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The 2010 Boise real estate market is almost half over. So how’s it been? We’ve just come off the Home Buyer Tax Credit buzz and are walking into the seasonally ‘good’ months of Boise real estate, but how is it going to shake out? Lets take a look!
Boise Real Estate Stats for 2010 (so far)
Since January, sold units have increased each month with each month beating it’s previous year number:
YTD SOLD
- January 09–235 Sold vs. January `10–282 Sold (20% Increase over last year)
- February09–274 Sold vs. February `10–348 Sold (27% Increase over last year)
- March 09–385 Sold vs. March `10–564 Sold (46% Increase over last year)
- April 09–422 Sold vs. April `10–676 Sold (60% Increase over last year)
Overall that’s a pretty good comparison and something our market should be proud of. But, I’m not so sure that we can use these numbers to identify any long term trends.
After all, we can’t forget that the Tax Credit deadline of April 30th, 2010 has had something to do with these numbers. To see what I mean, check out the Pending Sales Activity:
As we’ve approached the Tax Credit deadline, buyers were scrambling to get something under contract or Pending. So, I’d expect there to be a fairly sharp decline in the May & June Pending sales…we’ll have to wait and see.
YTD PENDING
- January 2009–319 Pending vs. January 2010–766 Pending (140% Increase)
- February 2009–326 Pending vs. February 2010–928 Pending (184% Increase)
- March 2009–468 Pending vs. March 2010–1072 Pending (129% Increase)
As you can see, the number of listings that went pending in 2010 through March is incredible…but, those numbers owe their existence to the tax credit bribe.
Of course National Association of Realtors recently reported an increase in pending home sales, most agents are going to try and ride it out as a smoke screen to get folks excited about a turd of an economy. Do yourself a favor, don’t buy into it.
Unemployment is Key
If we want to see a sustainable housing market, Boise needs jobs. Lots of them. That however, is where there is good news to report. Business Week reported today that Idaho saw it’s largest 1-month jobless drop in 3 decades. Hopefully, those jobs aren’t just more folks (framers, plumbers and electricians) filling the orders for pending new construction….
What does it all mean to you?
Regardless of the housing market and economy, you probably live in a house right. The key difference is whether or not you rent or own (rent from the bank) or are looking to buy (or rent from the bank).
If I was looking to buy, I’d stick to good sense real estate rules: Location. But be prepared to compete. Even though there are many people who can’t sell or are upside-down, it isn’t the buyers market you might think it is or that your buddy told you it was.
Stick to good areas of town like Southeast Boise, Northeast Boise and the North End (common) where median prices are affordable, but holding on. Demand is usually high in those areas and should continue to see strength in the coming months, especially as inventory drops.
More Stats Available
If you want specific stats, just let me know. I specialize in strategic market research for builders and developers and can easily get you the data you want and need. Just email me!
Interest Rates
Interest rates are tough. I’ve said it before, loan originators have it easy: They can tell you that rates are going up and if they are right, they’re the heroes and if they don’t you win.
From what I’ve been hearing around the campfire, rates should hold fairly steady, but with recent economic and market news, I’d suggest talking to a local pro!
Search For Boise Homes For Sale
You’ve come to the right place if you want cutting edge tools to start your home search without the hassle. Feel free to use my home searching tools and if you’re interested, just register and you can get some pretty specialized attention!
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{ 9 comments… read them below or add one }
Of key importance, as you noted, is unemployment. Until we start experiencing long-term employment gains, the real estate market will not start seeing much appreciation. Sure, we can see increased activity in the market, but what we are all hoping for is a rebound in median home prices. So far, the stats in your area look great and you should definitely look forward to the rest of the year (albeit, minus the tax credit and plus an increase in interest rates).
Thanks for interpreting these stats in a way that is easy to understand!
This is overall a good comparison.Its true that we can’t use these numbers to identify any long term trends,but this will definitely help those, who are beginner in real estate field .
at this point any good numbers are welcome considering the overall real estate and economy situation. i wonder if prices are going up with amount of sales or if people are just giving their houses away. overall looks better then 6 months ago which is a good sign.
In regard to Boise real estate, the starter home, or entry level market is doing great.
These are nice figures. I hope the numbers keep going up. I heard Boise is a great place to have a home!
Good post. Thanks for giving good information about growing Boise Real Estate…..
Really nice one as good numbers are welcome considering the overall real estate and economy situation.
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