In Boise, home prices are up and supply is tight

Photo by Alden Skeie on Unsplash

In Idaho, Intermountain Multiple Listing Service stats are showing home prices are up, and supply is down by 18 percent from an already-tight market in 2017. Construction in Idaho is booming, and many construction companies are focused on higher-end homes versus entry-level projects. 

John Sowell | Idaho Statesman

It’s beginning to feel like “Groundhog Day” whenever the Intermountain Multiple Listing Service releases its real estate sales statistics for the previous month.

In the 1993 film comedy, Bill Murray’s character, a television weatherman, covers a Groundhog Day celebration, only to be caught in a time warp where the day repeats itself again and again.

Real estate sales in Ada and Canyon counties have taken on that vibe this year: Only a small number of new and existing homes are available on the market, far too few to meet demand. Median sales prices are high, and there doesn’t seem to be any end in sight for a market that has less than a month’s inventory of available homes at the current sales pace. Prices break records month after month as desperate buyers offer more than already high asking prices.

To read the rest of the article, click here: People coming to Boise see house prices and say, ‘Oh my goodness. I had no idea.’