East End Boise Real Estate Market Report February 2014

Boise's East End is one of the most historic, and desirable neighborhoods in the city.  It is convenient to downtown, Boise State, the Boise River, and the Foothills and has a wide variety of architectural styles from the historic mansions along Warm Springs Avenue, to craftsman bungalows and San Francisco style condos. Because it is such a desirable neighborhood real estate values are among the highest in the city and tend to weather the ups and downs of the market better than some areas.  This neighborhood stability makes it attractive to buyers both from an investment standpoint and for long term ownership. Below is a snapshot of real estate activity in the neighborhood in 2013 and thus far in 2014.

There are currently 14 active and 8 pending listings in the neighborhood. They range in price from $95,000 to $1,175,000. The average price of these homes is $415,085 while the median price is $347,400.  3 homes have sold so far this year ranging in price from $275,000 to $385,355.  The average sold price so far this year is $333,451.  As is the case in all of Ada County market activity has slowed in the last few months.  Part of this is a normal seasonal trend and part of it is due to a cooling of the market compared to the period from June 2012-August 2013 which saw surging home sales and steep price increases.

In 2013 there were 97 home sales in the East End compared to 57 in all of 2012 an increase of over 70%! Sold prices in 2013 ranged from $95,000 to $580,000 with the average price being $310,109 and the median $275,000. In 2012 sold prices ranged from $103,000 to $740,000 with the average being $273,410 and the median $249,900. So the average sales price in Boise's East End increased by 13.4% while the median price jumped 10%.  These are very healthy increases and are generally in line with the overall market during the same period.

The outlook for real estate in the neighborhood remains relatively strong as inventory remains fairly low and demand is steady.  Low interest rates and the continued slow economic recovery also bode well.  Sellers should continue to see rising prices although not at the steep rate that we saw in late 2012 and much of 2013. If you or someone you know is considering moving to the East End there is a lot of information on the neighborhood available on-line.  The East End Neighborhood Association has a very informative web site that includes the history of the neighborhood, a calendar of neighborhood events, and links to useful information for neighborhood residents www.EastEndBoise.com .  You can also learn about the neighborhood by following social media.  The neighborhood association has a Facebook page: https://www.facebook.com/EENABoise or if you already live in the neighborhood you can stay in touch using NextDoor: rooseveltflats.nextdoor.com/login/.  You can also contact me if you have any questions regarding real estate or other topics in the East End.

Posted on February 27, 2014 at 2:20 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , ,

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