Boise Real Estate Market Statistics-November 2018

Ada County November Market Statistics

Available Homes
# Available: 1748
# Vacant: 1306 (75%)
# Short Sale: 1
# Bank Owned: 3
Median Asking Price: $369,900

Pending Sales
# Pending: 1262
Median Asking Price: $358,315

Closed Sales—November 2017
# Closed: 893
# Short Sale: 2
# Bank Owned: 3
Median Sales Price: $269,900
Median Days on Market: 15

Closed Sales—November 2018
# Closed: 852
# Short Sale: 0
# Bank Owned: 0
Median Sales Price: $322,495
Median Days on Market: 14

As the Year 2018 comes to an end, I would like to wish everyone a very Merry Christmas and a happy and healthy New Year!

This was a very interesting year for the Treasure Valley area. We saw rapid growth as Idaho became the number one State to move to. With that designation came a crazy housing market in the spring. Our inventory could not keep up with the demand and this created bidding wars that pushed sales prices way up.

Will this happen come spring of 2019? There is a very real chance we will see another frenzied spring housing market. Inventory is going backwards again and we are hearing (via social media and the news) that the inflow into Idaho is not done.

Brokerage: Silvercreek Realty Group-1099 S Wells St, Ste. 200, Meridian ID 83642

2019
01/08
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Boise Real Estate Market Statistics-October 2018

Ada County
October Market Statistics

Available Homes
# Available: 1824
# Vacant: 1263 (69%)
# Short Sale: 2
# Bank Owned: 3
Median Asking Price: $369,940

Pending Sales
# Pending: 1349
Median Asking Price: $354,900

Closed Sales—October 2017
# Closed: 994
# Short Sale: 1
# Bank Owned: 3
Median Sales Price: $267,797
Median Days on Market: 14

Closed Sales—October 2018
# Closed: 996
# Short Sale: 1
# Bank Owned: 1
Median Sales Price: $320,000
Median Days on Market: 11

Season for Thanksgiving…

After 6 months of slightly increased inventory, October saw a slight decrease in inventory and we are still well below October 2017 inventory of 1913 available homes. I am not expecting inventory to go up as we head into the winter months. With that in mind, we are on track for another crazy spring market.

Pending Sales continue to decrease for month over month and year over year. The pending asking price is up month over month though.

October saw an increase month over month for number of homes sold as well as year over year. The median asking price is up by $4K month over month and up by $52K year over year. Low inventory is still driving the increase in median sales price. As of now, August was the peak in median sales price at $330K.

As we head into the holiday and winter market, I expect to see inventory to continue dropping. The thought is to wait until spring to sell a home but with inventory like it is in the under $350K market, right now is probably the best time to sell. If you or someone you know is thinking of selling, PLEASE contact me!

Brokerage: Silvercreek Realty Group 1099 S Wells St Ste 200, Meridian, ID 83642

2018
11/17
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Boise Real Estate Market Statistics-September 2018

Ada County September Market Statistics

Available Homes
# Available: 1839
# Vacant: 1250 (68%)
# Short Sale: 3
# Bank Owned: 2
Median Asking Price: $379,900

Pending Sales
# Pending: 1413
Median Asking Price: $345,000

Closed Sales—September 2017
# Closed: 1099
# Short Sale: 1
# Bank Owned: 4
Median Sales Price: $272,685
Median Days on Market: 13

Closed Sales—September 2018
# Closed: 913
# Short Sale: 0
# Bank Owned: 2
Median Sales Price: $316,000
Median Days on Market: 9

Full Fall Season

Inventory is up for the 6th month in a row. Our current inventory is only off by 138 from last year at this time. The median asking price is up month over month but the price has been going back and forth since it peaked in April at $396K, where it is now.

We continue to see the number of Pending Sales down for both year over year and month over month. The Pending Sales price has been flat for 3 straight months. The number of Pending Sales peaked in May at 1941.

The number of homes sold in September was down both year over year and month over month. The median sold price was at $316K but it is up by $43K from same time last year.

The next few months will indicate if there is a new trend going on. It appears there is a slight market pullback and this is not just a local trend. Reports are that this is happening throughout the country. Could be rising interest rates, or seasonal, or that we are comparing the current market to this past spring. That was an above average selling market, which is why the year over year numbers are important. We will see…

Brokerage: Silvercreek Realty Group 1099 S Wells St Ste. 200, Meridian, ID 83642

2018
11/17
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Boise Real Estate Market Statistics -August 2018

Ada County August Market Statistics

Available Homes
# Available: 1671
# Vacant: 1097 (66%)
# Short Sale: 4 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $374,460

Pending Sales
# Pending: 1553
Median Asking Price: $345,000

Closed Sales—August 2017
# Closed: 1080
# Short Sale: 2 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $277,975
Median Days on Market: 12

Closed Sales—August 2018
# Closed: 1043
# Short Sale: 1 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $330,000
Median Days on Market: 8

Heading into Fall…

Inventory continues to increase, up by 159 homes since last month. This is a good thing since we need more inventory to help stabilize the prices. Home values going up to quickly is not a good thing for several reasons: first it is not sustainable especially if local incomes do not rise with it. Secondly, as a home owner these increases in home values will be reflected in your June 2019 taxes. Some will have a bit of sticker shock when the tax assessment arrives.

Something new we did see in August was that for the first time in 18 months we have less homes sold year over year. It is only down by 37 from last year but it is the first time we have seen a lower year over year total. Could just be an anomaly but worth watching to see if the same holds true for September.

Prices for sold homes is way up from this time last year though. The median sales price in August 2017 was $277,975. This year it is $330,000. That is a $52,000 increase! Anyone who bought this time last year are looking at some nice equity in their homes already!

Brokerage: Silvercreek Realty Group-1099 S Wells St Ste 200, Meridian, ID 83642

All statistics are taken from the information provided by the Intermountain MLS

2018
09/24
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Boise Real Estate Market Statistics-July 2018

Ada County July Market Statistics

Available Homes
# Available: 1512
# Vacant: 960 (63%)
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $384,900

Pending Sales
# Pending: 1721
Median Asking Price: $345,655

Closed Sales—July 2017
# Closed: 1119
# Short Sale: 3 (<1%)
# Bank Owned: 11 (1%)
Median Sales Price: $269,900
Median Days on Market: 9

Closed Sales—July 2018
# Closed: 1154
# Short Sale: 1 (<1%)
# Bank Owned: 1 (1%)
Median Sales Price: $317,000
Median Days on Market: 7

Dog days…

The current real estate market here in the Treasure Valley is pretty flat. We only saw an increase in inventory of 54 homes. Pending and Sold’s were both down as well. I have had people ask me if this is an indicator of a market bubble about to burst. It is not! I think everyone has gotten use to the crazy last few months and think that is our new normal. It is not!

The feeding frenzy we saw in the spring was the normal amount of buyers but with a much lower inventory available to them. This created a market where homes went in a matter of hours, with multiple offers, and above asking prices. That has slowed down now as it always does in the summer months.

I think we will see a slight uptick of activity in the October time frame and then again in December. This too is normal. I am not expecting any major increases in inventory and I do see prices continuing to rise but not as quickly as they had been over the past few months. From now until the end of December we should see a relatively normal market.

Brokerage: Silvercreek Realty Group-1099 S Wells St. Ste 200, Meridian, ID 83642

All statistics are from the Intermountain MLS

2018
09/24
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Boise Real Estate Market Statistics-June 2018

Ada County June Market Statistics

Available Homes
# Available: 1458
# Vacant: 907 (62%)
# Short Sale: 1 (<1%)
# Bank Owned: 5 (<1%)
Median Asking Price: $385,945

Pending Sales
# Pending: 1838
Median Asking Price: $340,783

Closed Sales—June 2017
# Closed: 1245
# Short Sale: 1 (<1%)
# Bank Owned: 6 (<1%)
Median Sales Price: $272,490
Median Days on Market: 8

Closed Sales—June 2018
# Closed: 1230
# Short Sale: 3(<1%)
# Bank Owned: 0 (0%)
Median Sales Price: $322,317
Median Days on Market: 7

Beginning of the summer market!

Inventory was up by another 150 homes! Finally! These are not huge increases but so needed just the same. We are still seeing multiple offers and homes going pending within hours of hitting the market, however, that is only the case in the under $350K price range. Once we get over the $500K mark, the available inventory goes up and days on market are a bit longer.

Pending sales actually saw a pull back, down by 103 month over month and the asking price was flat. The increase in inventory and the decrease in Pending sales is the result of the summer market. This happens every year! Not an anomaly, just typical!

The number of Closed Sales was up by 32 month over month, so not really much to report on there. What is worthy of noting is the year over year price difference. The median price of a home sold in June 2017 was $272,490, in June 2018 that median price is now $322,317. That is a $50K price increase! Anyone who waited until this year to buy are paying that much more!

Brokerage: Silvercreek Realty Group 1099 S Wells St suite 200, Meridian, ID 83642

2018
07/29
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Boise Real Estate Market Statistics-May 2018

Ada County -May Market Statistics

Available Homes
# Available: 1308
# Vacant: 790 (60%)
# Short Sale: 0 (0%)
# Bank Owned: 5 (<1%)
Median Asking Price: $392,450

Pending Sales
# Pending: 1941
Median Asking Price: $339,990

Closed Sales—May 2017
# Closed: 1063
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $261,000
Median Days on Market: 7

Closed Sales—May 2018
# Closed: 1198
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Sales Price: $305,000
Median Days on Market: 6

May Flowers…

We are finally seeing a decent increase (relatively speaking) in available inventory, up by 104 month over month. And with that increase we see a $4K decrease in the median asking price month over month.

The number of Pending Sales was up by only 7 but up by $11K month over month.
The substantial number is the amount of Closed Sales for May. This was up by 284 homes month over month. This is what we should be seeing for May! The median Closed price was up by $9K month over month and by $44K year over year.

Seeing how the prices just keep going up, you can see that if you bought a home in May of 2017 you would have paid $44K less than if you are purchasing this May. I don’t expect to see that trend change. So if you are wanting to buy now, do it! And of course you know who to contact for that! 😉

Brokerage: Silvercreek Realty Group-1099 S Wells St Suite 200, Meridian, ID 83642

2018
07/29
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Boise Real Estate Market Statistics-April 2018

Ada County
April Market Statistics

Available Homes
# Available: 1204
# Vacant: 804 (67%)
# Short Sale: 3 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $396,475

Pending Sales
# Pending: 1937
Median Asking Price: $328,000

Closed Sales—April 2017
# Closed: 884
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $252,769
Median Days on Market: 7

Closed Sales—April 2018
# Closed: 914
# Short Sale: 0 (0%)
# Bank Owned: 3 (<1%)
Median Sales Price: $296,900
Median Days on Market: 6

April Showers…

As we head into the full Spring Market we finally see an increase in Available Inventory. Okay so it is only up by 53 homes but at least we did not continue to slide backwards. Median asking price is up by $15K to $396K., slowly inching our way to the $400K mark.
Interesting to note is that in the past year the median asking price has normally gone up by $3K-$5K each month. Then in January 2018 the price jumped by over $20K and then up by another $10K in February, holding steady in March and now jumping again another $15K.

That being said, while we saw the Median Sales price for Sold homes go over the $300K for last month, it actually came down by $10K. I do think that we will see some fluctuation in and around the $300K range until that price is the new bottom.
Inventory is still too low so if you are thinking of selling or know someone who is, please contact me for a free Comparable Market Analysis (CMA).

Brokerage: Silvercreek Realty Group 1099 S Wells St Suite 200, Meridian ID 83642

 

2018
07/29
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Boise Real Estate Market Statistics-March 2018

Ada County March Market Statistics

Available Homes
# Available: 1151
# Vacant: 797 (69%)
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $381,900

Pending Sales
# Pending: 1682
Median Asking Price: $317,727

Closed Sales—March 2017
# Closed: 853
# Short Sale: 4 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $251,199
Median Days on Market: 11

Closed Sales—March 2018
# Closed: 877
# Short Sale: 2 (<1%)
# Bank Owned: 5 (1%)
Median Sales Price: $307,990
Median Days on Market: 11

March Madness

Here we are again! Another month of Available Inventory sliding backwards. This is by far the lowest inventory level I have seen in my 13 years as a realtor. Ask any agent or buyer looking for a home and they will tell you how frustrating it is. The new normal is waiting in line outside a home to get a turn to go in and view it. Desired homes go so quickly that most buyers do not even get to view a home before it goes Pending.

Pending Sales continue to climb! Month over Month we are up another 232 homes. This speaks to the decline in available inventory.

One of the things I have been watching is the median Closed Sales Price. It has been trending upward and I expected it to go over the $300K mark in a month or so. It has happened! The median Closed Sales Price is now at $307,990. This is up by $14K from last month and if we look at year over year, it is up by $56K.  Median days on Market are now at 11. We have not even hit the peak Spring market yet. May’s numbers are going to be very interesting for sure!

Bottom line: If you are wanting to sell, do it now! If you price your home correctly it will go quickly. If you are a buyer, buy now because prices are not going down so this might be your last opportunity to buy at the current price. And of course, contact me for all your buying and selling needs!

Brokerage: Silvercreek Realty Group-1099 S Wells St Suite 200, Meridian, ID 83642

 

2018
05/15
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Boise Real Estate Market Statistics-February 2018

Ada County February Market Statistics

Available Homes
# Available: 1211
# Vacant: 861 (71%)
# Short Sale: 2 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $382,490

Pending Sales
# Pending: 1448
Median Asking Price: $319,560

Closed Sales—February 2017
# Closed: 540
# Short Sale: 3 (<1%)
# Bank Owned: 10 (2%)
Median Sales Price: $259,891
Median Days on Market: 21

Closed Sales—February 2018
# Closed: 676
# Short Sale: 3 (<1%)
# Bank Owned: 4 (1%)
Median Sales Price: $293,969
Median Days on Market: 14

Heading into Spring

Our inventory crisis continues but will the Spring market change that? That is a good question! When I say that inventory is low, I am not saying that we have less
people selling their homes but that the market cannot keep up with the demand. If we look at the last few years we see that the number of homes sold has  actually trended up. The issue is that homes are going pending as quickly as they are going onto the market. This makes it seem like not as many sellers are listing their homes. In reality, we have as many people selling as is usual for this time of year but they go so quickly that they are never realized as available inventory. So will the Spring market change that???

I am thinking that we will see the normal volume of homes go on the market but once again, there is lots of pent up demand, so homes will continue to go quickly. My hope is that we have enough inventory to slow the bidding wars down and that buyers will be able to get the first home they make an offer on rather than the fourth or fifth.
Two trends I am watching: Median Asking Price and Median Closed Sales Price. Both are trending towards record highs. Median Asking Price is approaching the $400K mark and Median Closed Sales Price is approaching the $300K mark. My concern is that the local first time buyers are being priced out of the market as the out-of-State buyers moving here outbid them with cash. I don’t know about you but I don’t want Boise to become like Portland or Denver!

Brokerage: Silvercreek Realty Group-1044 S Wells St Suite 200, Meridian, ID 83642

 

2018
05/15
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