Boise Market Update

Boise Real Estate Market
Recent 3 Month Snapshot for you as we move into December

Market Activity:
The market remains stable, with a pending ratio of 43% mirroring the 6-month trend we've been seeing. Inventory is holding steady at just over 2 months, signaling a balanced environment but still favoring sellers in the entry and move-up ranges.

Pricing:

• Average active list price: $762,500
• Average pending price: $699,500
• Average sold price (past 3 months): $635,400
  Homes are closing at 98.6% of their final list price, showing sellers are achieving close to asking, and buyers have some, but constrained negotiating opportunities. 

Days on Market:

• Active listings: 62 days on average
• Solds: 40 days on average
  Homes are taking slightly longer to sell compared to the broader 6-month average, so sellers should be prepared for a moderate timeline.

Segment Highlights:

• Entry-Level (up to $500k): Still the most competitive, with a 50% pending ratio and only 1.8 months of supply. Homes sell at 98.2% of final list.
• Move-Up ($500k–$1M): Pending ratio is 41%, with homes closing at 99% of final list price and averaging 39 days on market.
• Luxury ($1M+): Slower pace, with 110 days on market for active listings and only 34 days for recent sales, but fewer homes pending (35% ratio). Sellers in this segment may need to adjust expectations on timing.

Quick Advice:

• Sellers: Entry-level and move-up price points are moving the quickest right now. Price accurately and expect about a month and a half to sell at least. The holidays could impact this, but pricing appropriately is always the key.
• Buyers: Inventory is stable, but desirable homes, especially those under $500k, require swift action when you've found the one you love. It's important to use specific neighborhood data to make a desirable and reasonable offer to a seller. 
  
  
  
  For questions specific to your neighborhood, please reach out to us. Happy December!