Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes, Selling Homes

Monthly Facts and Boise Market Trends

In June, nationwide home sales were at their highest in eight years. What do I need to know about the Ada County market? 

An increase in home sales typically occurs in spring and continuing through June and July. Even so, Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, acknowledges this year’s whopping 36.1% increase over June 2014 as an “enormous amount of activity” in Ada County.

And our community isn’t alone: according to the National Association of Realtors, existing-home sales nationwide increased in June “to their highest pace” in over eight years.

Job growth, population increases, and improved consumer confidence scores may very well be factors, at least in the Treasure Valley. Consider the following statistics:

  • Both statewide and Ada County’s population increased from April 2010 to July 2014 (up 4.3% and 8.6.%, respectively) according to U.S. Census Bureau data
  • These increases include buyers from California, Washington, and Oregon, many of which are professionals and retirees who are able to purchase at higher price points
  • The Idaho Department of Labor reported a 2.5% growth in jobs in May 2015
  • The Conference Board Conusmer Confidence Index® increased from 94.6 in May to 101.4 in June

This statistical data indicates that, as job stability increases and consumer confidence scores improve, people aren’t just more comfortable buying a home, they are also financially capable of spending a bit more.

Here’s a closer look at what’s up and what’s down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 1,028 homes sold in June 2015 (up 26.1% from last June)
  • $230,000 median home price (up 6.0% from last June)
  • $279.5 million total volume of single-family home sales (a 36.1% increase from last June, and a 17.9% increase over May 2015)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 42 days on market (down 5 days from than last June, a decrease of 36.2%)
Static Boise real estate market trendsTrending Consistently
  • 2.6 months available inventory (even with last year—inventory was at 2.1 months for existing homes and 4.29 months for new construction in June 2015)

While it may presently be a seller’s market, it’s important to remember that, if you’re listing your home, it won’t sell itself. Sellers should seriously consider home staging and the overall first impression they present to potential buyers. Also, many factors should affect your initial listing amount, and sellers should be cautious about overpricing. Home buyers need not be deterred by the high demand, either, rates are still at historically low levels, which still presents an ideal financial opportunity.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes

Monthly Facts and Boise Market Trends

Are you sure it’s a buyer’s market? It seems like there have been fewer homes available.

Despite nationwide trends—decreases in home price and a lack of homes for sale in many markets—the situation is by no means bleak, especially in Ada County. In fact, we differ in one key area: new construction.

According to the Building Contractors Association of Southwestern Idaho, there was a 10% increase in residential new construction permits in April. This presents a great opportunity for move-up buyers.

Also, there’s more to the local housing market than meets the eye.

“Throughout the spring market, we saw some buyers getting frustrated with the lack of inventory available, especially in the lower price points. But many owners weren’t ready to list because they didn’t want to be competing for homes, once theirs sold,” reports ACAR.

Here’s a closer look at what’s up and down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 901 homes sold in May 2015 (up 14.5% from last May)
  • $229,000 median home price (up 9.6% from last May)
  • 49 days on market (2 days longer than last May), and 92 days on market for new construction (up from 76 days last May)

Arrown indicating downward market trends in Boise's housing marketTrending down

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 2.8 months available inventory (down 9.7% from last year)
  • 5.9 months of new construction supply (a decrease from last year, but still higher than 2.2 months of inventory for existing homes)

If your family has grown or you’ve been considering more spacious housing options for other reasons, it’s a great time to do so. There are homes available, especially new construction and properties at higher price points. Also, rates are still at historically low levels, which presents an ideal financial opportunity for home buyers.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

Monthly Facts & Boise Market Trends

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

Monthly Market Trends & Facts

“When is the most popular time to buy or sell a home in Boise?”

Spring. It’s also a very popular time for rental turnovers and moving in general.

That said, we’re still getting into things right now.  It’s a fairly competitive market – there may be five buyers for every property. This creates the need for a little more buyer patience and extra negotiation skills on my part (including looking at ways to create a strong offer, which is not limited to price). When we receive multiple offers on one of our listings, I weigh things like the financing, lender (are they consistently getting the job done), close date and contingencies or lack thereof.

We’re also still a little “pre-season” in terms of inventory, but that should turn around. As ACAR puts it, “we had a very slight increase with months of inventory available 3.8 months of inventory in February. As we head toward spring and summer, we could use an increase in inventory.”

Market trends infographic

 

 

I’m seeing the good inventory selling quickly. Sellers are bringing their “A game” to the market. When a house is priced well and looks good, it’s resulting in multiple offers right now.

Traditionally, February would be the weakest month for home prices, however it was quite strong this year according to ACAR’s most recent data. “This could indicate a strong spring and summer to follow,” reports ACAR.

Home sales are up – existing home sales are up at a higher rate than new home sales, although there is building activity budding in Boise, so it will be interesting to watch the market trends among new homes in Boise.

In terms of what else is up, down and level in Boise, here’s your monthly market trend indicators update:

Housing Market Trends & Indicators:

 

Upward Market TrendsTrending Up

  • 507 Homes sold in February 2015 (up 10% compared to last February)
  • $224,900 Median home price  (up 10% from last February)
  • $196,750 Existing home price (up 11.25% from last year)
  • $305,000 New home price (down 1.45% from last year)

Arrown indicating downward market trends in Boise's housing marketTrending Down

  • 67 Days on market (down 3 days from last month)
  • $305,000 – new home median price (down 1.45% from last year)

Static Boise real estate market trendsStatic Trends

  • 3.8 months inventory – the increase was so slight, with the need still apparent, that I’m putting inventory in this “static” column

Thanks for reading and for considering me your real estate resource for buying and selling homes. Don’t hesitate to let me know if you’re considering selling and would like help pricing or preparing.

Sincerely,

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

Shana Foster Moore,

Your Real Estate Market Trends Resource

Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate & Housing, Selling Boise Homes

“How’s the real estate market right now? Is now a good time to sell?”
This may be one of the more common questions I address, and sharing market data and trends is the purpose of this blog entry, but it’s no substitute for a real conversation. It’s great to know the market but even better to discuss your specific buying and selling plans far enough in advance that we can put a strong plan in place to help make things go your way.

In reality, selling and buying plans are more often dictated by personal life experiences and less often by the status of the market. That said, sellers and potential sellers have a bit of an advantage right now. The laws of supply and demand may be in your favor, given a lower inventory currently on-hand. This makes for less competition.

As Buy-Boise Real Estate Group moves into its fifth year in business, we’re actively reaching out to sellers right now, both to accommodate our strong buyer pool and to put our strategic property selling steps into action.

Market Trend Infographic

This is a snapshot of Boise’s real estate market trends over the past month, compliments of Ada County Association of Realtors.

Housing Market Trends Update

 Upward Market TrendsUP Since 2014

  • Median home prices went up 8% since last year at this time- 13% for new homes and 4% for existing homes
  • Homes sold went up ever so slightly (1.67%) when compared to last January
  • Dollar volume of sales also went up 9% in Ada County since last year
  • Pending sales are up, at 867

Arrown indicating downward market trends in Boise's housing marketDOWN

  • Short sales and distressed properties continue to be down compared to last year and especially compared to the year prior
  • Inventory is a challenge right now
  • Interest rates are down a hair since last year at this time (mid-Feb), giving buyers more bang for their buck

Static Boise real estate market trendsSTATIC

  • At 70 days on market, we’re exactly where we were last year at this time and not far from where we were last month

Interest rates chart courtesy of Bankrate.com

Moving is always a big decision and one of the biggest transactions you’ll make. I’m happy to sit down and answer questions even before that decision has officially been made. Sometimes, it’s nice to have time to afford a very small action list of prep work. For buyers, this may mean getting pre-approved or working on some credit remedies. For sellers it could mean identifying whether any home improvements or repairs will be needed to help you “prepare for the parade.”

Thanks for reading. Please let me know if we should get together and talk about your plans for home buying or selling.

Sincerely,

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

Shana Foster Moore,

Your resource for Boise market trends (and more)

 

2014 Market Trends Report

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market conditions, Market Trends, Market Updates, Real Estate, Real Estate & Housing

Was 2014 a good year for homeowners?

“What happened in real estate in 2014 and what can we expect in 2015?”

This time of year, we’re answering questions about the real estate market from a wider perspective, that looks beyond the current month-to-month stats and examines the overall market trends in Boise and the nation. In short, 2014 was a good year for homeowners.

In fact, 2014 was the third year in a row that I’ve had the pleasure of communicating good news about pricing and equity for homeowners. This has enabled owners the freedom to move around a bit. The average price was up about 6% this year, 17% last year and 13% the year before that.

This comes amidst other good news statistics, as well as ongoing and interesting reactions to the Great Recession. For one, there are more renters and fewer homeowners. Data suggests a seeming tentativity to enter home-ownership, despite low interest rates, recent government incentives and an overall upward trend in pricing.

To illustrate 2014 in terms of real estate housing market trends, and divulge what to expect in 2015 we’ve pulled the data below from the 2015 Idaho Real Estate Summit hosted by the Ada County Association of Realtors, and of course, our own client experiences.

Boise’s housing market was not far from the national housing market trends, which are show in this slide from the 2015 Idaho Real Estate Summit. Source: Ada County Association of Realtors.

 

Jobs have the biggest impact on any local real estate market, including the housing market here in Boise. Job growth trends in Boise have been favorable, mirroring the national trends, according to Lawrence Yun, the Chief Economist and Senior Vice President of Research at the National Association of Realtors.

Household net worth also is at an all-time high, reports Yun. Homeowner households tend to be 31-46 times the net worth of renter households, however our rate of homeownership is decreasing. When asked to make forecasts, Yun obliges – his predictions are below the job growth chart.

What’s next in 2015

Lawrence Yun suggests we’ll see:

  • More jobs, as well as a slightly increasing job-quitting rate
  • Manageable mortgage rates, increasing slowly and reaching 6% by 2016
  • Population growth and a pent-up demand for housing
  • Record high household wealth
  • More starts, sales, growth in prices, and transitional/erratic lending policies which should return to “normal” by 2016
  • Improving business opportunities in the commercial sector

On a more immediate and local scale, we’ve seen a winter slowdown following the previous period of rising home prices. Inventory requires patience from our buyers (us too, but it’s my job to be patient). We’re reaching out to sellers, in part because we need some inventory to present to our buyers.

Housing Market Trend Update

 UPUpward Market Trends

  • Sales in 2014 were up in all price points above $160,000, when compared to the previous year
  • Median home prices have been on the rise in Ada County over the past year
  • Jobs are the biggest factor influencing the housing market and jobs in Boise, and the nation have been on the rise
  • Renter households also are on the rise nationwide
  • Existing home sales
  • Boise area housing permits

    Boise real estate price charts

    Source: Ada County Association of Realtors, as presented at the 2015 Idaho Real Estate Summit

 

Arrown indicating downward market trends in Boise's housing marketDOWN

  • Sales in 2014 were down in all price points below 160,000, when compared the the year prior
  • Now, and at the end of 2014, inventory has been down. This can be typical this time of year.
  • Homeowner households and the overall rate of home-ownership decreased alongside an increase in renter households

 

Static Boise real estate market trendsSTATIC

  • There is pent up demand for homes priced below $160,000 – this is a trend that first started being noticed back in 2006.
  • America’s Gross Domestic Product has been low – below 3% for nine years now. This was among the market indicators Lawrence Yun pointed out at the 2015 Idaho Real Estate Summit.

Thanks for reading. All that data leaves me ready for a break to go skiing! I’d recommend you do the same – it’s a beautiful time of year to take off for a spontaneous Bogus Basin visit. If you’re hungry for more market info, or an analysis of how these market trends are affecting your home’s value, please don’t hesitate to give me a call!

Sincerely,

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

 

 

Shana Foster Moore,

Your resource for Boise market trends (and more)

 

 

 

 

Boise Real Estate Market Trends Update

Posted by: admin  :  Category: Buying Boise Homes, Housing Market, Idaho Real Estate Price Trends, Local Boise Market Update, Local Boise Price Charts, Market Trends, Market Updates, Real Estate, Real Estate & Housing, Selling Boise Homes

Real Estate Market Trends Update

Last month, Boise was named the “Best City to Move to in 2014” because of our ‘Median Income” “Home Value Growth” and “Home Affordability”.

That said, a look at the latest real estate market trends shows pent up demand for the most affordable homes – those priced below $160K. As more homes in that category come online, some of the trends showing in our “up and down market update” also may adjust a bit, including year-to-date sales.

Until August, we were almost keeping up with the strong year-to-date sales trends from 2013. It’s not too late to match last year though, things slowed significantly in the last quarter of 2013. We have strong potential if homes priced under $160K, open the door and let first time home buyers into the market.

I’ve personally witnessed some decent negotiating power lately – more than in recent previous months. And, in situations where multiple offers are probable, the power of making business personal has gone a long way. Introducing sellers to their buyers through photos and letters has sparked interest in passing along their home to those who will adore it as much as the owners, who often are sad to let it go.

In summary, the homes market trends in Boise homes have been going up in price but down in sales. We’ve been tracking interest as well, expecting that very subtle increases eventually will add up enough to affect buying power. So far, interest is fine.

 

Real estate market trends in Boise, according to the Ada County Association of Realtors.

Your Up and Down Market Trends Update

Up!Upward Market Trends

  • Days on market – one more than last year, six more than last month.
  • Sales - home sales priced above $160K are up (and there is a demand for homes priced lower).
  • Median home prices – Our August-to-August and year-to-date home prices are up 9.5% and 8% respectively.
  • The number of houses available for sale is up 2% from last month and 20% from last year.
Source: Ada County Association of Realtors

Down! Market trends down

  • Pending sales have lagged behind last year for 13 months in a row.
  • Sales between July and August were down 11%. Typically there is an increase in sales between these months. Last year, the increase was 8%.
  • Overall home sales- due to the drop in sales of homes below $160K, single family home sales are down year-to-date and when compared to last year at this time.
  • New homes sold – new homes sold are down 25% from last year and 25% from last month.  
  • Existing home sales -existing home sales are down 8% from last year.
Source: Ada County Association of Realtors

Static. Static Boise real estate trends

  • Inventory – at 3.8 months, inventory is static compared to last month, with homes priced below $160K being in shortest supply.
  • Growth was consistent across the price categories, with the exception of homes priced above $250K.

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 Real Estate Market Trends Connection

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

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

Inventory

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

THE Question!

I love serving as a resource for my clients, friends and family and addressing any real estate questions they may have. Lately, the big question continues to be about inventory. “Can we expect more houses to hit the market?” “Will inventory improve?” “When do you expect inventory to improve?” These are all fabulous questions.

Fortunately, my answer happens to be the one you likely want to hear. (And if you know me, you know I’d tell you even if it wasn’t :) .

Yes! More houses will hit the market.
Yes. Inventory will improve.
Soon.

I’m not one for making random “predictions.” After ten+ years in the market, it’s not simply a wild guess that inventory will improve soon. If trends continue to follow historical trends, then the reduction in inventory we’ve been experiencing will improve and spring will stimulate inventory.

“Historically, inventory decreases steadily from August to December,” reports Marc Lebowitz of the Ada County Association of Realtors (ACAR). It tends to increase in April, he reports.

What’s it mean for you?

Spring is a popular time to buy and sell and move. Houses show better, flowers are in bloom, the sun is out and school is winding down.Inventory tends to improve as well.

 

Moving in and out of Boise

June, July and August are peak moving months. Image compliments of My Moving Reviews www.mymovingreviews.com/move/mindblowing-moving-stats-2013

Buyers:

If you’ve been waiting to find the right house, a little impatience would be completely understandable. That said, don’t settle. Keep waiting until you find the house you know you want. Your choices should improve, based on historical statistics as well as my personal experience and snapshot of the market.

I have handfuls of sellers who have been holding off. They’re waiting for the right time and enough equity to put their house on the market. Many are planning to list in spring.

Sellers:

If you’d like to beat the rush, now is a wonderful time to pull the trigger and list your home if it’s “market-ready.” Buyers are getting anxious and your competition has been seen, reviewed picked over within a few weeks of listing.

If you’re market ready and you have the equity you need to list, go for it. See my previous blog for more insight into “market ready” and “preparing for the parade.

Please don’t hesitate to contact me if you’d like help determining whether you have enough equity in your home to sell it. I can pull up sales data of comparable homes in the area as well.

Sincerely,

Shana Foster Moore, Realtor, Boise Real Estate Market Trends

Shana
ShanaFosterMoore@gmail.com,
Your Local Boise Real Estate Professional

 

Housing Market Trends

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

A Strong Start to 2014

Boise’s local market real estate trends took a turn for the better, when December’s numbers flipped a two-month trend of unimpressive data.

I’m pleased to also report that 2013 started my tenth year in real estate, and it doubled my predictions and became my best year yet. I’ve heard similar reports from my associates. This makes for a strong start in 2014 when it comes to real estate and home sales in Boise. It sure helped with the community contributions we revealed in our last blog post.

You may recall that December was predicted to be unpredictable. Typically sales are lower than in November. December sales were up from the month and year before, making for a strong finish to 2013 and serving as an optimistic springboard into the New Year.

Homes are up in price across the board, however new homes realized a bigger jump (19%) than existing homes (13%) compared to 2012. For new homes, the median price is 280,500 compared to existing homes 183,000.

The median home price is predicted to stay strong throughout the year.

Median prices have now sat above 200,000 for five consecutive months. New homes are up in price by 10%, putting their 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.

Source: Ada County Association of Realtors

 

2016 homes on the market was an inventory decrease from November, across all price points. It tends to decrease between August and December. That said, inventory is up 21% since last year.

Our supply averages at 3.6 months, but is low in homes priced under $100,000. The most popular price point in December was 160,000- 200,000.

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

Up

  • Median prices. In 2013, our overall YTD increase was up 16% to 198,000.
  • Year-to-date sales are 7,957; up 14% over 2012 YTD sales of 6,979.
  • Dollar volume for December was up 26% to $136 million and YTD we are just over $1.8 billion in sales.
  • Days on market averaged 59 in December, up nearly a week from November. Our year-to-date average is 52 days. Boise – count your blessings. In Helena, Montana days on market average at four months, some recent research revealed.
  • New homes sold in December totaled 134; up 16% from December 2012 and up 4% from November.

 Down

  • Pending sales, at 686, were down 13% from December 2012.
  • Distressed sales, at 12%, were down from December 2012’s 24%, but up 1% from November 2013.
  • Short sales. Of the distressed properties, there were more REO/bank owned sales than short sales for the second month in a row.
  • Inventory decreased in December from November, but is up 21% since last year.

Static

  • The most popular price points continue to be $160,000 – 200,000 and homes under $160,000.
  • Interest is still hovering around 4.5%.

Please keep me in mind as a resource for your real estate questions, valuation needs, or referrals. I’m always happy to consult about the relation of the current market with your specific real estate goals.

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