Boise Idaho Real Estate

The accolades continue for the great state of Idaho.  CNBC recognized Idaho as the 4th best State in the U.S. for business, moving up from #7 in 2007.  Idaho past Georgia and North Carolina to move in the #4 position while Texas, Utah, and Virginia shuffled the top 3 positions.

The study looked at: cost of doing business (Idaho #5), workforce (#7), economy (#5), education (#48), quality of life (#26), technology and innovation (#27) , transportation (#24), cost of living (#14), business friendliness (#33), access to capital (#34).

Read the CNBC article

Find Boise accolades and Boise Idaho info

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I came across Google Trends the other day, very interesting- it shows you the amount of Google search activity for a particular topic. To some degree you can see how "real estate" searches have correlated with actual market activity. The most accurate correlation seems to be in the U.S. Google search for "Real Estate." Other interesting information can be gathered like what cities are generating the most searches and even how that search term correlates to how often it is being used in the news.

Here are some examples:

"Boise Real Estate"

 Google searches for \"Boise Real Estate\"

"Idaho Real Estate"

Google searchecs for \"Idaho Real Estate\"

"Real Estate" search in the U.S.

Google searches for \"Real Estate\" in the U.S.
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As of July 1, 2008 the Intermountain MLS which covers Southern Idaho and Eastern Oregon will enforce the disclosure of sold real estate prices.  Previously, agents could enter a (0) “zero” sold price.   This would sometimes occur if the buyer intended to “flip” the property or a new home builder did not want a low sales price to affect the sale of their next home.  Over the last year, as home values softened, (0) “zero” sale prices were becoming more frequent and the MLS data was getting polluted.  Overall, I think this is a good thing for the real estate industry.  A homes value is determined by sold “comparables.”  Agents, appraisers, and county assessors used sold comparables to determine value.  Having accurate sale data will help these industries

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This listing is INACTIVE

Rarely available Boise view home on Hillcrest Drive! Very Private .38 acre lot has mature trees, impeccable landscaping, and expansive patios that offer breathtaking views of tablerock, city, and mountains. Single level home with over 2200 sq/ft has large master bedroom with floor to ceiling windows, his and her showers in master bath, and spacious kitchen with plenty of counter and cupboard space.

Price: $439,000 Basic Home Specs

4 Bedroom/2.5Bath 2211 Sq/ft .38 Acre Lot Single Level 3 Car Garage Built 1959

Search more Boise Homes for Sale

Broker: Smith & Coelho This information is subject to change and no warranty or guarantee is made.  Buyer to to verify all information.

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This is an overall look of the Boise Idaho Real Estate market from May 2006 through May 2008.  It is important to remember May 2006 was the end of record home sales in Boise and that should not be the baseline of we compare the current conditions to.  A "normal" real estate market would be somewhere between those highs and the current lows.

The following real estate statistics are for Ada County single-family homes.

Boise Real Estate Inventory

Inventory, or the number of homes for sale, fluctuate depending on the time of the year.  Generally, more homes come on the market in the spring and summer and in the fall inventory starts to come down.  The following graph shows the total homes for sale and also distinguishes between existing homes and new

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Kiplinger rates Boise #4 among best cities in America to live, work, and play.  The article highlights the outdoor recreation, arts, high tech firms, high percentage of college grads, and low cost of living as some of the main reasons why Boise is a great place to live.  It should be noted the article states the median home price as $235,000 while in May 2008 the median home value was $205,000 according to the Intermountain Multiple Listing Service.

Read the kiplinger article

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The question I have been getting asked as a Realtor is: "do you think we are at the bottom yet?"  It depends on what statistic you want to look at.  Is it price? Inventory? Number of homes sold?  It also depends if your comparing to last month, year over year, or historically.  Year over year things don't look too good, month over month things are improving.

I try and look at current supply and demand- the number of homes for sale verses the number that are selling (absorption rate).  I also compare it to the same time period from previous years because home sales fluctuate depending on the time of the year.

  The thing that I have continued to see since the market started cooling down in May of 2006 was our inventory quickly grew and to date we

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Check out this Boise home for sale with a view!

Downtown Boise View

Stunning N Boise home with breathtaking views of the entire Treasure Valley. Masterful design to capture the city views from every room. Enjoy sunrise to sunset on 1200+/- SF of maintenance-free outdoor patios.  Gourmet kitchen, his & her master closets, central vac, and high quality 2x6 construction.   Only 5mins to downtown and miles of foothill hiking trails out your back door. 3.02 acres is comprised of two very private lots- second lot could be built on as investment, guest house, etc.

Price: 1,250,000 Basic Home Specs 2360 W Spring Mountain Drive
  • 3.02 Acres (two lots)
  • 3650 SF
  • 3 bedrooms
  • 3.5 baths
  • Built in 2002
Home Features
  • 1200+/- patio square footage
  • 2x6
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You often hear the term "short sale" in today's market.
What is it?   A short sale is when a property is being sold or offered for sale for less than what is owed.  The lender always has to approve these sales because they are taking a loss on the loan.
When does it happen?   Most homes being offered as short sales are in the process of foreclosure but have yet to reach the auction.  Banks are increasingly looking at short sales rather than going all the way through the foreclosure process.  There are different reasons why homeowners could be in a short sale situation.  They could have bought too high and values soften, taken the "equity" out from an overinflated refinance appraisal, carried a construction loan too long, etc. …
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Ada County Statistics, Single Family Homes, April 2008

INVENTORY

As to be expected in the spring, inventory has been increasing and averaged around 4931 homes for sale (April 2007 had 4656).  This increase is from existing homes coming on the market.  New construction inventory levels are actually down from a year ago year- 1286 April '08 compared to 1727 April '07. Overall absorption rates in April were 10.9 months, existing homes 10.4 months, and new construction homes 12.4 months.  A balanced market is usually represented with absorption rates around 6 months.

PRICES

Inventory levels are still too high for a balanced market.  The excess inventory is part of the reason we have been seeing a softening in prices. The median home price in Ada

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