Metrostudy data for the Boise City market shows that sales slowed in 2014 with fewer new and existing home sales in the first-quarter. Overall closings cooled slightly from 4,120 to 3,734 from 1Q13 to 1Q14, with existing home sales falling from 3,623 to 3,255 and new-home sales decreased from 497 to 479 year-over-year. Although the median closing price for both new and existing homes in the Boise City market is steadily on the rise, homes in the area have maintained affordability. The median closing price for existing homes in the first-quarter reached $165,100, which is an increase from $161,100 the year before. During the second and third quarters of 2013, however, the price of existing homes hit a median $176,000. New home prices, however, have been on a steady incline. In the first-quarter, new-home prices reached $236,300 up from $208,700 year-over-year. The price per square foot has also appreciated in the market, hitting a median $107 per square foot for existing homes up from $86 and $116 for new homes in 1Q14. In the fourth quarter of last year, the median price per square foot peaked at $127 per square foot.
The average household age for homebuyers is significantly lower for new homes than existing in the market, at 42 in the first-quarter for the new-home buyer and 46 for existing. Average household income has been consistently in the high 70’s for both new and existing homebuyers throughout the last four quarters. Although closings have declined slightly in the market, steady household incomes and low unemployment in the market might help boost sales in the summer and fall selling seasons. For June, the Bureau of Labor Statistics reported unemployment in the market at 4.5 percent significantly beneath the national 6.3 percent.
Learn more about markets featured in this article: Boise City, ID.