Archive for July 29th, 2018

Boise Real Estate Market Statistics-June 2018

Ada County June Market Statistics

Available Homes
# Available: 1458
# Vacant: 907 (62%)
# Short Sale: 1 (<1%)
# Bank Owned: 5 (<1%)
Median Asking Price: $385,945

Pending Sales
# Pending: 1838
Median Asking Price: $340,783

Closed Sales—June 2017
# Closed: 1245
# Short Sale: 1 (<1%)
# Bank Owned: 6 (<1%)
Median Sales Price: $272,490
Median Days on Market: 8

Closed Sales—June 2018
# Closed: 1230
# Short Sale: 3(<1%)
# Bank Owned: 0 (0%)
Median Sales Price: $322,317
Median Days on Market: 7


Beginning of the summer market!

Inventory was up by another 150 homes! Finally! These are not huge increases but so needed just the same. We are still seeing multiple offers and homes going pending within hours of hitting the market, however, that is only the case in the under $350K price range. Once we get over the $500K mark, the available inventory goes up and days on market are a bit longer.

Pending sales actually saw a pull back, down by 103 month over month and the asking price was flat. The increase in inventory and the decrease in Pending sales is the result of the summer market. This happens every year! Not an anomaly, just typical!

The number of Closed Sales was up by 32 month over month, so not really much to report on there. What is worthy of noting is the year over year price difference. The median price of a home sold in June 2017 was $272,490, in June 2018 that median price is now $322,317. That is a $50K price increase! Anyone who waited until this year to buy are paying that much more!

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

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Boise Real Estate Market Statistics-May 2018

Ada County -May Market Statistics

Available Homes
# Available: 1308
# Vacant: 790 (60%)
# Short Sale: 0 (0%)
# Bank Owned: 5 (<1%)
Median Asking Price: $392,450

Pending Sales
# Pending: 1941
Median Asking Price: $339,990

Closed Sales—May 2017
# Closed: 1063
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $261,000
Median Days on Market: 7

Closed Sales—May 2018
# Closed: 1198
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Sales Price: $305,000
Median Days on Market: 6


May Flowers…

We are finally seeing a decent increase (relatively speaking) in available inventory, up by 104 month over month. And with that increase we see a $4K decrease in the median asking price month over month.

The number of Pending Sales was up by only 7 but up by $11K month over month.
The substantial number is the amount of Closed Sales for May. This was up by 284 homes month over month. This is what we should be seeing for May! The median Closed price was up by $9K month over month and by $44K year over year.

Seeing how the prices just keep going up, you can see that if you bought a home in May of 2017 you would have paid $44K less than if you are purchasing this May. I don’t expect to see that trend change. So if you are wanting to buy now, do it! And of course you know who to contact for that! 😉

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

Boise Real Estate Market Statistics-April 2018

Ada County
April Market Statistics

Available Homes
# Available: 1204
# Vacant: 804 (67%)
# Short Sale: 3 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $396,475

Pending Sales
# Pending: 1937
Median Asking Price: $328,000

Closed Sales—April 2017
# Closed: 884
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $252,769
Median Days on Market: 7

Closed Sales—April 2018
# Closed: 914
# Short Sale: 0 (0%)
# Bank Owned: 3 (<1%)
Median Sales Price: $296,900
Median Days on Market: 6


April Showers…

As we head into the full Spring Market we finally see an increase in Available Inventory. Okay so it is only up by 53 homes but at least we did not continue to slide backwards. Median asking price is up by $15K to $396K., slowly inching our way to the $400K mark.
Interesting to note is that in the past year the median asking price has normally gone up by $3K-$5K each month. Then in January 2018 the price jumped by over $20K and then up by another $10K in February, holding steady in March and now jumping again another $15K.

That being said, while we saw the Median Sales price for Sold homes go over the $300K for last month, it actually came down by $10K. I do think that we will see some fluctuation in and around the $300K range until that price is the new bottom.
Inventory is still too low so if you are thinking of selling or know someone who is, please contact me for a free Comparable Market Analysis (CMA).

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

 

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