Ada County
Canyon County
Elmore County
Gem County
Condos…
City Statistics
Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Elmore County, and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports as well as weekly snapshots in the Market Report email, or login to our Market Statistics page.
In addition to the market reports and analysis BRR sends members each month, we send press releases to local media contacts in order to promote the local market expertise that REALTORS® bring to every transaction. BRR’s market report data and/or interviews are featured in the following articles. Feel free to share with your clients, adding your own analysis and comments.
- Boise homeowners, you’re getting richer: Idaho ranks 2nd in U.S. for home-equity gains from the Idaho Statesman
- Boise realtor study finds low supply, population growth driving up home prices from IdahoNews.com
- Boise family gets creative as they look for the right home in a competitive market from KTVB
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Boise Regional REALTORS® has a variety of resources about mortgage assistance, unemployment assistance, how to avoid scams, and more, under the Resources for Property Owners and Resources for Renters sections of BRR’s Coronavirus Response website.
This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the boirealtors.com/connect/foundation/.
If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
