Market Update

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

The numbers are in

Two months in a row we’ve seen double digit increases when compared to the previous year. Inventory also has been a big topic lately.

While inventory doesn’t historically increase until April, we reversed four consecutive months of decreasing inventory when 2,044 homes were on the market in January.

Now here’s something all this data doesn’t quite say. Right now, I have multiple buyers waiting to buy and sellers waiting to sell. My next blog will encourage you not to wait, but rather to beat the rush.

But now, back to your monthly numbers!

While sales historically drop when the calendar rolls over and January hits, this year they went up, however so did the days on market. This is odd, however with only one month of higher-than anticipated days on market, it’s too soon to suggest any sort of a trend. We’ll keep you posted as future data points present themselves.

Up and Down Update

Up

  • Single family home sales increased 10% when compared to January 2013.
  • Days on market! In January, homes were on the market for 70 days, compared to 59 in December and 53 last January.
  • The 99 new home sales created a 27% increase from January 2013.
  • Existing home sales, at 309, were up 6%.
  • Total sales were up 29% over December’s (reversing typical trends).
  • Distressed sales, at 12%, were up 2% from last month, but down 13 % from last year (not to be mistaken for distressed inventory/listings).
  • The median home price, at $208,190, was up 12% from January 2013.
  • Inventory was up slightly, showing 4.2 months and 2,044 homes in January.
  • Down payments were up. More buyers are puttin more than 20% down.

 Down

  • Pending short sales, however pending REOs went up.
  • Distressed inventory went down 1% between December and January, 2014.
  • Sales to first time buyers decreased to 31% in 2013.
  • Home building dipped in January according to the Department of Commerce. That makes sense. Brrr!
  • The Fed’s monthly bond purhcases, which push down longer-term interest rates, according to KTVB.

Thank you to the Ada County Association of Realtors for providing these wonderful numbers! Check back next month for more on my interpretation and vantage point.

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

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