Boise Real Estate Market

The numbers are in for the Boise Real Estate Market for November 2011. These numbers are based on single family/single family with acreage in the Boise area (ADA County) and are taken from the Multiple Listing Service.

Available Homes

# Available: 2167

# Vacant: 1197 (55%)

# Short Sales: 647 (30%)

# Bank Owned: 158 (7%)

Median Asking Price: $180K

This time last year there were 2999 homes on the market, and last month (October of 2011) there were 2287. Incredibly, inventory continues to drop! Interestingly, the Median Asking Price in November 2010 was $165K and is now $180K. We can see that with the decrease in inventory the median price has gone up (supply and demand).

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Pending Sales

# Pending: 789

Median Asking Price: $152,995

While the number of Pending Sales are down from last month (814), the Median Asking Price is up from last month ($149.9K.)  This time last year the number of Pending Sales was 672 with a Median Asking Price of $159.9k. Another interesting thing to note is that the Asking Price versus the actual Sales Price is much closer now then it was a year ago. This means, to me anyway, that the asking  price a year ago was not at bottom. We have since  then hit bottom and the current prices reflect that with the list prices usually not to far off from the actual sales price.

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Closed Sales – November 2010

# Closed: 469

# Short Sales: 60 (13%)

# Bank Owned: 185 (39%)

Median Sales Price: $150K

Median Days on Market: 51

Closed Sales – November 2011

# Closed: 479

# Short Sales: 100 (21%)

# Bank Owned: 127 (26%)

Median Sales Price: $149K

Median Days on Market: 46

The number of Closed Sales for ADA County are up year over year and the Median Sales Price is basically the same. If we look at month over month we see that the number of sold properties is down (524 October 2011) but the Median Sales price was off by only $1K.

So if we look at year over year and month over month numbers we can see that there has been no real changes, and at the very least , there has been no downward slide.  This is good to see because as we get near the 2011 year-end we want to see a stable Boise Real Estate Market emerging. And by all indications, we are!

If you would like to see homes that are currently for sale in the Boise area please go to my website (no sign in required): www.BoiseRealEstateChick.com  or you can e-mail me with you questions or comments : mary@BoiseRealEstateChick.com