Boise Real Estate Market Statistics=January 2016

Ada County January Market Statistics

Available Homes

# Available: 1667

# Vacant: 1150 (69%)

# Short Sale: 46 (3%)

# Bank Owned: 22 (1%)

Median Asking Price: $275,000

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Pending Sales

# Pending: 1076

Median Asking Price: $255,500

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Closed Sales—January 2015

# Closed: 435

# Short Sale:18 (4%)

# Bank Owned: 31 (7%)

Median Sales Price: $222,300

Median Days on Market: 42

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Closed Sales—January 2016

# Closed: 486

# Short Sale: 5 (1%)

# Bank Owned: 19 (4%)

Median Sales Price: $237,569

Median Days on Market: 34

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2016 Begins!

As we start the New Year, it is starting to look like this is going to be a very interesting year! Inventory in January has not been this low since 2013, with 70 percent of the current available homes being vacant. With low inventory but high vacancies, we can see that the primary sellers on the market right now are builders and investors, both trying to take advantage of a market that is probably going to peak this year.

Once again we see a record number of homes Pending. Typically we are at anywhere from 700 to 800 but have been staying at the 1000 plus mark for several months now. To give some perspective, in 2011 (market bottom), there were only 584 homes Pending! Almost double that right now!

The only trend that was at the normal mark was how many homes closed for January 2016. While we had a big pull back month over month, we are above last years average. We are still hanging around the 30 day mark for Days on Market.

I am holding to my prediction that the Spring market is going to be crazy. Buyers are out there and waiting for decent inventory, and interest rates just went down again (3.8 percent on a 30 yr fixed). This is a really good time to be a seller!

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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