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Boise Real Estate Market Statistics-November 2018

Ada County November Market Statistics

Available Homes
# Available: 1748
# Vacant: 1306 (75%)
# Short Sale: 1
# Bank Owned: 3
Median Asking Price: $369,900

Pending Sales
# Pending: 1262
Median Asking Price: $358,315

Closed Sales—November 2017
# Closed: 893
# Short Sale: 2
# Bank Owned: 3
Median Sales Price: $269,900
Median Days on Market: 15

Closed Sales—November 2018
# Closed: 852
# Short Sale: 0
# Bank Owned: 0
Median Sales Price: $322,495
Median Days on Market: 14


As the Year 2018 comes to an end, I would like to wish everyone a very Merry Christmas and a happy and healthy New Year!

This was a very interesting year for the Treasure Valley area. We saw rapid growth as Idaho became the number one State to move to. With that designation came a crazy housing market in the spring. Our inventory could not keep up with the demand and this created bidding wars that pushed sales prices way up.

Will this happen come spring of 2019? There is a very real chance we will see another frenzied spring housing market. Inventory is going backwards again and we are hearing (via social media and the news) that the inflow into Idaho is not done.

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

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Boise Real Estate Market Statistics-October 2018

Ada County
October Market Statistics

Available Homes
# Available: 1824
# Vacant: 1263 (69%)
# Short Sale: 2
# Bank Owned: 3
Median Asking Price: $369,940

Pending Sales
# Pending: 1349
Median Asking Price: $354,900

Closed Sales—October 2017
# Closed: 994
# Short Sale: 1
# Bank Owned: 3
Median Sales Price: $267,797
Median Days on Market: 14

Closed Sales—October 2018
# Closed: 996
# Short Sale: 1
# Bank Owned: 1
Median Sales Price: $320,000
Median Days on Market: 11


Season for Thanksgiving…

After 6 months of slightly increased inventory, October saw a slight decrease in inventory and we are still well below October 2017 inventory of 1913 available homes. I am not expecting inventory to go up as we head into the winter months. With that in mind, we are on track for another crazy spring market.

Pending Sales continue to decrease for month over month and year over year. The pending asking price is up month over month though.

October saw an increase month over month for number of homes sold as well as year over year. The median asking price is up by $4K month over month and up by $52K year over year. Low inventory is still driving the increase in median sales price. As of now, August was the peak in median sales price at $330K.

As we head into the holiday and winter market, I expect to see inventory to continue dropping. The thought is to wait until spring to sell a home but with inventory like it is in the under $350K market, right now is probably the best time to sell. If you or someone you know is thinking of selling, PLEASE contact me!

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

Boise Real Estate Market Statistics-September 2018

Ada County September Market Statistics

Available Homes
# Available: 1839
# Vacant: 1250 (68%)
# Short Sale: 3
# Bank Owned: 2
Median Asking Price: $379,900

Pending Sales
# Pending: 1413
Median Asking Price: $345,000

Closed Sales—September 2017
# Closed: 1099
# Short Sale: 1
# Bank Owned: 4
Median Sales Price: $272,685
Median Days on Market: 13

Closed Sales—September 2018
# Closed: 913
# Short Sale: 0
# Bank Owned: 2
Median Sales Price: $316,000
Median Days on Market: 9


Full Fall Season

Inventory is up for the 6th month in a row. Our current inventory is only off by 138 from last year at this time. The median asking price is up month over month but the price has been going back and forth since it peaked in April at $396K, where it is now.

We continue to see the number of Pending Sales down for both year over year and month over month. The Pending Sales price has been flat for 3 straight months. The number of Pending Sales peaked in May at 1941.

The number of homes sold in September was down both year over year and month over month. The median sold price was at $316K but it is up by $43K from same time last year.

The next few months will indicate if there is a new trend going on. It appears there is a slight market pullback and this is not just a local trend. Reports are that this is happening throughout the country. Could be rising interest rates, or seasonal, or that we are comparing the current market to this past spring. That was an above average selling market, which is why the year over year numbers are important. We will see…

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

Boise Real Estate Market Statistics-March 2018

Ada County March Market Statistics

Available Homes
# Available: 1151
# Vacant: 797 (69%)
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $381,900

Pending Sales
# Pending: 1682
Median Asking Price: $317,727

Closed Sales—March 2017
# Closed: 853
# Short Sale: 4 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $251,199
Median Days on Market: 11

Closed Sales—March 2018
# Closed: 877
# Short Sale: 2 (<1%)
# Bank Owned: 5 (1%)
Median Sales Price: $307,990
Median Days on Market: 11


March Madness

Here we are again! Another month of Available Inventory sliding backwards. This is by far the lowest inventory level I have seen in my 13 years as a realtor. Ask any agent or buyer looking for a home and they will tell you how frustrating it is. The new normal is waiting in line outside a home to get a turn to go in and view it. Desired homes go so quickly that most buyers do not even get to view a home before it goes Pending.

Pending Sales continue to climb! Month over Month we are up another 232 homes. This speaks to the decline in available inventory.

One of the things I have been watching is the median Closed Sales Price. It has been trending upward and I expected it to go over the $300K mark in a month or so. It has happened! The median Closed Sales Price is now at $307,990. This is up by $14K from last month and if we look at year over year, it is up by $56K.  Median days on Market are now at 11. We have not even hit the peak Spring market yet. May’s numbers are going to be very interesting for sure!

Bottom line: If you are wanting to sell, do it now! If you price your home correctly it will go quickly. If you are a buyer, buy now because prices are not going down so this might be your last opportunity to buy at the current price. And of course, contact me for all your buying and selling needs!

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

 

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

 

Boise Real Estate Market Statistics-January 2018

Ada County January Market Statistics

Available Homes
# Available: 1229
# Vacant: 943 (77%)
# Short Sale: 4 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $371,476

Pending Sales
# Pending: 1300
Median Asking Price: $324,900

Closed Sales—January 2017
# Closed: 570
# Short Sale: 1 (<1%)
# Bank Owned: 16 (3%)
Median Sales Price: $239,794
Median Days on Market: 28

Closed Sales—January 2018
# Closed: 617
# Short Sale: 0 (0%)
# Bank Owned: 4 (1%)
Median Sales Price: $279,900
Median Days on Market: 17


 

Historical Records to Start 2018

Now that January 2018 is in the books we are seeing a few historical numbers appearing in Available inventory, Pending Sales and Year over Year closed sales prices.
We will start with our Available inventory. Down again this month to a mere 1229 homes on the market. More then 77 percent of the homes on the market are vacant. For the most part these vacant homes are investment properties or new builds.
Pending sales this month are actually higher than available inventory. That is a first for me! In the 13 years I have been in real estate I have never seen the inventory lower than the pending sales.
While the number of Closed Sales was down from last month, when we look at the year over year numbers we are up by 47. The big number for me is the Closed Sales Price! Only up by $4K month over month but up by $40K year over year. That is a pretty substantial increase in sales price!
I don’t have a crystal ball to predict exactly where this market goes but it is not a bubble. The increasing prices make it feel that way but that is fueled by lack of inventory. Multiple things have factored into this: low inventory keeps potential sellers from selling, well, because no inventory, builders were conservative this time around and did not over build (now most are 9 –12 months out), and the sheer volume of people moving into Idaho grabbing up the little inventory we have. I am thinking this market will continue with low inventory and rising prices for at least another 6-9 months.

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

 

Boise Real Estate Market Statistics-December 2017

Ada County December Market Statistics

Available Homes
# Available: 1436
# Vacant: 1101 (77%)
# Short Sale: 6 (<1%)
# Bank Owned: 6 (<1%)
Median Asking Price: $349,416

Pending Sales
# Pending: 1150
Median Asking Price: $314,027

Closed Sales—December 2016
# Closed: 835
# Short Sale: 5 (<1%)
# Bank Owned: 12 (1%)
Median Sales Price: $244,888
Median Days on Market: 24

Closed Sales—December 2017
# Closed: 857
# Short Sale: 2 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $275,716
Median Days on Market: 16

Happy New Year 2018!

Happy New Year! Hoping everyone’s holiday’s were happy and healthy, and that 2018 brings much health and blessings!
Active listings in the Ada County area are at record lows! I feel like I am saying this almost every month but we manage to continue to have shrinking inventory. We are at a point that the National Association of Realtors are calling this an inventory crisis! The next few months will tell us if we start to move out of it or if the shortage continues.
Speaking with other realtors from around the valley, we are all having a very similar problem, and that is no listings! Even though many sellers could easily sell for a profit, most fear not being able to find another home to move to. While this is a tough position to be in, if you are ready to move, putting your home on the market now will maximize how much you get for your home. You may have to become a renter for a little bit but you will find a home you want and you won’t feel rushed into making an offer just so you have a place to live!
If you would like to know how much your home may be worth, send me an e-mail or text and I will get you a Current Market Analysis right


 

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