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

 

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