The Effect of Spring on the Boise Housing Market

The housing market is blooming in time for spring, with March and April showing a pick-up in home sales. Recent market reports compiled and generously shared by Amber Stockert-Hall of First Class Real Estate, Keller Williams Realty Boise show an up-tick in home listings and pending sales throughout the month of March, with closed sales more than doubling into April. January broke precedent with the first drop in median prices of homes sold in a long time, but the usual March bloom of rising listings and prices signifies a return to Boise-normal.  

For both Ada and Canyon counties, March was characterized by an increase from the tamer home sale numbers that defined the winter months. Across the board, pending sales increased for both new constructions and existing homes. Over 200 more active listings were recorded in March for Ada County, presenting a myriad of new options for anyone looking to relocate to or invest in Boise. Additionally, records indicate a rise in pending sales on new constructions a potential spur for home builders.

January’s dip in median home prices returned to the normal rise in February, but despite these higher prices, February also showed more active listings for homes in Ada County. Ada broke a previous trend of reporting lower numbers in the same month of the previous year. March and April are likely to do the same according to the available data. Perhaps this will set a new trend in the Boise housing market with more housing options  available.

Comparatively, this March reported a higher number of pending sales on existing homes than March of 2018, with an increase of nearly 25%. Despite the boost in activity from winter months, new construction pending sales is actually down 11.5% from March of last year, but average sold prices have gone up.