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Boise Real Estate Market Statistics-February 2015

Boise, ID February Market Statistics

Available Homes

# Available: 1930

# Vacant: 1138 (59%)

# Short Sale: 74 (4%)

# Bank Owned: 42 (2%)

Median Asking Price: $264,900

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Pending Sales

# Pending: 1030

Median Asking Price: $239,900

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Closed Sales—February 2014

# Closed: 425

# Short Sale: 24 (6%)

# Bank Owned: 34 (8%)

Median Sales Price: $203,000

Median Days on Market: 52

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Closed Sales—February 2015

# Closed: 506

# Short Sale: 14 (3%)

# Bank Owned: 26 (5%)

Median Sales Price: $214,195

Median Days on Market: 39

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Spring Market is Starting

Spring is a little early this year and the current real estate market reflects that! Active, Pending, and Sold homes are all up!

Active listings are just under the 2000 mark and this probably as low as inventory is going to go for the next few months. Asking price is on the rise. Our current median asking price is at $264K. We may actually see it go over $300K before the end of the summer!

Pending Sales are now back over the 1000 mark and that too will continue to rise over the next few months. Interesting though that the median asking price for pending sales stayed flat.

Closed sales were up over the 500 mark. Up month over month as well as year over year. The median sold price was down by $8K month over month but was up by over $11K year over year.

This current market is definitely more active than last year. The combination of increase in traditional sales and new build jobs is something that was lacking in last years spring market. Add in the continued low interest rates, we now have buyers scrambling to find the best deals. Interesting spring market ahead for sure!

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

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

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

Boise Real Estate Market Statistics – December 2014

Ada County December Market Statistics

Available Homes

# Available: 1931

# Vacant: 1317 (68%)

# Short Sale: 83 (4%)

# Bank Owned: 42 (2%)

Median Asking Price: $250,000

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Pending Sales

# Pending: 692

Median Asking Price: $248,832

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Closed Sales—December 2013

# Closed: 594

# Short Sale: 30 (5%)

# Bank Owned: 38 (6%)

Median Sales Price: $198,076

Median Days on Market: 35

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Closed Sales—December 2014

# Closed: 610

# Short Sale: 14 (2%)

# Bank Owned: 39 (6%)

Median Sales Price: $215,850

Median Days on Market: 40

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Looking Ahead to 2015!

December 2014 closed out the year very strong! Available inventory pulled back to under 2000 homes and the asking price remained flat. That may not seem like a big deal but the fact that we are in the winter months and there has been no pull back in pricing, indicates what should be a strong spring market.

2014 Closed Sales ended on a strong note as well! The number of closed sales was up month over month and year over year. The Sold Price remained flat. Once again, might not seem like an indicator but the fact is that the prices are not coming down. They are in a kind of “holding” pattern.

The next few months (January to May) should see a very strong sellers market. This is due to low inventory and buyer demand. Prices will start to trend up come the end of February and I am expecting to see Days On Market start to trend down.

What does this mean for buyers and sellers? Sellers need to get ahead of the market and have their homes ready to list by March. Inventory will peak around May and so will your competition! Buyers need to be decisive when making an offer. If you want it to be accepted quickly, make your first offer your best!

If you are thinking about buying or selling (or both) and would like more information regarding our current market please contact me or go to my website: http://www.BoiseRealEstateChick.com

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

 

Boise Real Estate Market Statistics-November 2014

Ada County November Market Statistics

Available Homes

# Available: 2355

# Vacant: 1514 (64%)

# Short Sale: 92 (4%)

# Bank Owned: 55 (2%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 862

Median Asking Price: $239,900

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Closed Sales—November 2013

# Closed: 569

# Short Sale: 25 (4%)

# Bank Owned: 33 (6%)

Median Sales Price: $208,000

Median Days on Market: 29

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Closed Sales—November 2014

# Closed: 534

# Short Sale: 8 (2%)

# Bank Owned: 23 (4%)

Median Sales Price: $215,069

Median Days on Market: 35

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Winter Market Ahead!

As November comes to a close, we now enter the official winter market! Inventory is continuing to come down, and it is actually becoming a chore to find enough variety for my buyers! The good news is that the inventory that is available is actually pretty nice and not too badly priced. As always, homes that are in good condition and priced well are moving very quickly, usually within the first few days of being on the market.

Following the usual seasonal pullback are the Pending Sales. They continue to decline and I expect that to continue into February 2015. The Pending Asking Price did go up though!

Closed Sales were down quite a bit this month and were down year over year as well. However, the Median Sales Price was up by $7K over last month, and year over year. We are also seeing the Median Days on Market going up (also to be expected) but as I stated earlier, homes that are priced well and in good shape are moving in a matter of days. Sellers should keep this in mind if they are planning to sell within the next year. Getting ahead of the competition will get you a better offer! So if you are thinking of selling, get your home ready to be on the market by February. And of course if you have any questions about pricing and getting your home ready, let me know, I am here to help!

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

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

Boise Real Estate Market Statistics-October 2014

Ada County October Market Statistics

Available Homes

# Available: 2635

# Vacant: 1583(60%)

# Short Sale: 107 (4%)

# Bank Owned: 54 (2%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 900

Median Asking Price: $236,900

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Closed Sales—October 2013

# Closed: 642

# Short Sale: 33 (5%)

# Bank Owned: 25 (4%)

Median Sales Price: $211,862

Median Days on Market: 25

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Closed Sales—October 2014

# Closed: 673

# Short Sale: 13 (2%)

# Bank Owned: 26 (4%)

Median Sales Price: $208,199

Median Days on Market: 36

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Are We Back To Normal?

As you can see, the number of Available listings continues to trend downward and the Asking Price remains flat. So is this a good or bad thing? For sellers, this is a good thing because the competition is going down and while prices are flat, they are not going backwards. For buyers, this means there are less homes to choose from but at the same time prices are remaining reasonable (and interest rates are still very low!).

My personal opinion on the current market is that we are at NORMAL and that is a good thing. We needed to see inventory come down because we do not want it to sit over the winter and then start the spring market with an already overloaded inventory. That would have driven prices downward and since we are just hitting a normal market, that would not be good!

Pending Sales were relatively flat month over month but the Asking Price is up by $7K.

Closed Sales were flat as well but the Sales Price was up by $4K from last month. We are currently hovering around last years Sales Price numbers. Once again, this is a good thing. It is nice to see no wild swings in pricing since last year!

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

Brokerage is: Silvercreek Realty Group 1099 Wells St Suite #200 Meridian ID 83642

Boise Real Estate Market Statistics-September 2014

Ada County September Market Statistics

Available Homes

# Available: 2726

# Vacant: 1597 (59%)

# Short Sale: 40 (1%)

# Bank Owned: 59 (1%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 927

Median Asking Price: $229,889

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Closed Sales—September 2013

# Closed: 720

# Short Sale: 36 (5%)

# Bank Owned: 24 (3%)

Median Sales Price: $195,000

Median Days on Market: 21

 

Closed Sales—September 2014

# Closed: 672

# Short Sale: 12 (2%)

# Bank Owned: 34 (5%)

Median Sales Price: $204,900

Median Days on Market: 27

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Fall Is Upon Us!

The leaves aren’t the only things dropping this month! Inventory saw a little bit of a pull back. It is down by over 200 homes from last month. This is good news because it would not have been healthy for the market to head into the winter months with high inventory. Builders are still busy with 32 percent of the market being new homes. (Of the 1597 vacant homes more than 54 percent are the new homes.) As we head into the colder, wetter months we should see a substantial pullback on new build jobs though.

Pending Sales were down again by about 29 homes and the asking price remained flat. With the activity that I have seen personally in September, I am thinking the number of Pending Sales will actually go up for October. The market had about a three week surge of activity!

Closed Sales were down month over month but so was the Sales Price. That was down by $14K month over month but was up by $10K year over year. Item of note was distressed sales in Eagle, down to zero! That is correct! Closed Sales for Eagle had not a single distressed property in the mix. Now that is what I call a “traditional” market!

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

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

 

 

 

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

 

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