Boise Real Estate Report | August 2008

Posted by Jace Stolfo on Friday, September 12th, 2008 at 2:52pm.

August showed some very promising signs for the Boise Real Estate market.  For two consecutive months, inventory levels have been down year over year.  August 2008 had 11% less homes on the market than a year ago.  Overall home sales are still down about 22% but these reductions in inventory in July and August are the first in almost two years.  These are positive signs that the real estate market may be stabilizing. Most of the inventory decrease was from new construction: August 2007 had 1535 homes for sales while August 2008 had only 1063.  New home sales were only slightly down from a year ago, 144 vs. 130.

This data is for Single Family Homes in Ada County.

Overall Home Sales Aug-08 Aug-07 % Change
Total Listings 4624 5192  
Sold Listings 472 602 -22%
Median Home Price  $  200,000  $  233,000 -14%
Average Home Price  $  231,363  $  270,152 -14%
       
Existing Home Sales Aug-08 Aug-07 % Change
Total Listings 3561 3657  
Sold Listings 341 459 -26%
Median Home Price  $  195,000  $  222,500 -12%
Average Home Price  $  228,231  $  255,051 -11%
       
New Home Sales Aug-08 Aug-07 % Change
Total Listings 1063 1535  
Sold Listings 130 144 -10%
Median Home Price  $  213,800  $  269,562 -21%
Average Home Price  $  237,699  $  320,598 -26%

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Data Source: Intermountain MLS. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. This information contained in this post is for general market analysis. No representations or warranties are made as to the past or future appreciation or depreciation of property values.

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