Boise Housing Market Continues to See Improvement

Sometimes it feels like Boise is in a weird bubble of economic stabilization and growth. Although there are slow signs of recovery nationally Boise has become a bit of a boom town again. In May 2011 the median home price was $143,000, May 2012 say the median price raise to $179,900! That is a 25.8% increase in 12 months. That is astounding. This was not an over night jump but a steady increase of a percentage point month over month. Around the first of the year it became evident that the bottom had come and gone. We held our collective real estate breaths waiting to see if spring would bring continued improvement, and boy has it.

Buyers are out in droves fighting over the few decent homes on the market. Multiple offers are the norm driving prices up to levels that make appraisers pull out there hair trying to find comps to justify prices (and many time squashing deals because they will not appraise). Buyers are even starting to bring in cash to make up the difference between offered price and appraised values. New construction is booming. A year ago building permits took a week to 10 days to issue, now it is common to wait 4 to 6 weeks.

Micron Technology has pages of positions available waiting to be filled. New retail outlets and restaurants are opening on what seems like a daily basis, may times bringing with it 100+ jobs. We are are back on everyone radar as one of the best places to live and raise a family. Locally we are certainly feeling the recovery!

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