Kuna Idaho Housing Market Nov 09
November 18, 2009You could say the Kuna housing market is closer to recovery- price stabilization and eventually appreciation- than any other city in the Treasure Valley.
The city of Kuna is experiencing the lowest overall supply of homes since the boom of 2005-2006. As of Nov 1st, Kuna is showing only a 2.5-month supply of homes, the lowest in the Boise Metro and nearly 1/3rd of a normal 6-month supply. The last time this happened, homes in Kuna were appreciating at a double-digit annual pace.
But prices are not rising yet, due to the foreclosure bubble. There are currently 249 homes listed for sale and 96 under pending contracts in Kuna. Much like the rest of the Boise area with high percentages of distressed sales, over 35% of the homes for sale in Kuna are short sales priced for liquidation and racing to avoid foreclosure. Foreclosed homes (REO) make up 3.6% of all homes for sale. These conditions are keeping prices soft on all homes.
Another sign that prices are poised to rise is in the new construction sector- Kuna has less than a 2-month supply of new homes, based on the pace of sales. New construction represents 33.8% of all homes for sale in Kuna today.
What does this all mean to you?
For buyers, it is a fabulous time to buy a home at a bargain price in Kuna, especially with interest rates near 35-year lows.
For future sellers, great prospects for appreciation after the foreclosure bubble peaks. I say future sellers because now is not a good time to sell with prices way down, unless you plan to re-buy and can use the tax credit for current homeowners.
Ask me about Kuna home bargains in short sales, HUD, VA and Bank-owned homes.
Dan Rowe ABR CRS GRI, Broker
(208) 866-3481
