Archive for April, 2014

Boise Real Estate Market Statistics – March 2014

Ada County March 2014 Market Statistics

Available Homes
# Available: 2221
# Vacant: 1287 (58%)
# Short Sale: 121 (5%)
# Bank Owned: 64 (3%)
Median Asking Price: $242,990

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Pending Sales
# Pending: 1010
Median Asking Price: $224,900

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Closed Sales—March 2013
# Closed: 575
# Short Sale: 60 (10%)
# Bank Owned: 44 (8%)
Median Sales Price: $186,900
Median Days on Market: 27

Closed Sales—March 2014
# Closed: 583
# Short Sale: 27 (5%)
# Bank Owned: 40 (7%)
Median Sales Price: $198,000
Median Days on Market: 35

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Inventory is on the Rise!

As is typical for this time of year, we are seeing an increase in the available inventory. We are also seeing the Median Asking Price on the rise, up by $18K over the last two months. At the same time the number of Vacant homes decreased indicating an increase in existing homes (traditional seller) versus new (builder).

Pending Sales continue their rise and I expect to see that well into June. The Median Asking Price for pending sales was up by $4K. The bulk (65 percent) of the Pending Sales are in the under $250K price range.

As was expected with the increase in Pending Sales, Closed Sales are increasing as well. The Days on Market are now down to 35 and we can expect to see that number continue to come down over the next few months as the Spring Market takes off. The Sales Price has remained pretty flat for the past several months. Even though the Median Asking Price in Available homes has increased, I don’t see the actual Closed Sales Prices going up too dramatically. Remember, just because sellers are asking more, does not mean they will get more. Buyers determine market price, not sellers. And with the increase in inventory, sellers would be wise to watch market pricing, not wishful thinking!

If you would like additional information regarding the Boise Real Estate Market please feel free to contact me via my website: http://www.BoiseRealEstateChick.com

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

 

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