![]() ![]() Bidding wars are statewide, even in rural vacation enclavesĪ two-hour drive from Boise, the rural vacation town McCall has the same dynamics. "We are up 53% from 2019 with amount of homes selling for $1 million or more" year to date in 2020, he added.Ī number of properties have sold for more than $100,000 over the asking price in locations spanning Boise and its suburbs, according to Bauscher: "75% of our clients have multiple offers on properties," he said.īoise isn't the only area in Idaho setting records. The index, which gauges homebuilder confidence for six months ahead, saw Western confidence jump 15 points to 78, the highest of any region.īauscher said that in Boise, the median and average prices were both up 15% from record numbers in 2019. The West in general is a beneficiary of the trend, as it led the rise in the National Association of Home Builders and Wells Fargo Housing Market Index to a record high in August, matching the level previously set in 1998. In short, people are moving to states similar to Idaho.īusiness Insider's Madison Hoff reported that of the states more people have moved into than out of during the pandemic, Idaho had the largest net gain at a whopping 194%, followed by New Mexico at 44%. An August research note by UBS said the trend of "interstate migration to lower-cost, more tax-, business-, and regulatory-friendly states" seemed "structural in nature," meaning permanent. Something bigger appears to be going on here. Nationally, the end of June marked the second straight month that over 50% of Redfin offers faced bidding wars, and Bauscher said the low inventory has driven bidding wars to new extremes. If no one lists for 15 days, there will be no inventory at all in Treasure Valley." Usually five to six months of inventory is normal. Treasure Valley has a total of 15 days of inventory. "New construction is over 35% of the market there's no inventory at all. "COVID has exceeded the demand unlike anything we've ever seen," he said. But Bauscher said that history didn't prepare him much for 2020. The personal-finance website WalletHub recently ranked Boise as the best place to buy a house in the US based on housing-market attractiveness and economic strength, and the city's housing market has set records every year since 2013. The property had been on the market for only three days, was listed at $545,000, and sold for $650,000.īauscher, who leads one of the top real-estate teams in Idaho, according to Real Trends, said this was an unprecedented market, a total "feeding frenzy." Inside the feeding frenzy Having grown by 2.1%, the state is now home to 1.8 million residents.Īnother bidding war, for a single-family 1,200-square-foot home in Boise's sought-after North End, had 21 offers and "went over the listing price cash by $105,000," Bauscher said. Bauscher said it was just one of many bidding wars he's seen lately as demand in Idaho skyrockets.Ĭompared to the rest of the US, Idaho had the largest year-over-year population increase in 2020. That was after a bidding war in which a buyer made a "no-cap" offer on a luxury property, hoping to beat every competing offer, no matter the cost. "We ended up getting the house for $125,000 over the listing price," Matt Bauscher, a real-estate agent in Boise, Idaho, said. Visit Business Insider's homepage for more stories.A top Boise agent said the market was operating with 15 days' worth of inventory, instead of five to six months in a more balanced market.Business Insider spoke with top real-estate agents from all over the state - Boise, Sun Valley, and McCall - and each said they've seen a massive influx of buyers.Having grown by 2.1%, the state is now home to 1.8 million residents. Compared to the rest of the US, Idaho had the largest year-over-year population increase in 2020.A report by WalletHub ranks Boise, Idaho, as the best real-estate market of 2020, based on housing-market attractiveness and economic strength.The shift to remote work that accompanied social distancing is driving many urbanites to move to less dense areas - and the mountain region is a major beneficiary.Account icon An icon in the shape of a person's head and shoulders.
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