By Mike Turner
All real estate agents are being asked by their clients what they think this coming year will be like for real estate. I am never shy about giving my real estate predictions, so let’s take a look at the upcoming year.
Normally, I feel like the only optimist in the room. Those days are over.I have noticed a shift toward optimism in both consumer and industry professionals regarding real estate in the Boise area and nationally. Most agents I speak with are very optimistic about 2013, and they should be.
2012 was a fun year to make predictions because I saw so many big changes about to happen. 2013 is less exciting for me because I see less movement in the market, which is a good and healthy thing, but less fun to talk about.
I will share ALL my 2013 and 2014 predictions at this year’s Boise Real Estate Summit this spring, but here are few.
- Inventory will swell to 2500 homes or 10%+ increase. The positive national news is getting a lot of people confident that they may be able to sell in 2013, more will try.
- Sales will not change much, within 2-5% change either way. The lack of low priced inventory will slow sales of local consumers, but we will see more people moving to Boise that still see Boise as affordable. Balanced.
- Price: Median sales price for Ada will move from the current average of $175,000 to $185,000+. I don’t think we will ever see Median price below 150k again, maybe not 160k. Even in winter months.
Overall, Boise is ahead of most markets in its recovery. 2013 will be a good year for Boise.
Let me know if you agree or have other opinions.