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by Jace Stolfo
on Tuesday, March 19th, 2013 at 8:59am.
While 2012 was a great year in the Boise real estate market, 2013 looks even more promising as home values continue their upward trend. From February '12 to February '13, the median price of single-family homes rose from $140,500 to $160,000, an an increase of 12.1%. Compared to the same time 2 years ago (February '11), the median price was $137,700.
One of the primary drivers for increasing prices is the greater demand and less supply than in years past. Homes for sale in Boise aren't on the market as long as they used to be with an average of 19 days fewer than February '12 & 23 days fewer than Feb '11. The South Boise real estate market was one of the lowest with an average days on market of 46 in February '13. Homes that are priced right sell very quickly, and the best deals are gone in the blink of an eye. If you're looking for the best Boise real estate deals, consider signing up for our email alerts.
New construction is also increasing in Boise, from February 12' there was 34 new homes sold to 47 in February 13', this is an increase of 28%. The number of distressed properties on the market has also drastically dropped, from February '12 a staggering 47% to only 21% in February '13. Distressed homes are short-sales, bank-owned (REO), and HUD homes.
All these factors indicate that the Boise real estate market is coming back strong. From a national standpoint, Boise has climbed into the top 100 cities rated for real estate growth and in the top 15 for median listing price increases (Realtor.com).
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