Boise’s Latest Real Estate and Housing Market Trends

Posted by: admin  :  Category: Boise Market Trends, Financing, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Market Trends, Market Updates

Know Your Market!

The indicators are in! Real estate and housing market trends in Boise, Idaho and Ada County are looking good, with eye-catching data points in pricing and interest rates.

The Ada County Association of Realtors predicts that the third quarter of 2014 will be our recovery quarter,  that puts us back ahead of last year.

The Fed has plans for the fourth quarter that likely will affect mortgage interest rates starting in October. They are exiting “quantitative easing,” which has received credit for low interest rates and reviving the housing market from the 2008 crash, according to NPRs recent Morning Edition.

When the inevitability of increasing interest rates has been examined in our previous blog posts, Dave Rusk of Idaho Central Credit Union reminded us that these things happen slowly. On a $200,000 home, a full percentage point increase in interest rate would affect the monthly payment by around $80. Interest changes in much smaller increments.

Price charts image- Boise real estate median home prices

Your Up and Down Market Trends Update

You’ll notice that sales falls into two categories. That’s because sales are up in homes that fall in the most popular price points, but down overall.

Up!Upward Market Trends

  • Prices are up from last year in both new and existing homes.
  • The new home median price was up 22% higher this June at $325,000 compared to a 2% increase in the median price for existing home $199,900
  • The number of homes for sale is up 4% from May 2014 and a whopping 32% from last year, with 2,789 houses on the market in Ada County.
  • Sales are up in homes at the most popular price points $120,000 – $200,000 and $300,000 – $400,000 from last month.
Sales chart, showing monthly market trends in Boise real estate

Source: Ada County Association of Realtors

Down! Market trends down

  • Pending sales are down from last year for the eleventh month in a row. At 126, they are 18% lower than last year.
  • Sales are down 2-3% overall, when all price categories are considered, compared to last June and last year-to-date.
  • Inventory duration is down 5% from last month to a 3.5 month supply of homes currently on the market at current rate of sale.
Active Inventory in Boise's housing market

Source: Ada County Association of Realtors

Static. Static Boise real estate trends

  • Days on market are 46 – just like last June and one day less than last month.
  • Interest rates also haven’t moved much . . .  for now.

Thanks for reading and allowing me to keep you up-to-date on your local market price trends, housing trends and market indicators. Please don’t hesitate to contact me for a specific home pricing evaluation.

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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