Monthly Facts and Boise Market Trends

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Monthly Facts and Boise Market Trends

In June, nationwide home sales were at their highest in eight years. What do I need to know about the Ada County market? 

An increase in home sales typically occurs in spring and continuing through June and July. Even so, Brenda Kolsen, 2015 President of the Ada County Association of REALTORS®, acknowledges this year’s whopping 36.1% increase over June 2014 as an “enormous amount of activity” in Ada County.

And our community isn’t alone: according to the National Association of Realtors, existing-home sales nationwide increased in June “to their highest pace” in over eight years.

Job growth, population increases, and improved consumer confidence scores may very well be factors, at least in the Treasure Valley. Consider the following statistics:

  • Both statewide and Ada County’s population increased from April 2010 to July 2014 (up 4.3% and 8.6.%, respectively) according to U.S. Census Bureau data
  • These increases include buyers from California, Washington, and Oregon, many of which are professionals and retirees who are able to purchase at higher price points
  • The Idaho Department of Labor reported a 2.5% growth in jobs in May 2015
  • The Conference Board Conusmer Confidence Index® increased from 94.6 in May to 101.4 in June

This statistical data indicates that, as job stability increases and consumer confidence scores improve, people aren’t just more comfortable buying a home, they are also financially capable of spending a bit more.

Here’s a closer look at what’s up and what’s down in my latest monthly market trend indicators update.

Housing Market Trends and Indicators

Upward Market TrendsTrending up

  • 1,028 homes sold in June 2015 (up 26.1% from last June)
  • $230,000 median home price (up 6.0% from last June)
  • $279.5 million total volume of single-family home sales (a 36.1% increase from last June, and a 17.9% increase over May 2015)

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

  • $296,900 new home price (down 1.4% from last May)
  • 3% of homes sold were distressed properties (REOs and short sales), down 50% from last year
  • 42 days on market (down 5 days from than last June, a decrease of 36.2%)
Static Boise real estate market trendsTrending Consistently
  • 2.6 months available inventory (even with last year—inventory was at 2.1 months for existing homes and 4.29 months for new construction in June 2015)

While it may presently be a seller’s market, it’s important to remember that, if you’re listing your home, it won’t sell itself. Sellers should seriously consider home staging and the overall first impression they present to potential buyers. Also, many factors should affect your initial listing amount, and sellers should be cautious about overpricing. Home buyers need not be deterred by the high demand, either, rates are still at historically low levels, which still presents an ideal financial opportunity.

We’d be happy to meet with you to review your situation and discuss the possibilities.

Your Boise Market Trend Experts

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