Year to date home prices are up 12% in Ada County according to the latest data from Intermountain MLS.
Since January of 2011 home prices have been trending upward for the first time in years. These price increases are directly related to the low supply of homes on the market and the growing demand for Boise’s new affordability for housing.
Ada and Canyon County have only 4 months of inventory on the market right now, while the national average is at 9 and a half months.
For the home prices in Boise to be UP 12% since January is big slap in the face to all these national firms and so called housing experts that have been predicting additional price declines in 2011 for Boise.
For example, earlier this year Forbes Magazine put Boise Metro in their Top 5 worst cities to see price drops in 2011. Their prediction was a 7% drop in home prices for this year.
Well, in addition to the 12% INCREASE in home prices for Ada County, the valley housing market is reporting positive growth in the last six months.
This makes a strong argument that January or February of 2011 will likely be the market bottom for the Boise housing market.
The problem is that it takes over a year to really prove a market bottom, so we won’t really know for sure if the Boise housing market has hit bottom until at least January or February of 2012.
But for the moment, let’s just enjoy the positive housing news while we have it, and put the negative past behind us.
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