Boise Real Estate Market Statistics-May 2015

Ada County May Market Statistics

Available Homes

# Available: 2336

# Vacant: 1251 (54%)

# Short Sale: 74 (3%)

# Bank Owned: 30 (1%)

Median Asking Price: $278,852

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Pending Sales

# Pending: 1504

Median Asking Price: $242,270

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Closed Sales—May 2014

# Closed: 807

# Short Sale: 22 (2%)

# Bank Owned: 29 (4%)

Median Sales Price: $209,000

Median Days on Market: 17

Closed Sales—May 2015

# Closed: 918

# Short Sale: 11 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $228,000

Median Days on Market: 13

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May Continues the Strong Market!

We ended May with a real estate market that is one of the strongest I have seen in years. While I am expecting slightly lower numbers in June, it won’t be by much!

Inventory was up a little (+76) and asking price was up by $2K. Homes are moving pretty quick primarily because there really isn’t a lot of inventory to pick from. This time last year there were over 2600 homes on the market versus this years 2300!

The big story is in the number of Pending Sales for May! Currently there are 1504 pending! I have been tracking the market for 6 years now and this is the highest number of pending sales in that time period!

Not surprisingly, the number of closed sales was up as well for both month over month and year over year. Sold price was up by $12K ($228K) from last month and by $20K from last year. The median time on market is down to 13 days! Not sure we will go any lower than that for June but we will see!

Looking at the market historically, this year may go down in the books as the height of the market for this real estate cycle! Next year is an election year and that usually causes a pull back in the market. So if you are ready to sell, make it this year!

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

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

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