BOISE -- Is Boise is a boomtown in the making? Numerous national publications are ranking the Boise area's real estate market as one of the fastest-improving in the nation and local realtors agree.
I got probably three to four phone calls yesterday from friends of mine, out of state, said Treasure Valley realtor Chris Lofthus. They're like, 'Man, you guys are all over the radar!'
Lofthus has been seeing a lot of national news about the Boise market lately and it's all good.
Locally, we're doing fantastic, said Lofthus.
A national survey by Corelogic ranks Boise as the second-most improved real estate market in the nation. Realtor.com lists the 'City of Trees' as one of the country's top ten Turnaround Towns. And Investors Business Daily says the Boise area is one of the next real estate boomtowns in America.
The numbers support all that. Realtor.com said, compared to a year ago, there's 40 percent fewer homes waiting to be sold and the median price is up almost 14 percent. Lofthus said foreclosures are down 40 percent.
Places like Meridian, Eagle, and the Boise North End, those places are coming back like crazy, said Lofthus.
He said he sees evidence of the market rebounding every day. Last week, his agency put in two offers on homes, at or above their asking prices, and was outbid by around four other people.
Yeah, we're seeing a huge push in multiple offers on properties, said Lofthus.
He adds that, without a doubt, the Boise market is just starting to boom.
Over the next 12 to 18 months, we're going to see a jump of 8 to 12 percent in Ada County, just because it was so low, said Lofthus.
While the Boise market was low, according to experts, it wasn't nearly as bad as in some other markets, like Florida or Arizona. So, Boise doesn't need to rebound as much.
However, Lofthus said it will probably never get back to the level it was at in about 2005, which he said is a good thing since families were getting into homes they couldn't afford.
Lofthus also said short sales are almost non-existent now, and that buyers who have put homes up for short sale will be helped by new regulations that allow them to buy again sooner.