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

Unlocking Tax Tips for Homeowners

Posted by: admin  :  Category: Home Knowledge, Local Boise Price Charts, Real Estate, Real Estate & Housing, Selling Boise Homes, Selling Homes, Tax Tips

Maximize Your Tax Deductions!

Who doesn’t love to save money when possible, or get hard-earned money back at the end of the year, as the case may be at tax time? This article is meant to help homeowners maximize their returns by offering tips worthy of talking through with an accountant or tax attorney. I’m neither an accountant nor equip to give tax advice, but here’s what I have learned . . .

Real estate write offs and tax deductions

Mortgage Interest Paid– Mortgage interest is deductible on first homes, second homes and even equity lines of credit (if and only if that equity line was indeed used to improve the home). $1 million loan limit applies plus $100 thousand limit for home equity debt).

For new homeowners, the mortgage interest tax break will be larger, since the ratio of interest to principal paid is heavier in the early years of a loan. See below.

Example scenario:

$112,000 Loan at 4.25% interest
Principal and interest payment: $550
Around $50 per month more goes toward principal in year 5 than in year 1 (that’s nearly 10% in this example).
$1,700 in principal was paid the first year and $2300 will be paid in the fifth year.

 

Taxes –Local and state taxes can be deducted on our Federal Taxes. If these are paid through escrow, keep in mind it’s only the actual disbursement that is deductible (not the amount pulled into your escrow account).

Home office deduction – This applies only to the square footage that is used specifically and only for business or business-related storage. Your home office can be your only office and cannot be combined with another office deduction outside of the home. My accountant has advised diligence in these details, as it’s an area the IRS could be inclined to watch more closely.

Selling costs – If you sold a home in the 2014, the selling costs can be deducted from the gain from sale.  Examples include repairs, title insurance, advertising expenses, real estate broker’s commissions, and inspection fees. Repairs need to have been made within 90 days of the sale and clearly for the intent of marketing the property.

Capital gains taxand the two out of five rule. If your home is your primary residence for two of the last five years, up to $500,000 in profit from the sale of a home may be tax-free (if married/filing jointly). A new purchase is NOT needed to claim this tax benefit! You can also claim certain repairs to reduce your capital gains on the sale, if  they were made within 90 days of the sale and clearly made for the intent of marketing the property.

 

Real Estate Caital Gains Tax Chart

Homeownership has tax advantages. Particularly if you’re selling a home you’ve lived in for 2 of the last five years. The next best scenario is to hold it for at least one year for long-term capital gains taxes.

Points – If you pay points on a loan, these are deductible as the IRS sees them as “prepaid mortgage interest.”

PMI (Private Mortgage Insurance) is deductible.Moving Costs – If you had to find a new home because of a new job that is located more than 50 miles away from your old home, you may be able to deduct your reasonable moving expenses.

Casualty Losses – If losses are large enough (more than 10% of your income), the portion not covered by insurance could be a deduction. Documentation in the form of photos, videos or receipts can be key in times of loss, both for insurance and tax purposes.

Documentation reminder at tax time – Smart phones and tablets make it easier than ever to document the contents or condition of your home. This can help in times of loss.

The benefits of homeownership carry through to tax season. So do the benefits of having a good accountant on your side, who reminds you to track all of these deductions.  Hopefully, a good realtor also is a part of your household’s team and hopefully I have been, or will be that resource for you.

If you know anyone who is ready to sell their home, I would much rather work for them, than work on my taxes, so please, have them 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 Boise real estate 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)

 

 

 

 

Cashing In

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

Cashing In: The Costs of a Sale

Those accustomed to moving, or 11.7% of the population in any given year according to Census data, seem to understand that moving carries a cost. Buyers understand there are costs involved with buying – down payment, closing costs, initial repairs or improvements and maybe a new couch that fits the new space.

A lesser known fact is that selling a home also carries a fairly standard set of inherent costs. Greg Kester of Pioneer Title breaks it down, “The seller is usually paying for anything associated with the sale, to show they have a sell-able, insurable property where the buyer is usually paying for anything to finance that home.”

Seller costs can be less intuitive, or more surprising, but a good rule of thumb is to budget 8-10% of the price of the sale to be safe.

Seller-paid costs

  • Real estate commissions -this is not a fixed number for all real estate companies, but Buy-Boise charges 6% to sell your home, 1/2 of which is given to the Buyer’s agent’s brokerage
  • Title insurance – also a percentage based on the price (.5% or less)
  • Settlement fees – usually split 50/50 with buyers and $680 or less
  • Unpaid taxes (billed bi-annually), irrigation fees, dues or assessments

Other potential costs to sell a home in Idaho

  • Capital gains tax (if there was a profit, and the home was not owner-occupied 2 of the last 5 years)
  • Seller-paid repairs
  • Seller paid closing costs
  • Transfer of security deposits and rents (for an occupied rental property)

Seller-paid closing costs have been trending up in Idaho. I started noticing it back when the Boise real estate market conditions took a big dip, but the idea seemed to gain traction, even as the market recovered. Buyers find it attractive more so than sellers, who already face some costs of selling.

Buyers often choose this form of negotiation because it decreases the amount they have to bring the closing table dollar-for-dollar in a lending situation. A reduction in purchase price only reduces “cash to close” by a percentage, in financing situations. It also affects the monthly payment ever so slightly.

“Whether it’s a buyers or sellers market can really determine whether buyers are asking for closing costs,” says our Pioneer Title expert Greg.

Costs to Buy a Home in Idaho

  • Down payment
  • Closing costs (loan origination, documentation, settlement fees  recording, pre-paid insurance, etc)
  • Appraisal – paid by the buyer about 60% of the time
  • Home inspection

A home tends to account for our biggest life purchases, and then one of our biggest sales. It’s important to fully understand all the numbers when making decision about selling your home, and evaluating the costs and profitability of a change.

For more information, please don’t hesitate to email me, or comment with your individual questions.

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 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 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

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