Boise Real Estate Market Statistics -May 2011

The numbers below reflect homes that are active, pending, or sold in the Boise area for the month of May 2011. They are based on single family/single family with acreage and all numbers are from the Intermountain Multiple Listing Service. My commentary will follow each grouping.

Available: May 2011

# Available: 2616

#Vacant: 1295

# Short Sale: 774

# Bank Owned: 181

Median Asking Price: $178,250

Inventory continues (since January 2011) to remain flat but the number of distressed properties have gone down from 988 to 955. Median Asking Price continues to rise slowly but steadily.



# Pending: 978

Median Asking Price: $159,900

Here again we see an increase in Pending Sales up from last months 903 with an increase in Asking Price, also up from last months $154K. This trend looks good for June closings and I expect to see another up month!


Closed Sales – May 2011

# Closed: 601

# Short Sales: 94

# Bank Owned: 229

Median Sold Price: $143,000

Median Days on Market: 42

All numbers are up across the board with the exception of the Days on Market, that actually went down from April’s 58. Sales Prices are up from last month’s $135K which is actually pretty good considering that the number of distressed properties that sold went up from 316.


Many of you may have seen the local newspaper here do three days of negative housing market stories. The problem is that the stories reflect either national averages, which are meaningless locally, and they compare 2010 numbers to today. The numbers that I look to see if the market is heading in the right direction are the month to month numbers. These are the numbers that we need to pay attention to in order to determine market bottom. What I am seeing indicates that we have been out of bottom for a few months. Does this mean that prices will only rise? No, because we still have a lot of distressed inventory to clear but when you take that large distressed inventory into account the past few months are pretty impressive! Even still, there will be months when the sold prices may be flat from the previous month or even dip by 5%. I am still confident that the market is mending, slowly but surely.

If you would like to see what homes are going for, please go to my website (no sign in required) : Feel free to contact me through my web site if you are interested in buying or selling a home!




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