Boise Real Estate Market Update | March 2014

Posted by Jace Stolfo on Tuesday, April 8th, 2014 at 8:18am.

Boise real estate home sales increased by 48% in March from February with 329 homes were sold. Compared to March '13, real estate sales in Boise increased by 5% and 16% from 2012. 

As you can see in the graph below, real estate sales usually increase in the Spring and Summer months, however the 48% increase Boise experienced in March is significantly higher than a typical monthly increase. Last year there was a 25% increase between these two months; the increase was 23% higher this year.

Boise real estate sales March of 2014 consisted of 288 traditional home sales, 27 bank-owned/HUD homes, and 14 short sales. Compared to previous months you can see that bank-owned/HUD home sales stayed in the same general range while traditional home sales shot up by 55% compared to February '14. Increases in traditional home sales between months is expected as Spring rolls around, however this dramatic increase in numbers is high.

Additionally, foreclosures in Boise dropped March '14, down to 12.5% of sales; a 4% drop from the previous month. As you can see in the graph below, the foreclosure rate has dropped about 47% since the beginning of 2012, and has stayed below 20% since April of 2013.
Shown in the graph below the foreclosure rate also tends to drop in percentages as the weather warms through the year. It will be interesting to see if the foreclosure rate hits record lows (not seen in many years) this Spring and Summer. 2013 really marked the return of a healthy real estate market, and the foreclosure rate has been lower this year than it was January, February and March of last year.
Of the 329 real estate sales in Boise, March '14, 47 were new construction home sales and 282 were existing sales. Boise led the county in new construction sales March of 2014; 47% higher than Meridian's sales and 236% higher than Eagle.  As you can see in the graph below, both Meridian and Boise lead the county with highest new construction sales (Meridian started the year off with 24% higher new construction sales than Boise).

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