Categorized | Residential

Home Sales Up in Boise, Idaho

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The residential real estate market in Boise, Idaho is quickly establishing itself as one of the stronger markets in the United States. While many cities are faced with a buyers market, Boise has countered any and all trends by remaining a sellers market. Home sales in Boise are up more than thirty percent from last year.

Although home sales are up in the city, overall prices remain very low, largely due to the number of foreclosures and short sales. More than fifty percent of the homes sold in Boise are either sold short, or were owned by a bank. Nonetheless, most cities in the United States are faced with similar situations, and have not yet experienced the growth in sales as seen in Boise.

Home values in Boise are down more than thirty percent since the height of the real estate boom in 2007. The average sale price for a home in Boise is just shy of one hundred and fifty thousand dollars. Analysts attribute the limited supply of homes on the market as being one of the primary reasons for the depressed prices.

While fewer homes on the market would generally indicate increased demand, the situation in Boise, Idaho is a bit different. Many of the homes on the market are considered to be near the bottom in terms of value. Others are foreclosed properties being sold for pennies on the dollar by banks.

There is hope among real estate agents in Boise that, as demand continues to increase and supply continues to dwindle, home prices will once again start to increase across the city and its surrounding suburbs.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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