Interest Rate Chart

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

Here’s a chart with updated mortgage interest rates, for reference in your real estate considerations and mortgage payment calculations.

Mortgage rates 30-year fixed 15-year fixed 5/1 ARM 30-year jumbo
12/11/2013 4.55 3.6 3.34 4.55
12/4/2013 4.55 3.62 3.33 4.57
11/27/2013 4.44 3.47 3.29 4.45
11/20/2013 4.39 3.42 3.28 4.42
11/13/2013 4.48 3.49 3.33 4.51
11/6/2013 4.35 3.42 3.25 4.44
10/30/2013 4.27 3.38 3.26 4.35
10/23/2013 4.27 3.37 3.27 4.38
10/16/2013 4.42 3.49 3.31 4.55
10/9/2013 4.39 3.47 3.34 4.58
10/2/2013 4.41 3.47 3.4 4.58

Chart data courtesy of www.bankrate.com/finance/mortgages/current-interest-rates.aspx

Market Trends Update

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

Boise as a “Bright Spot”

The latest data is in, thanks to the Ada County Association of Realtors (ACAR). There are several notable indicators to moitor, as we keep the pulse on the market trends in Boise.

On a country-wide scale, Boise was singled out as a bright spot by the National Association of Realtors (NAR) due to strong recovery, improving inventory, home sales and an improving median sales price point.

Increases in home prices can be expected in Idaho. Source: Ada County Association of Realtors.

One noteworth indicator is sales pending. “This is the third consecutive month in which we’ve seen a decline in pending sales, relative to the previous year. This is a key number to monitor moving forward,” reports Marc Lebowitz, executive director of the Ada County Association of Realtors (ACAR).

The arrows indicate the lowest period and the start of the recovery, both in 2011, according to the Ada County Association of Realtors.

Also noteworthy is Boise’s median home prices and “promising” recovery, particularly when compared to national trends. Median prices are higher than we’ve been all year, and sitting above the 200,000 landmark for the forth consecutive month. Fortunately, when compared to the median income of 67,500 for Ada County, homes fall into a range deemed “affordable.”

Inventory is close to equilibrium, according to the Ada County Association of Realtors.

Inventory sits at 3.8 months on hand, and has climbed throughout the year, dipping 1% last month. The lowest-priced homes are in shortest supply. Six months of supply is considered “stable.”

The gold star indicates the start of the recovery, according to the Ada County Association of Realtors.

Real Estate Market Trend Indicators

  • Year to date sales are up 15% from 2012, at 6,810 homes.
  • Dollar volume was up 13% for the month.
  • Days on market averaged 52 in October, which is one day above our YTD average and six days higher than September 2013.
  • Median home prices - October’s $214,000 is up 21% from 2012 and about 14,000 higher than the national median price ($199,200).
  • Distressed inventory is significantly lower than last year, and has steadied out around 10%.
  • * Sales pending was down 9% last month compared to last year and 1% compared to September. Watch this number, advises Marc Lebowitz of the Ada County Association of Realtors.
  • New homes sold is down 17% from last year at this time.
  • Inventory is down a mere 1% decrease from September, marking the first decrease of 2013. We sit at 27% more inventory than last year and 52% more than January.

Next month, we’ll address interest rates again, delving in a little deeper into what we can expect. In short, a slow but steady increase is on the horizon. In the meantime, call or email me if you would like to chat about the market or are considering buying or selling a home in Boise.

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

Boise Market Trends – Housing Update

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

Real Estate Market Cool Down

We’re coming off the hottest summer the Boise real estate market has seen since 2006, based upon the number of homes sold and their prices. More than 800 homes were sold per month for four consecutive months this summer, followed up by 683 in September.

Single Family Home Sales Chart. Source: Ada County Association of Realtors

September’s seasonal slowdown was predicted by the Ada County Association of Realtors (ACAR) who provides this data. Homes sold numbers are still 20% higher than last year at this time. Of those sales, 129 new homes was the same in September 2012.

Ada County Median Home Price Chart. Source: Ada County Association of Realtors

Median home prices had climbed to $200,000 in August and were predicted to start to stabilize at $195,000-$200,000, according to the Ada County Association of Realtors (ACAR). This prediction hasn’t changed in the last month.

Source: Ada County Association of Realtors

The Government Shutdown Is a Factor

Boise’s real estate market has done better than national trends, although it is subjected to the same national influences. The government shutdown will change forecasts.

Fortunately, there are automated systems in place for loan processing at Fannie, Freddie and FHA, which have kept loan delays slight so far.

“The shutdown is delaying home sales and approval of loans because lenders rely on government data, such as verification of borrowers’ income, that aren’t available,” the LA Times reported this week. Availability of tax returns and ability to sell loans to Fannie and Freddie has been affected, as have improvement and reverse mortgage loans by FHA.

Twenty five percent of realtors cited deals falling through due to the government shutdown, in an informal survey or Realtors at the IAR Convention, according to ACAR and NAR.

Real Estate Market Trend Indicators

  • Sales pending - Down 12% from 2012 and 15% from August – let’s watch this number.
  • Investor purchases - Mine are down, and nationally they’re predicted to slow down
  • Distressed inventory – 10% is down 21% from last year and 1% from August 2013 (ACAR)
  • Prices – They’re down from last month, but up from last year.
  • New home sales - 129 is consistent with 2012
  • Days on market - 46 is even with last month and down from last year’s 64.
  • Home sales - 683 is up compared to last year and down 18% compared to last month, as seasonally expected.
  • Prices - Median, new home and existing home prices are up 11-14% from 2012, although down slightly from August.
  • Inventory - At 3.2 months of supply, the number of homes for sale is up 12% from 2012 and 4% from August.

Active Inventory Chart. Source: Ada County Association of Realtors

Fall is a great time to catch up over a coffee. Please don’t hesitate to let me know if you’d like information or a coffee conversation about specific real estate market trends in Boise. I‘m happy to discuss real estate strategies, as they relate with the current market.

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

Bottom’s UP in Ada County

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

Real Estate Price Graph; Real Estate Price Charts; Real estate median prices by county; Housing market pricesBottom’s Up in Ada County

In case you didn’t get it, here is “The Memo.” Local Boise Real Estate prices and sales have hit the bottom and are back on the rise. Median prices of brand new homes remain static. The ONLY notable downward trend is among the number of distressed homes on the market, particularly REO/bank owned properties.

If you’ve been waiting for the right moment to buy, you’re certainly not late and homes are still affordable, however waiting won’t buy you more home for your dollar. In terms of investment property pricing, cash flow is still accessible with the 25% down payment that lenders typically want to see. On that note, the rental market has been strong.

Local Real Estate Prices Up from 2011 (in Ada County)…

Real Estate Price Graph; Real Estate Price Charts; Real estate median prices by county; Housing market prices
Source: Ada County Association of Realtors http://t.co/n75iuXuq

At $173,000, July median home prices were up 14% from last year at this time.

The most desirable price point was $120,000 to $160,000, which comprised 27% of total sales in July. At 19% of all sales, the next largest price point sold is $160,000 to $200,000. Sales in the higher priced inventory $300,000 to $500,000 decreased by roughly 10%.

Contact Shana Foster Moore for pricing specifics on your neighborhood of interest, or to check into the value of a specific home.

Inventory as an indicator…

Real Estate Price Graph; Real Estate Price Charts; Real estate median prices by county; Housing market prices
Source: Ada County Association of Realtors

If you’ve been contemplating selling, inventory levels also are on your side. We have less than 3.3 months supply on hand overall. For nearly two years, our local Boise and Ada County real estate inventory levels have been significantly lower than national average. Small blessings.

The lower priced homes are in shortest supply. We’re in the 2 month range for homes priced below $159,99, and all price points below $400,000 have less than 4 month’s supply. “Single digit increases in sales and double digit increases in pricing for the year” have been forecasted by Marc Lebowitz, Executive Director of the Ada County Association of Realtors.

Inventory levels like these have me searching for more sellers to represent. It’s nice when the market can be added to the factors I can control e.g. applying diligence, good knowledge, strong negotiation skills, etc. As always, I work hard for you and your referrals.

Thanks for reading! Sincerely,

Shana Foster Moore,
Your Local Boise Real Estate Professional
Sources:
http://acarwatercooler.com/2012/08/13/ada-county-real-estate-market-continues-its-blistering-pace/
http://www.zillow.com