Real Estate Blog - Market Info

9 Quick Takeaways About Buying & Selling a Home in Boise in 2023

Is this year a good time to sell my Boise home? If I want to buy a home this year, how can I time the market?

These are just a couple of the questions we’ve been hearing more frequently as the spring real estate market approaches.

We know that home buyers and sellers have a lot of questions right now. And not only are we consistently reviewing local market stats, but we’re actively working with buyers and sellers throughout Boise, too. In this post, we are sharing 9 quick takeaways about Boise’s current real estate market.

Here’s what you need to know about buying and selling a home in Boise in 2023:

1. We expect a very strong spring 2023 real estate market here in Boise.

At the end of January 2023, pending sales were up over 2022. The past…

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Just Listed! Ten things I love about 6455 W. Biathlon in Eagle, Idaho

I am so excited to bring 6455 W Biathlon to the market in Eagle, Idaho! This home is a wonderful mix of beautiful design and incredibly livable location. There is so much to love about this home--I thought I'd share ten things I especially love. 

Kitchen

This is a dream kitchen! The quartizite and concrete counters, imported hardware and designer lighting create a kitchen space that is elegant and incredibly current. I love the Wolf appliance package that includes the top-rated six-burner range and high-tech double ovens. The built-in Sub Zero fridge top-of-the-line and adds to the feeling of luxury and elegance. The farmhouse sink is as charming as it is functional and the cabinetry and finishes are luxurious and cutting-edge.

Curb…

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Spring-ing Forward in the Housing Market

The first 3 months of the year saw a reduction in same month sales; April changed that trend. Even though we had 74% fewer properties available, we sold 14% more units in April 2021 than we did in April 2020.  Pending contracts – contracts that are executed but not yet closed – were also up 16% over the end of last April, promising the continuation of a strong market.

Although the number of properties sold in the first 4 months this year were 3% lower than the comparable period of last year, the average price was an astounding 31% higher and the median price was 28% higher for sales during that period.

One surprising continuing trend is that the price per square foot of resale homes is about 6% higher than the price per square foot of new…

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March Numbers Just In — A Time to Sell?

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…

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The 2020 Ada County Housing Report – Group One Sotheby’s International Realty

This is our annual report on the Ada County housing market. You may find that other sources report slightly different results. Our source is the Intermountain Multiple Listing Service and we follow all the major housing choices available to buyers including single family detached housing with up to 2 acres of land, townhouses and condominiums.

Significant issues of the year are:

• housing inventory (properties available to buy as of December 31) has decreased significantly
• in spite of the decrease in inventory, unit sales have increased
• because of the limited inventory, prices have increased by about 14%

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2020 Real Estate Market in Review

(Taken from the Boise Regional Realtors December 2020 Market Report)

“The year started strong with January 2020 sales 21.5% higher than in January 2019 but began to taper off in February and March as the uncertainties of the pandemic made their way to our local market. In April and May, when our spring market typically begins to ramp up, sales activity dropped by 19.5% and 29.7%, respectively, because of the government-mandated shutdowns and restrictions.  

Sales began to pick up in June, then jumped 22.0% year-over-year in July and remained elevated through November, compressing nearly a year’s worth of activity into just six months. 

A major factor that pushed home prices up was insufficient supply compared to demand, especially…

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New Exemption Benefits Homeowners Sooner

Property owners in Ada County help support a myriad of services. You’ll notice line items on you annual assessment for emergency medical, ACHD, College of Western Idaho, mosquito abatement.

On your primary residence you are eligible for a “homeowner exemption” for your property taxes. According to the county assessor this “allows 50% percent of the value of your home including up to one acre of land to be exempted, or up to $100,000 worth of exemption; whichever is less.”

You do not get an exemption on property taxes for any investment properties (like rentals) you may own.

Until recently, if one purchased a home that had previously been a rental, the new buyer didn’t receive the exemption if they closed after April 15. The new owner…

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Sellers Rejoice: Monthly Stats Continue to Impress

Each month, the Boise Regional Realtors releases stats for all areas of Ada County. Since last summer, the rising prices and decreasing number of listings throughout the Treasure Valley have been both revealing and fascinating.

To say that we are experiencing a “strong seller market” is an understatement! According to October statistics, the median days on market is 20 days and the median list price is up nearly 15% since last year.

In a traditional, steady, market, home owners can count on 3% annual appreciation in Ada County. Using one of our favorite neighborhoods as an example, let’s look at what has happened on the Bench (area 400 in real estate terms) over the past year.

The Bench is considered an older part of Boise,…

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Building Your Dream: New Construction Options in Boise

Do you want to live in a planned community? Maybe you want a brand-new house in an older neighborhood? In this video, the Pettitt Group’s Chris Fuhrman and Emily Shultz describe what new construction looks like in the Treasure Valley.

Chris Fuhrman: Hi, I’m Chris Fuhrman.

Emily Shultz: And I’m Emily Shultz.

Chris Fuhrman: And we’re with the Pettitt Group and our topic is new construction.

Emily Shultz: So we’re finding a lot of builders are needing to fill the gap in our inventory and trying to build wherever and however they can to meet the demand.

Chris Fuhrman: Thinking about new construction purchases, what’s important for a buyer to keep in mind when they’re in our area?

Emily Shultz: Well, I think first of all, it’s…

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It’s a Hot Market: What You Need to Know to Buy in Boise

Boise, Idaho has been at the top of “hot market” lists for years. In this video, the Pettitt Group’s Andrea Pettitt and Chris Fuhrman breakdown the process of buying and selling in a busy market – whether you’re the buyer or the seller.

Andrea Pettitt: Hi, I’m Andrea Pettitt with the Pettitt Group.

Chris Fuhrman: And I’m Chris Fuhrman with the Pettitt Group.

Andrea Pettitt: And we’re here to talk to you today a little bit about our current hot real estate markets.

Chris Fuhrman: One of the most important things when you say that, Andrea, comes to me is that that preapproval, which is always all important part of the process, you need to know if that’s in your budget. But more importantly, it’s a requirement for participating in the…

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