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

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