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Where have Home Prices in the Boise Valley been and where are they going?
Following is an interesting graph, showing the bubble of home prices for both Canyon County real estate and Ada County real estate, here in the Treasure Valley, Idaho.
The peak of pricing was late 2006 and early 2007. The average sales price for Canyon County for September, 2010, is very close to what it was in September 2002.
So, where are Idaho Real Estate prices going? There are a lot of parameters that may effect prices in the coming months and years. Often, prices may drop slightly for seasonal issues, while in this market and economy, jobs seems to be the biggest issue.
With as many Idaho short sales and Idaho foreclosures on the market (nearly 60% across the board), prices will continue to suffer for a while. Once there is a stabilization of consumer confidence and more jobs, buyers will be more willing to get off the fence and take advantage of the current, low interest rates.
Once prices begin to increase, so will interest rates. One must take the time to calculate the savings monthly, as compared to the interest rate and the sales price.
For more information on Idaho real estate and buying homes in the Boise, Nampa area, contact Accredited Buyer Representative, Don Wixom, Realtor of RE/MAX Advantage in Nampa, Idaho.