Boise Real Estate Market Trends Update

Posted by: admin  :  Category: Bank Owned homes, Financing, Home Knowledge, Local Boise Price Charts, Market Trends, Market Updates, Real Estate, Selling Boise Homes

A Wavy Market

The local market trends I’m seeing on a micro scale are a series of small ups and downs, acting like waves. These waves flow within an upward marcro trend that we’ve been examining in our most recent blogs about rent and interest rates.

What it Means for Sellers

When it comes to pricing homes for sale in Boise, the ups and downs create a need for careful calculations aimed at a moving target. My partner Sheri B. and I have been using each other to cross-check our price point calculations and incorporate additional expertise into the prices we set. (We call that “twice the service.”)

Source: Ada County Association of Realtors

What it Means for Buyers

In terms of buying a house in Boise, I continue to maintain that any home that has been on the market for longer than a couple of weeks is fair game for an offer below the asking price. Practical advice here includes expanding your price-range at least 10% higher than desired, and offering 10% under asking for homes you’d like to call your own.

Engineers and data lovers

The latest data from the Ada County Association of Realtors sheds a data-based spotlight on these small waves of ups and downs in Boise’s real estate market trends, offering news considered good, bad and neutral.

Homes are increasing in price. Year-to-date sales are up and dollar volume is up.  Inventory is a challenge with seasonal decreases in effect, but is better than last year. Boise maintains its “better-than-average recovery pace.”

This inventory chart sheds light on the overall local Boise real estate market trends.

Source: Ada County Association of Realtors


December is predicted to be unpredictable, as anything goes, however it’s poised to lead us toward a 13% overall increase in sales for the year. For two months, local real estate sales have been down compared to last year’s sales in October and November. Single family home sales in November 2013 were 548 in Ada County, a decrease of 3.3% compared to November 2012.

 Average news

“The median price in November was $205,700, an increase of 16% from last year and above the national average of  $199,500 according to NAR’s most recent report,” reports Mark Lebowitz of the Ada County Association of Realtors.

Source: Ada County Association of Realtors

Median prices have sat above 200,000 for five consecutive months. New homes are up in price by 10%, putting the new home median at $274,171. Existing homes were up 15% compared to last year at this time, bringing their median to $185,000.

When compared to the median family income of $67,519, our median home pricing is considered affordable. The same cannot be said for the rental market pricing, as we examined in our recent rental market blog.

 

Here’s our monthly up and down update, depicting Boise’s real estate market trends:

Up

  • Year-to-date sales are 7,385; up 14% over 2012 YTD sales of 6,471.
  • Dollar volume for the month (131 million) and year $1.7 billion
  • Median prices are up compared to national median prices and last year.
  • New home sales are up compared to last month, but down 14% compared to November 2012.
  • REO or bank owned sales were higher than short sales for the first time this year, and total distressed properties crept up over 10%, barely.
  • Homes priced between $120,000 to $160,000 were up by 16 homes, where all other inventory was down.

 Down

  • The number of houses available for sale is down for the third month in a row, but still up from last year at this time by 21%.
  • Single family home sales this November was down 3.3% compared to Nov 2012.
  • Sales decreased 11% from October (which is 2 points more than historically average decreases).
  • Pending sales this month (831) were down compared to last month and last year.

Static

  • Days on market in November averaged at 52, compared to 51 for the year.
  • Market influencers in Boise, such as job creation, population growth and quality of life maintain their influence on our above-average recovery.

Let me know how if you’d like to talk about how today’s market supports your real estate ideas and goals.

Sincerely,
Providing you real estate market trends
ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Leave a Reply