Boise Real Estate Market Trends + Up and Down Update

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Boise Real Estate Market Trends

Last Spring brought a huge boost for Boise’s real estate market trends. The grandeur of this spring’s boost is yet to be determined, however (insert drum roll here) inventory is up.

Since I had to report the opposite for so many consecutive months, I’m saying it again. Inventory is expected to continue to grow through the end of Summer, according the Ada County Association of Realtors (ACAR), who provides a plethora of punchy data that I share with you.

There’s always a caveat with data. While the number of houses available for sale is up, the boost is in the $200,000 + price range and the 4.5 months of inventory we currently have on hand is actually down a bit from March. Furthermore, many of my North End Boise buyers aren’t necessarily going to see the effects of this data in that highly-desired area that has its own price trends.

Homes under $119,000 are in shortest supply and homes over $500,000 are at a 15-month supply level, with $200,000 being the median price.

Up and Down Update – Boise Housing Market Trends

Up

 

-Median home prices in April are $209,450, up 12% from April 2013.

-Median home prices for the year are up 10% over last year.

-Sales revenue is up 12% from March, not as much as expected. In April 2013 sales jumped 28% from March, kicking off a strong spring and summer.

-Inventory is up. The number of homes for sale is up 13% from March and 35% from last year at this time.

-Pending sales have moved ahead of 2012 numbers for the first time this year, although their down from 2013.

 

Market trends downDOWN 

 

-First time buyers are closer to 30%, compared to 52% in 2010

-Number of sales, are down 8% compared to April 2013 and 1% compared to 2013

- Days on market are down two weeks from March and very similar to April 2013

-Pending sales

-Distressed sales are now at 7%, down 1%

 

Side arrow showing real estate dataSTATIC 

 

-The most popular price points remains $120,000-$200,000.

- Median pricing is holding at the $200,000 level, but may rise with the temperatures.

MOST CHALLENGING

-Quality inventory in the North End. This is the heart of my territory and a highly-desired area. Here are few recently houses listed by Buy-Boise in North and Northwest Boise (I’d like to add a few more).

Home for Sale in boise's north end, listed by buy-boise real estate group

 

Mackenzie:  http://imls.paragonrels.com/publink/default.aspx?GUID=127e3ef7-dd39-433d-8d53-ff4554c50857&Report=Yes

26thhttp://imls.paragonrels.com/publink/default.aspx?GUID=74f2f6f4-c16b-430c-9726-f5d93a26e1ab&Report=Yes

Ellis:  http://imls.paragonrels.com/publink/default.aspx?GUID=e23bfa53-8603-4b98-be86-d6e15d090162&Report=Yes

-It’s challenging to have buyers who are ready to go, but can’t find the quality of the house that they want. Hopefully, summer provides.

- Unknown or obscure lenders – the occasional unknown lender pops up and that always raises red flags. Out-of-state lenders arise the biggest red flags of all.

Let’s not exclude the most fun part. Connecting. I love connecting homeowners with their goals and finding the buyers and sellers they seek. Let me know if you and I need to connect.

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional and source of real estate market trends in Boise Idaho

 

 

Shana Foster Moore

Your Local Boise Real Estate Connection

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