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by Jace Stolfo
on Friday, June 20th, 2008 at 8:35pm.
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.
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 construction. As you can see, the new home inventory has slowly been decreasing for quite some time while existing home inventory has still been increasing.
The number of homes selling also fluctuate depending on the time of the year- more in the spring and summer and less in the winter.
Absorption rates for both existing and new construction have been improving in recent months- a positive sign. A "balanced" real estate market would be around a 6 month absorption rate.
Data Source: Intermountain MLS. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. This information contained this letter is for general market analysis. No representations or warranties are made as to the past or future appreciation or depreciation of property values.