Quarterly Real Estate Update
Boise ID Metro Area
Q1 2022 Update

Home Prices Resume Climbing in Boise Metro.
The market slowed during the off-season in Idaho, but started the new year with a strong showing for the first quarter.

Boise Metro Home Prices- Q1 2022
Quarterly Median Existing Home Prices are the most reliable indicator of housing market price trends. Monthly numbers are too small and erratic. I also use only existing homes in my chart, as the ebb & flow of new construction can skew the numbers.

AdaCanMedPriceQ419.gifThe Ada County median existing home price for Q1 2022 was up 3.9% from the previous quarter to $535,000. Last year, the median jumped an amazing 11.25% in the first quarter, so this represents a major slow-down in price appreciation.

Year over year, the Ada County median existing home price is now up 16.4%.

The Canyon County median existing home price for Q1 2022 jumped 5.2% from the previous quarter to $405,000. That's a big jump and sets a strong pace for this year.

Year over year, the median in Canyon County is now up 19.1%. With lower prices than Ada County, there is room for prices to continue rising here.

Boise Median Home Price Comparison
This table helps you compare Boise Metro existing-home median prices and trends with national, regional and most relevant major metros covered by NAR in their quarterly report. Please note that NAR blends prices within metro areas and those numbers may not exactly match our local stats.
Copyright 2022 National Association of REALTORS®. All rights reserved.

Boise Metro home prices have been climbing fast for years. We surpassed the national median home price in 2018, but remain far below the more relevant western region. Also note that Boise Metro home prices are well below our nearest neighbors large enough to make NAR's list; Salt Lake City & Reno. 

The year over year column shows the change from Q1 2021 to Q1 2022. Boise has been near the top for fastest appreciating metros for the last few years. Now 71 major metros have experienced appreciation rates equal to or above Boise over the last year. So much for fears of a local bubble!

Housing Inventory Shortages
Supply is expressed in months inventory would last at the current pace of sales as indicated by pending contracts- next month's sales. Locally, our supply levels are a fraction of normal and this is virtually a guarantee that prices will continue to climb until supply grows substantially.

In a typical year for the Boise Metro, supply bottoms out in summer with high demand and peaks in winter with low demand. Ignoring the covid year, this is a normal annual trend in the Boise Metro. This year, supply started climbing early, but the pace of sales (as indicated by pending contracts) has not slowed yet. I will be watching for signs of a trend. We will need many, many more listings for inventory levels to climb. If you are one of those future buyers hoping for a downturn, don't hold your breath. Supply will have to reach near 6 months before prices will go flat or down and that could take some time- maybe years. Today, we have just over a 2-week supply of homes that should continue to drive home prices higher.

Premiums Return In Boise Housing Markets

The spring rush is heating up. After a 6-month reprieve, the average home buyer paid MORE than asking again in March. Note the green line falling below zero again, indicating a premium. The average sale price in Ada County was 0.53% ABOVE asking in March. Canyon County numbers are similar, but have not moved into premium territory yet.

Back in 2008-2010, the average discount off asking reached almost 5% as you can see by the bump in the green line. In early 2021 the market was so tight and bidding wars so prevalent that the discount became a premium as high as almost 4% over asking.

I have many more charts in my Market Monitor for more information on Boise Metro housing markets and trends, updated monthly.
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