Monthly Facts and Boise Market Trends

Posted by: admin  :  Category: Boise Market Trends, Buying Boise Homes, Housing Market, Local Boise Market Update, Market conditions, Market Trends, Market Updates, Selling Boise Homes, Selling Homes

It’s now officially fall, and the kids are back in school. Have I missed the window for selling my home?

Before waiting another entire year to sell, consider this: August 2015 inventory was down 15.5 percent from last year, and there were 1,279 homes pending sales in August 2015 (up 40.4 percent from the same time last year)—meaning the demand is there.

According to Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, this decrease in supply and increasing demand “was the reason that many buyers and sellers found themselves in multiple offer situations over the summer.”

Also worth noting is that the current month’s supply metric reflects buyer demand. A typical balanced market is between four to six months of supply. However, this August’s supply metric was down 28.9 percent from last year. For sellers who are still looking to sell in 2015, this is all good news—made better by a median sales price increase of 4.8 percent over last year.

Here’s a closer look at the numbers in our latest monthly market trend indicators update:

Upward Market TrendsTrending Up

  • 837 homes sold in August 2015 (up 12.4% from August 2014)
  • $229,500 median home price (up 4.8% from last August)
  • 1,279 pending home sales (a 40.4% increase from August 2014)
  • 837 closed sales (up 12.4% from last August)

Arrown indicating downward market trends in Boise's housing marketTrending Down

  • 2,504 homes of available inventory (down 15.5% from last August)
  • 2.7 months supply (a 28.9% decrease since August 2014)
  • 45 days on market (down 15.1% from last August)

It’s still an ideal time for house-hunting, too—especially with the inevitable dip in purchase activity that occurs around this time every year. In fact, a recent article suggested, “September could be the best month all year to sign a contract to buy a home.”

Since our seasonal peak of 2,512 homes for sale (in June 2015), this number has held steady through the summer, meaning that buyers—especially those considering new construction or homes above $400,000—still have plenty of homes to choose from, and with less competition.

And, given the fact that interest rates remain at near historic lows, the market looks favorable for just about everyone this season. We’d be happy to meet with you to discuss your situation and review the options available to you.

Your Boise Market Trend Experts

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