Archive for the ‘ Boise Idaho ’ Category

Boise Real Estate Market Statistics-January 2015

Ada County January 2015 Market Statistics

Available Homes

# Available: 1902

# Vacant: 1259 (66%)

# Short Sale: 80 (4%)

# Bank Owned: 44 (2%)

Median Asking Price: $249,995

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Pending Sales

# Pending: 825

Median Asking Price: $240,000

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Closed Sales—January 2014

# Closed: 435

# Short Sale: 15 (3%)

# Bank Owned: 35 (8%)

Median Sales Price: $209,900

Median Days on Market: 46

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Closed Sales—January 2015

# Closed: 431

# Short Sale: 17 (4%)

# Bank Owned: 31 (7%)

Median Sales Price: $222,300

Median Days on Market: 43

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Great Start to the New Year!

2015 is off to a great start! Inventory continues to stay under 2000 and the median asking price continues for the fourth month in a row to stay flat. I do expect to start seeing both of these on the rise in the next month or so.

We should expect to see an increase in buyers as many of those who had to short sale their homes 4 or more years ago re-enter the market. Their loans will not be as optimal, interest rate wise. This means that although they can now purchase they will pay a slightly higher interest rate because their credit score took a little bit of a hit.

Pending Sales was up by 133 since last month. That is a nice increase although the median asking price for pending sales was down by $8K month over month. This should also translate into increased number of closed sales for February.

The number of closed sales was down month over month. This is primarily because January closed sales were up against December’s year end rush to close numbers. However, when we look at the numbers year over year they are almost identical, and the closed sales price is up both month over month and year over year. Overall, I would say we are off to a very good start to what I think is going to be an exceptional year in real estate!

Brokerage is Silvercreek Realty Group, 1099 S Wells Ave Ste 200, Meridian, ID 83642

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Boise Real Estate Market Statistics- August 2014

Ada County August Market Statistics

Available Homes

# Available: 2945

# Vacant: 1653 (56%)

# Short Sale: 115 (4%)

# Bank Owned: 54 (2%)

Median Asking Price: $247,888

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Pending Sales

# Pending: 956

Median Asking Price: $229,900

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Closed Sales—August 2013

# Closed: 852

# Short Sale: 49 (6%)

# Bank Owned: 42 (5%)

Median Sales Price: $201,800

Median Days on Market: 20

 

Closed Sales—August 2014

# Closed: 749

# Short Sale: 19 (3%)

# Bank Owned: 25 (3%)

Median Sales Price: $218,990

Median Days on Market: 30

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What Happened to Summer?

I don’t know about you but I don’t remember August even happening!!! This summer has passed by way too quickly! I originally thought that by years end we would break the 3000 mark for inventory. I may have to revise that and say by October we will be over 3000 homes available. The Median Asking Price decreased slightly by $1100 month over month but year over year it is up by $17K.

As is typical for this time of year, Pending Sales continues to decrease, down yet again from last month. Median Asking Price had a pullback as well, down $5100 month over month.

Closed Sales went down by 100 homes month over month and was down just as much for year over year. Median Sales Price went up by $5K gaining back last month’s loss. The Median Days on Market is now at 30, also happening sooner than I expected. This time last year Median Days on Market was at 20. I have found that homes are sitting a bit longer on the market right now, largely due to the increased inventory. The only homes moving quick are those that are priced below market! No surprise there!

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, Suite 200, Meridian ID 83642

 

Boise Real Estate Market Statistics -June 2014

Ada County June Market Statistics

Available Homes

# Available: 2750

# Vacant: 1470 (53%)

# Short Sale: 117 (4%)

# Bank Owned: 61 (2%)

Median Asking Price: $257,995

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Pending Sales

# Pending: 1072

Median Asking Price: $229,900

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Closed Sales—June 2013

# Closed: 843

# Short Sale: 56 (7%)

# Bank Owned: 44 (5%)

Median Sales Price: $210,000

Median Days on Market: 15

 

Closed Sales—June 2014

# Closed: 819

# Short Sale: 17 (2%)

# Bank Owned: 37 (4%)

Median Sales Price: $217,000

Median Days on Market: 20

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Summer Market Has Arrived!

While technically June is reflective of May sales and therefore, the Spring market; things are slowing down a bit. The June numbers are decent, but you can see that sales are leveling off. Inventory is still rising, as is the Median Asking Price. We currently have 32 percent more inventory available then we did last year. This increase is expected to continue until September.

Pending Sales were down not only month over month but year over year as well. And actually, Pending Sales have been trending behind last years numbers for eleven straight months now. The leveling off indicates to me that even with more inventory and great interest rates, prices may have jumped too quickly.

Closed Sales were up but only by 19 homes month over month. Once again, when comparing year over year, 2014 is behind 2013. For Ada County, 2013 was an exceptionally strong market, and would not have been sustainable if it were to have continued at that pace for two years. And as many have seen, property taxes reflected those increases. However, the good news is that next years tax bill should not be much higher than this years!

For more information regarding the Boise Real Estate Market, please go to my web site: www. BoiseRealEstateChick.com

Silvercreek Realty Group, 1099 S Well St, Ste 200, Meridian, ID 83642

 

 

 

Boise Real Estate Market Statistics-May 2014

Ada County May Market Statistics

Available Homes

# Available: 2656

# Vacant: 1388 (52%)

# Short Sale: 108 (4%)

# Bank Owned: 74 (3%)

Median Asking Price: $250,000

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Pending Sales

# Pending: 1161

Median Asking Price: $229,390

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Closed Sales—May 2013

# Closed: 852

# Short Sale: 60 (7%)

# Bank Owned: 40 (5%)

Median Sales Price: $194,447

Median Days on Market: 16

 

Closed Sales—May 2014

# Closed: 800

# Short Sale: 22 (3%)

# Bank Owned: 29 (4%)

Median Sales Price: $209,200

Median Days on Market: 17

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Inventory Continues to Rise!

May continued the inventory rise that is typical for spring. There was a slight pull back on the Median Asking Price (down by $8k month over month). As we head into summer, we should see the inventory numbers start to level off.

Pending Sales were up slightly month over month (up by 45). The Median Asking Price was up only by $4K. While unremarkable, good news is that the number of Pending Sales is staying over 1K. With increasing inventory, increased pending sales is a must to keep the market from tipping in the wrong direction.

The number of Closed Sales while up month over month, are down if we look at year over year numbers. We also see that last months flat Median Asking Price for Pending Sales is now reflected in this months flat Closed Sales Price. The number of Days on Market is down to 17 but I anticipate that number to start inching back up as this year continues.

Overall, this has been a fairly quiet spring market as far as sales go. On the other hand asking prices and inventory continue to rise and has been driven primarily by two things: very low number of distressed sales and new build jobs. The distressed numbers should continue to bottom out and the pace of the new build jobs should begin to taper off.

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

Silvercreek Realty Group, 1099 S Wells St., Ste 200, Meridian, ID 83642

 

 

Boise Real Estate Market Statistics- April 2014

Below are the Boise Real Estate Market Statistics for April 2014. Numbers reflect single family/single family on acreage that are either Available, Pending or have Sold. All data is taken from the Intermountain Multiple Listing Service.

Ada County April Market Statistics

Available Homes

# Available: 2464

# Vacant: 1293 (53%)

# Short Sale: 113 (5%)

# Bank Owned: 67 (3%)

Median Asking Price: $258,990

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Pending Sales

# Pending: 1116

Median Asking Price: $225,000

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Closed Sales—April 2013

# Closed: 736

# Short Sale: 87 (12%)

# Bank Owned: 68 (9%)

Median Sales Price: $186,370

Median Days on Market: 20

 

Closed Sales—April 2014

# Closed: 669

# Short Sale: 29 (4%)

# Bank Owned: 42 (6%)

Median Sales Price: $209,000

Median Days on Market: 20

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Asking Price on the Rise!

As I put together the April statistics (remember my newsletter reflects the previous month) I am shocked at the Median Asking Price jump. It is up by $16K over March and March was up by $12K over February! That is a $28K price increase, and in my opinion, that is a pretty steep jump in just a few months time. Not sure that trend can continue into the summer without losing quite a few first time buyers though.

Pending Sales are up but only by 106 homes. Interestingly, even though the Median Asking Price has had such a huge jump for Available homes, that has not been the case for Pending Sales. The Median Asking Price only went up $100 since last month. Another item to note is that year over year Pending Sales are actually down.

For Closed Sales we saw a modest increase in the number of sold homes. The Median Asking Price did see a jump of about $11K, that number has been going back and forth for several months, but it has been awhile since we have been over the $200K mark. And look at the Median Day on Market! 20 Days! Now that is a sure sign of a spring market! I do not expect that to get too much lower and actually after our May numbers come in, it should start trending back up.

For additional information please go to my website:  http://www.BoiseRealEstateChick.com

Silvercreek Realty Group, 1099 S Wells Way, Suite 200, Meridian, ID 83642

 

 

 

 

 

Boise Real Estate Market Statistics – March 2014

Ada County March 2014 Market Statistics

Available Homes
# Available: 2221
# Vacant: 1287 (58%)
# Short Sale: 121 (5%)
# Bank Owned: 64 (3%)
Median Asking Price: $242,990

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Pending Sales
# Pending: 1010
Median Asking Price: $224,900

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Closed Sales—March 2013
# Closed: 575
# Short Sale: 60 (10%)
# Bank Owned: 44 (8%)
Median Sales Price: $186,900
Median Days on Market: 27

Closed Sales—March 2014
# Closed: 583
# Short Sale: 27 (5%)
# Bank Owned: 40 (7%)
Median Sales Price: $198,000
Median Days on Market: 35

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Inventory is on the Rise!

As is typical for this time of year, we are seeing an increase in the available inventory. We are also seeing the Median Asking Price on the rise, up by $18K over the last two months. At the same time the number of Vacant homes decreased indicating an increase in existing homes (traditional seller) versus new (builder).

Pending Sales continue their rise and I expect to see that well into June. The Median Asking Price for pending sales was up by $4K. The bulk (65 percent) of the Pending Sales are in the under $250K price range.

As was expected with the increase in Pending Sales, Closed Sales are increasing as well. The Days on Market are now down to 35 and we can expect to see that number continue to come down over the next few months as the Spring Market takes off. The Sales Price has remained pretty flat for the past several months. Even though the Median Asking Price in Available homes has increased, I don’t see the actual Closed Sales Prices going up too dramatically. Remember, just because sellers are asking more, does not mean they will get more. Buyers determine market price, not sellers. And with the increase in inventory, sellers would be wise to watch market pricing, not wishful thinking!

If you would like additional information regarding the Boise Real Estate Market please feel free to contact me via my website: http://www.BoiseRealEstateChick.com

Silvercreek Realty Group – 1099 S Wells St.,  Ste 200, Meridian ID 83642

 

Boise Real Estate Market Statistics-February 2014

Ada County February 2014 Market Statistics

Available Homes
# Available: 2008
# Vacant: 1303 (65%)
# Short Sale: 152 (8%)
# Bank Owned: 68 (3%)
Median Asking Price: $230,495

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Pending Sales
# Pending: 889
Median Asking Price: $220,000

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Closed Sales—February 2013
# Closed: 491
# Short Sale: 67 (14%)
# Bank Owned: 31 (6%)
Median Sales Price: $178,900
Median Days on Market: 39

Closed Sales—February 2014
# Closed: 431
# Short Sale: 23 (5%)
# Bank Owned: 35 (8%)
Median Sales Price: $199,000
Median Days on Market: 47

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Not Quite a Spring Market…Yet

February’s inventory was down from last month and is normally one of the lower months of the year. Other than a slight increase in the asking price, everything else within the Available market is relatively flat. This year’s market feels a little different than last year’s, to me anyway. I am not getting that same sense of urgency to sell or buy. I think the increase in prices has people looking a lot more carefully at what they may be getting for their money.

The number of Pending Sales was up pretty substantially from last month but the Median Asking Price remained flat. This indicates that we will see higher Closed Sales for March and probably a slight uptick in Closed Sales Price.

Closed Sales were down again but this was anticipated due to the lower number of Pending Sales in January. The Median Sold price was down by about $9K giving back all of January’s price increase. The Median Days on Market has started to come down. Homes that are priced correctly and are move-in ready are generally getting offers within the first week or two.

Of special note: Take a look at Eagle’s number of Short Sales and Reo’s that Sold in February. That is right! The number was zero! Making February a completely traditional sales month!

 

 

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