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Real Estate

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With less than a week's worth of inventory, buyers are bidding up to six figures over asking prices

Boise-Idaho-HW

Boise, Idaho was the No. 1 midsized housing market to watch in 2020, according to Zillow, because of its draw for young professionals, families, and retirees alike. In 2018, Forbes ranked the city No. 1 on its list of America’s Fastest Growing Cities.

The demand is clear — the Boise housing market has just 0.3 months worth of supply, according to Keller Williams Realty Boise, and homes typically stay on the market for just five days. That has led to a sharp increase in the median home price to $390,000, a 16.4% increase compared to this time last year.

Steven Caporale, founder and principal of Accel Realty Partners in Boise, has been in the industry for 25 years and said he’s never seen the housing market look like this.

“In high-demand areas where only one or two properties come on the market, maybe in a month, we’re seeing [buyers paying] upwards of $100,000 to $150,000 over asking price.”

It’s not uncommon to hear that bids on homes are that high, according to Stacie Herrig, a Realtor with Epic Realty in Meridian, Idaho, and sometimes she can see 10 to 20 offers on a home. Especially if a home has acreage, it will “fly off the market.”

Herrig said the demand leads to really quick turn times.

“I’ve talked to an agent and they’re like ‘Oh yeah, I had this coming soon and I already had an offer on it.’ They’ll just write an offer sight unseen,” she said.

In Ada County specifically, where Boise is located, the number of homes for sale dropped from 1,697 last October to just 355 in October 2020, a 79% decline. There’s 0.35 months worth of housing inventory, which is the lowest ever, the report from Keller Williams said. Notably, in 2011, existing home prices in Ada County were at $160,113. Now, in 2020, median existing home prices are at $410,414.

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