Archive for May, 2016

Boise Real Estate Market Statistics-April 2016

Ada County April 2016 Market Statistics

Available Homes

# Available: 1848

# Vacant: 1080 (58%)

# Short Sale: 32 (2%)

# Bank Owned: 16 (1%)

Median Asking Price: $299,900

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Pending Sales

# Pending: 1706

Median Asking Price: $254,900

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Closed Sales—April 2015

# Closed: 831

# Short Sale: 9 (1%)

# Bank Owned: 30 (4%)

Median Sales Price: $217,000

Median Days on Market: 18

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Closed Sales—April 2016

# Closed: 936

# Short Sale: 7 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $239,450

Median Days on Market: 12


Sellers Market!

The real estate market here is showing no signs of pullback just yet. Pricing is now back at the levels it was at during the 2006-2007 time frame. What is different now is the inventory level. It is still very low. In July of 2007, Ada County hit a high of 5198 homes on the market and in 2013 we hit a low of 1664. Currently, we are at 1848, just barely off of that low number.

We are in a very strong sellers market! A balanced market is 4-6 months of inventory supply. Currently we are under 4 months supply for homes that are $500K or less. By this time of the year we should see a significant rise in inventory and we are not. The biggest issue I am finding with potential sellers is not whether they can sell their home quickly, it is the fear that they will not be able to find a home to move to. And that is keeping many sellers from putting their homes up for sale and thus continuing the inventory shortage. It’s sort of a Catch-22!

Recently I have been asked by many potential sellers, should they wait until next year? I do not have a crystal ball! I do know the market is good for sellers right now but next year may prove to be very different. We are in the midst of an election cycle and we know how that can go! So my advice is if you are wanting to sell, do it now!

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

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

 

 

 

 

 

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