Idaho – Realtors Hoping for a “Gem” of a Year in the Housing Market
“Slow”. That’s the word best used to describe Idaho’s recovery from the Great Recession. The Gem State lost 59,000 jobs after the housing bubble burst, and by the time 2012 came to a close, it had only regained about 8,000 of them.
As devastating as the recession was in the rest of the country, the real tragedy in Idaho was that the Gem State was one of America’s leaders in job creation before it hit. But, finally, the jobs market here seems to be headed in the right direction.
So, what about the housing market?
The best word realtors in Idaho have to describe the recovery here is “stable”. Rock-bottom is getting further in the rear-view mirror, the number of foreclosures has finally started to go down, and home values are starting to go back up. As a result, that slow recovery that Idaho’s economy is seeing overall is extending into the housing market.
In two of Idaho’s biggest counties – Ada and Canyon – the drop in foreclosure sales between 2011 and 2012 was dramatic. Specifically, both counties saw their number of foreclosure sales cut by more than 50%. That’s great news for a state that was one of the nation’s leaders in foreclosures in 2011.
So, what about Idaho’s biggest city – Boise?
There is a big demand for the homes for sale in Boise. That’s because the city has rapidly turned into a destination for people who are looking for a more affordable place to call home – especially people from California, who are tired of sky-high costs of living.
There wasn’t a whole lot of building going on in Boise during the recession, but now that builders have seen so many people move in from out-of-state, they have started breaking ground on new projects. As a result, expect so see many more new homes for sale in Boise in 2013!
In the much smaller Wood River Valley, prices are going up slightly. But unlike other parts of the country – where prices are being driven up by low inventories and hungry buyers – that’s not the case here. Like realtors in Idaho will tell you, people don’t move to the Wood River Valley because they HAVE to. This is not a hub for jobs and development. Instead, people move here because they WANT to. So there’s not a big supply and demand factor at work here. That means the price increases here are much more impressive than they are in other parts of the country.
Bottom line – Idaho’s housing market is churning towards recovery, slowly but surely. Eventually, realtors in Idaho will be able to claim that they’ve got a “gem” of a market!
Living in Idaho
Want to live in a place where you can enjoy the great outdoors every day of the week? With its snowcapped mountain peaks, sparkling rivers, and desert valleys, Idaho may be the state for you!
Nicknamed the "Gem State" because almost every type of gemstone can be found here, Idaho is huge. In fact, it’s bigger than all of New England!
While the days may be hot during the summer, there is little humidity and evenings are cooler. Winters can be very cold, but the snowy weather creates all sorts of opportunities for wintertime fun!
Before you head off to Idaho, let’s go over some of the fast facts:
- What is the population of Idaho?
- The population of Idaho is 1,595,728
- What is the capital of Idaho?
- The capital of Idaho is Boise
- What is the largest city in Idaho?
- The largest city in Idaho is Boise
If you enjoy history, excavations at Wilson Butte Cave near Twin Falls in the 1950s revealed artifacts that indicated humans have been present in the area for more than 14,000 years! The state was home to American Indians, as the Nez Perce settled in the north and the Western Shoshone lived in the south.
The Idaho economy has long depended on agriculture, especially potatoes. In fact, one-third of all potatoes grown in the U.S. are grown in Idaho soil! However, most of the business opportunities here are in the science and technology sector.
But once most Idahoans clock out of work, they head outdoors.
Sun Valley Ski Resort is very popular with both locals and tourists because it offers year-round excitement with skiing, snowboarding, golf, mountain biking, hiking, and ice shows.
Idaho is also home to one of the largest contiguous areas of protected wilderness in the country. With 2.3 million acres, the Frank Church River of No Return Wilderness Area is inhabited by a large population of wild animals, such as grey wolves, mountain lions, black bears, lynx, coyote, and red fox.
If you enjoy exhilarating waterfalls, the water on the Snake River near Twin Falls rushes through Hells Canyon, the deepest gorge in the country, to create Shoshone Falls. At 212 feet high, the water flows over a 1,000 foot rim.
It’s easy to see why so many people think of Idaho as such a “gem” of a state!