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

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

Shana Has a Team/ A Real Story

Posted by: admin  :  Category: Selling Boise Homes


Sincerely,

 

ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional

Small Improvements – Big Difference

Posted by: admin  :  Category: Selling Boise Homes

If you read Home Selling Secrets For Boise’s Current Market Mentality, you know that small improvements make a big difference when preparing your home for a sale. Other than maybe a new roof, there’s often no need for a massive makeover, and you probably won’t get your money back if you do one. Instead, opt for small improvements, like these, that will pay off to get you top dollar on your home:

1. The kitchen comes first. The status of your kitchen will reflect on how people see the rest of your home. While you don’t need a full kitchen makeover, a buyer may significantly reduce their offer if your kitchen looks drab and dated. Start with a neutral color paint on the walls and cabinets and new cabinet hardware. If you have some extra money to spend, install new stainless steel appliances (go as high end as you can).

“The kitchen comes first” and I enjoy what my husband and I did with ours on a daily basis.

2. Paint those walls! Choose a white or neutral color, which has mass appeal. While bright colors may be your style, they may not be the style of potential buyers.

3. Boost curb appeal. Spruce up the exterior of your home with a fresh coat of paint, nice landscaping, clean windows and a brand new doormat. This is the first thing people will see so you want to make the best impression.

4. Clean, clean, clean. Steam clean your carpets, refinish hardwood floors, and make sure to clean the grout in your bathrooms and kitchen – clean grout makes tiled floors look brand new. Make sure all surfaces are sparkling clean.

5. Clean your closets. Closet space can be a make-it-or-break-it selling point for buyers. Clean them out to give the impression of spaciousness – it’s a great opportunity to get rid of those clothes you haven’t worn for years.  HOT TIP – clear off the closet floor!

6. De-personalize and de-clutter. Buyers want to visualize your house as their house, so take down your personal treasures (family photos, religious décor) and remove the kitsch from counter and tabletops. I like to bring in a stager, Gale Napier , to maximize a home’s potential. Gale helps arrange the furniture to best showcase your home’s floor plan and maximize the use of space.

Each home is unique, and I will help you apply these strategies effectively to get the best price for your home. It takes some time to get all this done, so please don’t hesitate to contact me today if you’re serious about selling.

Sincerely,

ShanaFosterMoore@gmail.com

Your Local Boise Real Estate Professional