Spring 2013 Market Update

Posted by: admin  :  Category: Market Trends, Market Updates, REO

Hot Summer in Boise

“We now know for certain; ‘the Spring of 2013 was the best in seven years’,” according to the Ada County Association of Realtors (ACAR). Continuing to outpace the national recovery, the local real estate market in Ada County is experiencing the biggest growth in years with home sales and home prices on the rise.

In Ada County, single family home sales increased of 32% in May 2013 compared to one year ago. New home sales increased 17% and existing home sales increased 36% – the highest year-over-year increase in many years. May 2013 sales increased by 16% compared to April, the strongest May over April sales increase since 2006.

Sales on the rise mimicking month-to-month trend lines from 2006. Source: ACARWatercooler.com

Not only are we selling more homes, but we are selling them faster and at higher prices. On average, homes sold about two weeks faster in May than in April.

The median home price was up 8% from 2012, reaching a level untouched for the last five years. Source: ACARWatercooler.com

The median home price rose 8% from one year ago to $195,000, again above the national median. This is the first time in five years that the median price is above $190,000. For new homes, the median price for May was $272,425, up 18% from a year ago. This may be due to increased material costs, according to ACAR. For existing homes the increase was 9%.

Active inventory remains low. Source: ACARWatercooler.com

One reason for the continued rise in home price continues to be low inventory. While inventory is increasing and the percentage of distressed inventory is decreasing, overall inventory remains low. This means that the median home price will continue to rise well into 2013 and the competition is stiff with multiple offers for each home.

The number of distressed sales is down 9% from 2012 and decreasing. Source:ACARWatercooler.com

I am here for you! With an emphasis on effective marketing, promotion and staging, I will help you put the market-ready touches on your home so that you get the best price possible. And if you are thinking of buying, as my previous clients will attest, I pride myself on my knowledge of the market and my ability to match the just-right buyer with the just-right property. Please don’t hesitate to pass my contact information to any friends in need of a well-informed real estate resource to plan their next steps.

Shana Moore, Your Local Boise Real Estate Professional
Your Local Boise Real Estate Professional

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