Boise Housing Market Recovery: Inventory Accumulation Signals Opportunity for Buyers.

Are you looking to buy a home in the Boise area?

If so, you’re in luck. Recent data shows that the housing market is shifting in favor of buyers. With inventory accumulation and longer days on the market providing opportunities for negotiation.

Credit BRR.

In March 2023, the median sales price of homes in Ada County was down 16.0% compared to the previous year, marking the fifth consecutive month of annual decline in price. However, March also saw a return to month-over-month decreases, unlike February where there was a slight increase.

With 742 total sales for the county, closings were 9.3% lower than the same month last year. While this still represents a decline, the fact that year-over-year declines have been limited to single digits for the past two months suggests that overall market activity is increasing.

Additionally, the Days on Market metric shows a month-over-month decrease, with homes spending an average of six fewer days on the market in March than in February. This indicates that homes are selling faster, which is good news for sellers.

Inventory continues to accumulate, with 1,134 single-family homes available in March 2023 split into 613 existing homes and 521 new construction homes. This is good news for buyers, as it provides them with more options and time to find the right home.

Furthermore, the Months’ Supply of Inventory (MSI) metric is improving, with an MSI of 1.6 for all single-family homes in March 2023. While this is still lower than the 4-6 months needed for a balanced market, it represents progress.

As we head into the Spring market, demand and movement will likely increase. However, buyers still have negotiation power, and a REALTOR® can help prepare them with options such as down payment assistance programs. For sellers, working with a real estate professional can help with various online and in-person marketing techniques to ensure they are up to date with market shifts due to seasonality, rates, and other factors.

In conclusion, the Boise housing market is showing signs of recovery, with inventory accumulation providing opportunities for buyers. While the market is not yet balanced, progress is being made, and working with a real estate professional can help buyers and sellers navigate the changing landscape.