BOISE - Boise real estate agents are currently reporting the biggest housing boom in the nation.
RE/MAX compared data collected from the Multiple Listing Service (MLS), and it shows that Boise real estate agents saw the greatest increase in sales from January 2013 to January 2014, making it the highest sales increase in the nation.
Boise real estate agent Sheila Smith said she was not surprised by the report, because business has been very busy, and that it just accentuates what's been going on over the last year. She also says that in January, there were more than a thousand pending home sales.
People are starting to move, they're starting to be able to get the value that they want in their homes, so that they don't' have to short sell it, they don't have to foreclose, that sort of thing, said Smith. People are finally having those options to upgrade, to move.
Smith said based on what she's experience thus far, she thinks February 2014 may beat February of 2013.
I listed a house this morning and I had over 20 showings and a house in that price range a couple years ago, I would have been lucky to have a showing for the whole week probably, she said. So it's showing a big positive turn that we're all pretty excited about.
Smith believes there are many factors behind this positive sales increase including low interest rates, low inventory, still reasonable prices and the rebounding economy.
The inventory dropped down so low during the big downturn that we just aren't keeping up, Smith said. The builders are scrambling to pick up the pace and keep up with the demand but we're just behind, so until we can get that volume up again, you're just going to see, due to basic supply and demand, see an increase in prices in my opinion.
Smith said this is a great time to be a seller, buyer and real estate agent in this market.