It's not much of a boom. I think we're in the "still postponing correction and encouraging malinvestment" phase.
Anyone saying we aren't in the "boom" phase is willfully delusional. I put my Brooklyn 1 BR apt on the market in June, had 1 open house on a Sunday. By Tuesday I had 3 offers, by Thursday got 3 "best and finals," the winning one was 7% over ask. The apt didn't even make it 1 week on market before it went well over ask and ~ 65% over what I paid for it in 2009
Yes, in places like SF and NYC there is a boom. Meanwhile if I put mine on the market, where there is no boom, it might sell in a year for much less, similar percentage wise as your gain, than I paid for it in 2003.
This property next to a main Highyway.. where I live, and another great lot.. have been on the market for well over a year.. and not sold. I have hardly seen any residential new construction where I live within the last 10 years, of course I am in fly over country to some degree...