‘Canyon County, about eight out of 10 listings have had price cuts, the biggest share in the U.S’ Bloomberg
Last week, we reported on a national real estate expert predicting a coming housing crisis in Boise. You can read that story here. Today, we note that Canyon County now leads the nation in price reductions, reports Bloomberg.
The data reveals that buyers appear to be gaining an advantage over sellers. Multiple publications have documented Boise and the surrounding housing markets have risen 35% in value year to year. In the last five years, home values in Boise doubled in the last five years.
The Treasure Valley and the entire Idaho housing market are still some of the hottest in the country. What Bloomberg noted is that the days of multiple offers in Canyon County appear to be over. One home was listed at $619,000, including exclusive amenities, hasn't sold even though it was discounted by $44,000.
Rick Palacios, director of research at the John Burns real estate consultancy, shares his research with Bloomberg, "Canyon County was the least affordable relative to its average wages and housing costs in the past, based on an Attom analysis of more than 300 counties with a population of at least 200,000 people. Boise’s home of Ada County ranked second."
Local real estate agents have been critical of the outside analysis of the Idaho market. They've told us that we're only getting half the message without insider access to the Intermountain MLS. However, Canyon County is number one price reduction, followed by three Utah counties, Ada County and Salt Lake County, Utah. Perhaps it's a regional situation or that historically home buying and selling decreases as folks get ready for the holidays.
The good news appears to be that buyers will not have to compete with the same hyperintensity that the area saw over the summer. Some homes in our area were on the market for as little as a day. Real Estate agents told us it was not unusual to see homes sold for as much as $60,000 over the asking price.