Like everywhere (it seems) in the US, the single-family residential (SFR) market in southwestern Idaho (particularly in Canyon and Ada counties) has been suffering for some time. However, we have reason to hope right now.
But first, let's look at our recent history. While the rest of the nation's housing began to suffer in 2004 and 2005, southwestern Idaho actually grew at unprecedented rates. Some parts of Meridian, Eagle, and Boise (Ada County) and in Nampa, Middleton, and Caldwell (Canyon County) saw annualized average and median sales prices increase from 2005 to 2006 by more than 20%--in some cases actually increasing by as much as 2.5% per month!
Of course, the piper had to be paid. Starting in 2007, prices started to fall, with the worst hit in the SFR market in SW Idaho in 2009. In most parts of Canyon and Ada counties, the annualized decline in prices from 2008 to 2009 were in double digits, hitting 20% in some places.
But this is where the hope is. Since the end of 2009, while prices are continuing to slide, they are no longer in double-digit freefall. My research shows that throughout most of Canyon and Ada counties, the annualized decline in 2010 was in single digits, and in some cases only 6%. The early returns for 2011 still show falling prices, though.
I'm hopeful that we're near the bottom of pricing for SFR properties. There is still quite an inventory of distressed (short sales and foreclosures) properties to go through, as reported by local news articles. Unfortunately still, other counties in SW Idaho still have more pain to experience in their housing.
Nevertheless, hope spring eternal. Right?! Anyway, I've got my fingers crossed.