Boise Real Estate Market Statistics-October 2014

Ada County October Market Statistics

Available Homes

# Available: 2635

# Vacant: 1583(60%)

# Short Sale: 107 (4%)

# Bank Owned: 54 (2%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 900

Median Asking Price: $236,900

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Closed Sales—October 2013

# Closed: 642

# Short Sale: 33 (5%)

# Bank Owned: 25 (4%)

Median Sales Price: $211,862

Median Days on Market: 25

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Closed Sales—October 2014

# Closed: 673

# Short Sale: 13 (2%)

# Bank Owned: 26 (4%)

Median Sales Price: $208,199

Median Days on Market: 36

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Are We Back To Normal?

As you can see, the number of Available listings continues to trend downward and the Asking Price remains flat. So is this a good or bad thing? For sellers, this is a good thing because the competition is going down and while prices are flat, they are not going backwards. For buyers, this means there are less homes to choose from but at the same time prices are remaining reasonable (and interest rates are still very low!).

My personal opinion on the current market is that we are at NORMAL and that is a good thing. We needed to see inventory come down because we do not want it to sit over the winter and then start the spring market with an already overloaded inventory. That would have driven prices downward and since we are just hitting a normal market, that would not be good!

Pending Sales were relatively flat month over month but the Asking Price is up by $7K.

Closed Sales were flat as well but the Sales Price was up by $4K from last month. We are currently hovering around last years Sales Price numbers. Once again, this is a good thing. It is nice to see no wild swings in pricing since last year!

If you would like additional information regarding the Boise Real Estate Market, please go to my website: http://www.BoiseRealEstateChick.com

Brokerage is: Silvercreek Realty Group 1099 Wells St Suite #200 Meridian ID 83642

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