I am pleased to be able to share some decent news about the Boise Real Estate Market with a really cheesy grin! I don’t claim to be a prophet with regard to markets and I also don’t want to cry wolf, but for the last 3 weeks I have been watching the Market Action Index. The Market Action Index is a metric that answers the question “Hows The Market?” by measuring the rate of sale by the amount of inventory. An index over 30 implies Sellers Market Conditions, while an index below 30 suggest conditions that favors buyers.
Early this summer I was watching the Market Action Index (MAI) spiral into what seemed to be an abyss! But about a month ago, I started noticing that it was flattening out and bouncing around the 17 mark. After looking at my most recent reports over the last few weeks, I have been watching the MAI increase and work it’s way up to about 20. While this is a far cry from a more balanced market, it is a mildly positive indicator for the market.
I’m also happy to see that inventories have been decreasing as well. If these conditions continue, (increased activity and decreasing inventory) then you will start seeing better values for homeowners.
Boise Market Update for the week of 11-16-08
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