Archive for July, 2017

Boise Real Estate Market Statistics-May 2017

Ada County May Market Statistics

Available Homes
# Available: 1820
# Vacant: 1055 (58%)
# Short Sale: 9 (1%)
# Bank Owned: 6 (<1%)
Median Asking Price: $334,900

Pending Sales
# Pending: 1798
Median Asking Price: $299,900

Closed Sales—May 2016
# Closed: 1083
# Short Sale: 11 (1%)
# Bank Owned: 13 (1%)
Median Sales Price: $239,990
Median Days on Market: 10

Closed Sales—May 2017
# Closed: 1046
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $263,500
Median Days on Market: 7


May flowers but not by much!

We are well into the Spring market and inventory ticked up by almost 200. But it is still not enough to meet the demand. Homes are getting offers in less than a weeks time. Granted this is for certain price points. Under $350K are moving at a rapid pace while $350K and up are moving a little slower (relatively speaking).

My biggest concern is for the first time buyers. As prices continue to climb these buyers are slowly being priced out of the market. And because there are so few homes coming on the market under $200K the competition is fierce!
The number of Pending Sales is up by another 90 but interestingly enough is down by 16 year over year. This speaks to the lack of inventory. As you will see in the column to the right, 2016 had more inventory to have offers on.
Our Closed Sales were up month over month (+175) but down (-37) year over year. Once again this is due to lack of inventory. The Sold price was up by $12.5K month over month and up by $23.5K year over year. Days on Market are staying steady at 7 days. For homes under $200K it is even lower than that!
We are heading into the summer market which is usually a little slower but due to the lack of inventory, it may not be as slow as usual! Thinking of selling your home (or know someone who is), give me a call! We can see what the best marketing plan is for you!

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

 

Boise Real Estate Market Statistics-April 2017

Ada County April Market Statistic

Available Homes
# Available: 1625
# Vacant: 1027 (63%)
# Short Sale: 10 (1%)
# Bank Owned: 9 (<1%)
Median Asking Price: $338,000

Pending Sales
# Pending: 1708
Median Asking Price: $292,200

Closed Sales—April 2016
# Closed: 967
# Short Sale: 7 (1%)
# Bank Owned: 20 (2%)
Median Sales Price: $239,000
Median Days on Market: 11

Closed Sales—April 2017
# Closed: 871
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $251,000
Median Days on Market: 7


April showers…us with no Inventory!

There was some hope that with spring in full swing that the inventory would pick up but so far, not really. There have been only 88 homes added to the available homes for sale in April. That is not even a dent in what we are in need of. We are looking at historical lows when it comes to inventory for April.
Also, we are looking at historical highs for April Pending Sales. We are up by 222 month over month and for year over year, we are up by 2. The Asking price is up by $9K month over month and year over year it is up by $38K.
Closed Sales are interesting. While they are up by 45 month over month, when we look at them year over year we are down by 96. The Sold price flat month over month and up by $12K year over year. The Days on Market are ridiculous! The Median DOM is down to 7 days! Homes are moving in less than a week at this point. As we head into May/June, I actually expect to see that number go down a bit more.
Home Values are moving up fairly quickly! If you are curious to see what your home may be worth, send me an e-mail, text or call. You may be pretty surprised at how much your home is worth!

Brokerage: Silvercreek Realty Group-1099 S Wells St Suite 200 Meridian ID  83642

Boise Real Estate Market Statistics -March 2017

Ada County March Market Statistics

Available Homes
# Available: 1557
# Vacant: 1015 (65%)
# Short Sale: 10 (<1%)
# Bank Owned: 10 (<1%)
Median Asking Price: $329,900

Pending Sales
# Pending: 1486
Median Asking Price: $283,950

Closed Sales—March 2016
# Closed: 841
# Short Sale: 6 (1%)
# Bank Owned: 15 (2%)
Median Sales Price: $236,775
Median Days on Market: 15

Closed Sales—March 2017
# Closed: 826
# Short Sale: 4 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $251,199
Median Days on Market: 12


Spring has Sprung!!!

Inventory finally saw a slight uptick, picking up another 170 homes. This is still not enough to meet buyer
demand. Ask any Real Estate agent or buyer how the bidding war is going as soon as a new listing comes on. Homes are going with multiple offers and usually at least $5K-$10K over asking.
While that is great news for sellers there is a word of caution here. Just because the homes are going quickly does not mean that way overpricing it is the way to go. Appraisers are starting to push back on the numbers. Particularly if they are being financed through VA or FHA. Restrictions are a little tighter for these types of loans and what can be accepted as a comparable property is a little different as well. Also, because these loans usually require as little as 3.5% as down-payments, the appraisal value has to come in at the contract price. And that is where the problem of over bidding comes in. Most homes are priced at the top of the market right now, so bidding higher than that leaves appraisers unable to find comparable sold properties with higher values.  Honestly, I think it is a good thing that appraisers are giving the market a reality check. I, for one, do not want to see a repeat of the 2006 market that came crashing down and bottomed in 2011. If you need help with pricing your home, give me a call!

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

 

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