Updating the monthly statistics from the Intermountain Multiple Listing Service used to just be a rote task composed of low-energy/low thought data entry. But over the last several months, this has actually been an exciting reveal to which we look forward! The first quarter of 2021 has surprised buyers, sellers and even the agents and staff at the Pettitt Group.
It’s no surprise that the Treasure Valley is experiencing another surge of growth in the real estate industry. Much of this is likely attributed to the Covid 19 pandemic that changed the way Americans live — and the way we now “live” in our homes. With so many industries discovering the ease of sending their employees to their home offices, kitchens and living rooms to work safely, America is discovering the opportunities to live and work more affordably, in a community of their choosing.
Boise has seen an influx of buyers from every demographic: singles, families, empty nesters and retirees. And it’s not just Californians who continue to flock to the Treasure Valley seeking a healthier, more affordable lifestyle close to year-round recreation, great restaurants and big-city culture with a small-town friendliness. Sellers reaching out to The Pettitt Group hail from New England, the Midwest, the Northwest and even Texas.
Over the last couple of months, low inventory for existing homes (also referred to as “resale,” as opposed to “new construction”) has remained about the same in each area of Boise that we track. Low inventory ranges from just a handful in East Boise, to about a dozen in Southeast, Northwest and West Boise to around 20 available homes in North Boise and also on the Bench.
During January and February, every neighborhood in Boise rose $5,000 in median sale price each month–that means a $10,000 gain in median sale price over two months. The real shocker is that Northwest Boise’s median sale price climbed $17,000 in the month of March alone!
If you are a stats nerd — or even an English major — give us a call to talk numbers, decipher numbers, or put these numbers to work for you!
Click here for March Resale Housing Statistics in Ada County