Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Real Estate

Homes in Boise, Idaho are “flying off the market”

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.

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    Fannie Mae: Mortgage rates and home prices will rise in ’22

    Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

    Oct 15, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please