Boise Real Estate Market Statistics-February 2018

Ada County February Market Statistics

Available Homes
# Available: 1211
# Vacant: 861 (71%)
# Short Sale: 2 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $382,490

Pending Sales
# Pending: 1448
Median Asking Price: $319,560

Closed Sales—February 2017
# Closed: 540
# Short Sale: 3 (<1%)
# Bank Owned: 10 (2%)
Median Sales Price: $259,891
Median Days on Market: 21

Closed Sales—February 2018
# Closed: 676
# Short Sale: 3 (<1%)
# Bank Owned: 4 (1%)
Median Sales Price: $293,969
Median Days on Market: 14


Heading into Spring

Our inventory crisis continues but will the Spring market change that? That is a good question! When I say that inventory is low, I am not saying that we have less
people selling their homes but that the market cannot keep up with the demand. If we look at the last few years we see that the number of homes sold has  actually trended up. The issue is that homes are going pending as quickly as they are going onto the market. This makes it seem like not as many sellers are listing their homes. In reality, we have as many people selling as is usual for this time of year but they go so quickly that they are never realized as available inventory. So will the Spring market change that???

I am thinking that we will see the normal volume of homes go on the market but once again, there is lots of pent up demand, so homes will continue to go quickly. My hope is that we have enough inventory to slow the bidding wars down and that buyers will be able to get the first home they make an offer on rather than the fourth or fifth.
Two trends I am watching: Median Asking Price and Median Closed Sales Price. Both are trending towards record highs. Median Asking Price is approaching the $400K mark and Median Closed Sales Price is approaching the $300K mark. My concern is that the local first time buyers are being priced out of the market as the out-of-State buyers moving here outbid them with cash. I don’t know about you but I don’t want Boise to become like Portland or Denver!

Brokerage: Silvercreek Realty Group-1044 S Wells St Suite 200, Meridian, ID 83642

 

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