Boise Real Estate Market Update: Housing Inventory at Record Low

Last week, the Boise, Idaho real estate market was named by national press as one of the metro market areas most likely to see significant home price appreciation in 2012. In my opinion, this is largely due to what is going on currently with our housing supply market. From February-December of 2011, Boise saw a 50% drop in our number of available homes for sale. This came on the heels of 6 straight years of declining new construction sales, and 3 years of foreclosures pushing home sales to rock bottom. The ultra low, foreclosure-fueled prices not only discouraged many existing homeowners from listing their homes, but also caused a bit of a buying spree amongst those with available capital to purchase homes. Now the foreclosure supply is dwindling, showing a 60% drop in the last year, and our overall housing inventory is nearing a record low. What does this mean? It means that 2012 will, just as the national press predicted, more than likely see an increase in housing prices as buyers compete for the relatively low available supply. So, if you're one who has been waiting to put your home on the market until prices started to recover...this could be your year!