Year in Review

2021

The frenzy continued!

2021 continued in the footsteps of 2020 and the luxury market was off the charts. Million Dollar home sales which used to be a rarity, are now quite commonplace in the valley. The mass migration taking place in the U.S. continues to be the driver for demand and the price appreciation in the Treasure Valley.

The number of sales over $1 million increased 141% from 2020. (756 units vs. 314). The average days on market was 20, compared to 43 for 2020. New construction contributed 173 homes for a 23% share of the luxury market. As of January 1st, there were 159 homes over $1,000,000 with an accepted offer. The market inventory was at 1.6 months as of January 1st indicating a strong seller’s market. A balanced market is considered 4-6 months of inventory. There are no price points within the Treasure Valley that have a balanced market so buyer demand remains very high.

For the sake of space, the tables enclosed in this report are for sales over $1,250,000. For a full list of all sales over $1,000,000 please visit Boisesir.com/luxuryreport.

We wish you and your family a safe, healthy and successful 2022.

Best Regards,

Troy Owens, Mogie Holm & Ashley Cox 208.995.1735 | 208.841.0530 | 208.949.5583

Cash purchases represented 36% of the market in 2021 compared to 43% in 2020. The low mortgage rates during 2021 was most likely the cause of the lower number of cash sales.

The question we consistently hear is, “What is the market going to do next year?” Without having the crystal ball, we must make educated projections. Our appreciation rate cannot continue as it has the last couple of years. We expect prices to level off and flatline where we are. The Fed has mentioned they will be raising interest rates in 2022 which will definitely affect the purchasing power for buyers. If rates substantially jump, then prices could pull back.

Data provided by Intermountain & Mountain Central MLS's