Hey everybody Dave Edwards Treasure Valley Dave here, and today I want to talk about what’s going on in the real estate market across the Treasure Valley in my Boise Housing Market Update.
Home Prices Have Dropped
I was looking through my emails this morning and I had one from Dave Ramsey. He shared some really good questions and information. He said nationwide inventory is low but it is growing. What does that mean for buyers and for sellers? Home values are still Rising across the country except for four Metro areas. From December of 2021 to December of 2022 there were four Metro areas out of the 400 largest metro areas that actually saw values come down. One was San Francisco. I can’t imagine what’s going on there. The other was Austin. Then Coeur d’Alene. And lastly, the Boise area. Those last three had shot way up last year and now they’re just kind of correcting.
Canyon County and Boise Housing Market Update
We have the top three areas that sold houses in December. They are Nampa, Caldwell, and Middleton. The median price is $640,000 but there’s some places you can get your money to stretch a little bit further like Caldwell. The Canyon County average and the national average are very very close. The national average comes in at $379,000 which is quite a bit over $344,000. The Treasure Valley didn’t get priced out.
Canyon County inventory has gone up this month all the way back to where they were in 2006. Prices were continuing to go up and up and then they peaked out. Now, they’re coming back down. Everyone that was saying “I’m going to wait for prices to come back down” or “I’m going to wait for the crash” well, the crash never happened. I don’t think a crash is going to happen.
Inventory is cyclical too. It goes up and down with the seasons. In the winter it comes down, and peaks in the summer, then comes down in the winter. And why is that? Well, a lot of people don’t want to move during the holidays and so they take their home off the market. They know that Springtime is going to have more of a demand for houses. Traditionally, it’s when kids are about ready to get out of school. That’s when people are wanting to buy.
For every house that’s selling there’s four in inventory so that’s still a pretty decent amount of houses available.
If you’re thinking about Idaho, maybe it’s a place that you want to check out because you’ve heard a lot of good things about it give me a call or send a text to 208-860-2004 or email our team at email@example.com we’ve all moved here from someplace else and we’re all so absolutely glad that we did.