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.

Providing you real estate market trends
Your Local Boise Real Estate Professional

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