ResalesBoise, Idaho Suburb Enjoys Housing Boom
"Centrally located in the Treasure Valley and known for its quality of life, the Meridian area offers excellent schools," says Realtor Tom Zumwalt, " and affordable housing, a growing business climate, and an active community life. A wealth of recreational opportunities are within easy access of the city. Just 10 miles from Idaho"s capital city of Boise, Meridian residents can take full advantage of the cultural offerings and professional sporting events offered there. Meridian, however, retains its unique identity as a place that treasures its past, appreciates the present, and looks to the future with a spirit of harmony and prosperity."
About the market, Zumwalt suggests, "Business is good right now and homes are still selling. The market is very active right now. The interest rate is low and it is a good time to buy or sell. As of February 2004 compared to February 2003 in Ada County the total number of homes on the market increased, the total number of homes sold increased, the median price increased, the average price increased, and the days on the market decreased. The days on the market have decreased by 5 days."
Says Realtor Raylene Kinyon, "The local economy continues to strengthen. Home sales continue to be strong, driven by low interest rates, and automotive sales rebounded. The employment market continues to fluctuate, with unemployment decreasing from 4.5 percent to 4.3 percent in the Boise MSA. However, total employment for the area decreased by 1,454 and the labor force shrunk by 1,916. Idaho"s unemployment rate decreased 2 tenths of a percent while employment grew by 2,600."
Kinyon explains, "For the first time in 2004, Boise construction permit activity in March finished ahead of the comparable month a year ago. *The Boise Planning and Development Services Department"s monthly report showed the agency issued 1,167 building permits in March, up two percent over the 1,141 permits for the same month a year ago.
"*Consumer prices in the Treasure Valley inched up 0.1 percent in March, with higher gasoline prices offset by a drop in food and healthcare costs," says Kinyon. "*The increase was well below the national seasonally adjusted gain of 0.5 percent. Idaho"s jobless rate fell by two-tenths of a percent, to 4.6 percent and 2,600 new jobs were created in March, up from 2,100 new jobs in February. The state"s available pool of workers grew by 1,300. Idaho"s nonagricultural employment is improving. First quarter of 2004 non-ag employment is expected to reach nearly 569,000, a 2.0 percent improvement compared to the first quarter 2003."
*The result for the housing market, says Kinyon, is that new home sales were up more than two percent throughout the Treasure Valley in March. "*Treasure Valley experts have been predicting that interest rates that have begun to creep up, coupled with higher costs for materials and labor, would eventually bring a slowdown in the area housing market, however homebuyers are still scrambling to take advantage of the low rates. Increasing signs that the economy"s recovery is gaining momentum have pushed bond rates up, causing long-term mortgage rates to rise."
*Figures supplied by The Idaho Statesman.
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