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by Jace Stolfo
on Thursday, March 24th, 2011 at 1:43pm.
In February 2011 there was 216 home sales in the Boise real estate market. This is up about 10% over last month and 20% over the same time last year. With about 1350 homes for sale in Boise the absorption rate is about 6 months- reflecting a balanced supply & demand.
The median home price in Boise increased from $126,000 last month to $139,850. The majority of home sales are occurring between $100,000-$150,000. Home sales under $100,000 have the second largest market share with 22% as more investors are picking up the cheapest foreclosure properties.
The number of homes for sale in the Boise real estate market continues to go down. In Ada County there were 2165 homes for sale last month, 29% fewer than a year ago. Below you can see the inventory of homes since January of ’07.
New home sales accounted for 46 sales, 15% fewer than last year. Hazelwood Village in SW Boise & River Heights in NE Boise were the best selling neighborhoods. You can search the Boise real estate market by subdivision using my advanced MLS search.