Listomania: Boise Tops the Charts (Again)

Posted by: admin  :  Category: Community, Housing Market, Moving in Idaho

Our Secret is Out

Boise has often been referred to as one of the nation’s best-kept secrets, whether it comes to its affordable housing, outdoor recreation opportunities, or burgeoning tech startup community.

But it looks like our little secret’s out.

Boise, Idaho, best place to move, moving to Idaho

The City of Trees continues to appear at the top of “Best Places” lists: it was recently named the best place to move in 2014 and ranked in Livability’s 100 Best Places to Live list. I’m not one bit surprised, either.

When compared to cities of similar size, Boise may not seem out of the ordinary. What is unique, however, is that it really does have something for everyone, whatever their interests or stage in life. Whether it’s to raise a family, start a business, or retire; people—young and old— move here knowing that the Boise lifestyle is where it’s at.

Economics

A healthy economy is a city’s lifeblood; the speed and sustainability of its growth depend upon it. And affordability plays a huge role in whether newcomers (not to mention long-time residents) stay or go. Luckily for those desiring affordable housing and a manageable cost of living—especially for retirees, Boise is as attractive as ever. Here’s how we rank:

Recently, I’ve seen theses lists come alive in my work and personal life. I’ve added several new retirees to my favorite clients roster and also recruited my own retired mother to move to Boise part time, through a second home. She loves the foothills, but it’s the proximity to her Granddaughter and I that really sealed the deal.

Business and Technology

When it comes to the startup tech scene, survey says: Boise is hot, hot, hot. We were recently ranked the number one best “Under the Radar Tech Hub.” Further still, small businesses in general fare well here, as noted by the following sources:

Boise, Idaho, move to Boise, Boise real estate, idaho recreation

Culture and Recreation

In addition to being featured in National Geographic’s Adventure Magazine, Boise (and Idaho at large) continues to shine, thanks to an abundance of outdoor travel and recreation opportunities, as well as a growing arts and culture scene. Here’s how we ranked:

Quality of Life/Live-Work Balance

Time Magazine’s March 17th, 2014 edition ranks Boise as number one for “getting it right” in their recent story Red-Hot Town. The article cites the City of Trees as “a techy boomtown with a thriving cultural scene.” I can’t agree more. Here are additional kudos Boise has received for its stellar quality of life:

I love this city for so many reasons, many of which can’t be quantified by a series of lists (although there are plenty more). We are just minutes from the river, an ever-expanding foothills trail system, community gardens, outdoor markets, and a thriving downtown scene, complete with food truck rallies and pop-up shops. And that’s just the beginning. Check out my Bucket List for 20 things all Boiseans should try at least once.

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 Professional

Boise Real Estate Market Trends + Up and Down Update

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

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

What’s the Best Season for Buying a Home in Boise?

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market

When you’re ready. The most definitive answer on the best month or season to buy a home is when you’re ready.

In terms of seasons, there are seasonal fluctuations that present convincing arguments for buying either in spring or winter. That said, June and July certainly isn’t a bad time to make your move – and it might just be a great one.

Four seasons image for the City of Trees

I love it that the City of Trees has four seasons, (even though I have to remind myself of that love during our hottest and coldest days)!

In spring and early summer, we tend to get a flood of properties on the market when schools let out, so inventory increases. The number of buyers looking alongside you during this peak moving season increases as well. Weather tends to be mild. All this can make early June/July a fabulous time to buy, particularly when Boise’s inventory was lackluster all winter.

In winter and fall, prices and competition may be lower, however inventory tends to be down as well.  It also makes for colder or wetter moving days. That said, it’s off-season for home-improvements and supplies may be on sale or contractors may be more accessible. Some prefer the “tweener” months, like early spring when the most activity hasn’t hit, but winter’s chill is still affecting prices.

Looking back one year, prices have been increasing this year and inventory started low, but has been rising, with a seasonal boost expected. If this trend continues, the sooner-rather-than-winter approach makes sense, if and only if you’re truly ready. If you’re ready in winter, then go for it at that time.

To be truly ready to own, in my option, means you have the income, credit history and fiscal responsibility that support home ownership. Buyers in this category will have no problem obtaining financing. See my blog Are You Ready to Own? http://fosterboise.com/ready-to-own and read what it means to be truly ready to own and a wonderful chart that compares the costs of owning to the costs of renting.

If you are ready to buy, I am ready to help. I always recommend watching the market when, or even before you’re ready. If you’re not already receiving emails with real time listings as they hit the market, let me know. This could be the easiest next step you take.

Sincerely,

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

 

 

Shana Foster Moore

Market Update

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Local Boise Market Update, Market Trends, Market Updates, Real Estate, Real Estate & Housing

The numbers are in

Two months in a row we’ve seen double digit increases when compared to the previous year. Inventory also has been a big topic lately.

While inventory doesn’t historically increase until April, we reversed four consecutive months of decreasing inventory when 2,044 homes were on the market in January.

Now here’s something all this data doesn’t quite say. Right now, I have multiple buyers waiting to buy and sellers waiting to sell. My next blog will encourage you not to wait, but rather to beat the rush.

But now, back to your monthly numbers!

While sales historically drop when the calendar rolls over and January hits, this year they went up, however so did the days on market. This is odd, however with only one month of higher-than anticipated days on market, it’s too soon to suggest any sort of a trend. We’ll keep you posted as future data points present themselves.

Up and Down Update

Up

  • Single family home sales increased 10% when compared to January 2013.
  • Days on market! In January, homes were on the market for 70 days, compared to 59 in December and 53 last January.
  • The 99 new home sales created a 27% increase from January 2013.
  • Existing home sales, at 309, were up 6%.
  • Total sales were up 29% over December’s (reversing typical trends).
  • Distressed sales, at 12%, were up 2% from last month, but down 13 % from last year (not to be mistaken for distressed inventory/listings).
  • The median home price, at $208,190, was up 12% from January 2013.
  • Inventory was up slightly, showing 4.2 months and 2,044 homes in January.
  • Down payments were up. More buyers are puttin more than 20% down.

 Down

  • Pending short sales, however pending REOs went up.
  • Distressed inventory went down 1% between December and January, 2014.
  • Sales to first time buyers decreased to 31% in 2013.
  • Home building dipped in January according to the Department of Commerce. That makes sense. Brrr!
  • The Fed’s monthly bond purhcases, which push down longer-term interest rates, according to KTVB.

Thank you to the Ada County Association of Realtors for providing these wonderful numbers! Check back next month for more on my interpretation and vantage point.

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

30th Street Extension to Affect Local Boise Real Estate

Posted by: admin  :  Category: Boise Market Trends, Boise River Community, Community Updates, Foster Boise Communities, Housing Market

Whitewater Park Blvd Opening in Boise

After years in discussion and months in construction, the 30th Street Extension construction project is celebrating a Milestone.

Idaho River Sports, ACHD and the City of Boise are planning a ribbon cutting and reception for the opening of the new Whitewater Park Boulevard on October 24, 2013 at 10 am.

The project will change the traffic flow and is partnered with other value-adding projects in the immediate area south of State Street and West of 27th Street, in the Veterans Park Neighborhood. We have already seen some impact on local real estate and home values in the area.  I expect and hope to see home values continue to climb in this local Boise community that I call home.

Boise Mayor David Bieter and ACHD Commission President Sara Baker will attend the grand opening and speak about the project and future plans for the Whitewater Park Boulevard area.

Location of Ceremony:

Idaho River Sports
601 N. Whitewater Park Boulevard
(formerly 3100 W. Pleasanton Ave.)
Boise, Idaho 83702