Boise Real Estate Market Statistics-February 2016

Ada County February Market Statistics

Available Homes

# Available: 1681

# Vacant: 1042 (62%)

# Short Sale: 42 (2%)

# Bank Owned: 16 (1%)

Median Asking Price: $285,990

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Pending Sales

# Pending: 1295

Median Asking Price: $249,900

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Closed Sales—February 2015

# Closed: 528

# Short Sale:15 (3%)

# Bank Owned: 27 (5%)

Median Sales Price: $218,000

Median Days on Market: 40

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Closed Sales—February 2016

# Closed: 592

# Short Sale: 7 (1%)

# Bank Owned: 5 (1%)

Median Sales Price: $234,950

Median Days on Market 26

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The Real Estate Market is Crazy!

Spring has sprung early for our local real estate market! Due to low inventory, homes are going within days right now and many with multiple offers. I cannot say this enough, if you are thinking of selling or know someone who is, now is the time!

Inventory went up from last month by 14 homes, so basically we are flat month over month. Median asking price went up by $10k and we should expect to see that trend continue over the next few months.

The big story is the jump in Pending Sales! Up by 219 from last month, we are at historic highs with the current number at 1295. This time last year the number of Pending Sales was at 1030, and that was a high for March at that time!

Also at historic highs are the number of Closed Sales, up by 106 month over month and by 64 year over year. Less than 2 percent of the Closed Sales market were distressed. All but gone are the short sales and bank owned properties. The median Days On Market are down to 26. Just for comparison, last year was 40 DOM and in 2011 (bottom of the market) it was 70 DOM. Crazy market indeed!

For more information regarding the Boise Real Estate Market, go to my website: http://www.BoiseRealEstateChick.com

Brokerage: Silvercreek Realty Group 1099 S Wells Ste 200, Meridian Idaho 83642

 

 

 

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