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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

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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-July 2018

Ada County July Market Statistics

Available Homes
# Available: 1512
# Vacant: 960 (63%)
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $384,900

Pending Sales
# Pending: 1721
Median Asking Price: $345,655

Closed Sales—July 2017
# Closed: 1119
# Short Sale: 3 (<1%)
# Bank Owned: 11 (1%)
Median Sales Price: $269,900
Median Days on Market: 9

Closed Sales—July 2018
# Closed: 1154
# Short Sale: 1 (<1%)
# Bank Owned: 1 (1%)
Median Sales Price: $317,000
Median Days on Market: 7


Dog days…

The current real estate market here in the Treasure Valley is pretty flat. We only saw an increase in inventory of 54 homes. Pending and Sold’s were both down as well. I have had people ask me if this is an indicator of a market bubble about to burst. It is not! I think everyone has gotten use to the crazy last few months and think that is our new normal. It is not!

The feeding frenzy we saw in the spring was the normal amount of buyers but with a much lower inventory available to them. This created a market where homes went in a matter of hours, with multiple offers, and above asking prices. That has slowed down now as it always does in the summer months.

I think we will see a slight uptick of activity in the October time frame and then again in December. This too is normal. I am not expecting any major increases in inventory and I do see prices continuing to rise but not as quickly as they had been over the past few months. From now until the end of December we should see a relatively normal market.

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

All statistics are from the Intermountain MLS

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- October 2017

Ada County October Market Statistics

Available Homes
# Available: 1913
# Vacant: 1190 (62%)
# Short Sale: 7 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $334,900

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Pending Sales
# Pending: 1488
Median Asking Price: $299,900

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Closed Sales—October 2016
# Closed: 932
# Short Sale: 3 (<1%)
# Bank Owned: 9 (1%)
Median Sales Price: $250,000
Median Days on Market: 14

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Closed Sales—October 2017
# Closed: 963
# Short Sale: 1 (<1%)
# Bank Owned: 3 (<1%)
Median Sales Price: $269,900
Median Days on Market: 14


Heading into the Holidays!

The holidays are approaching and we have not made it above the 2000 mark for available homes so far this year. I do not expect us too either! As you can see with the October numbers we are starting the decrease in inventory that is typical of this time of year and I would expect that to remain the case until at least the early Spring market of 2018.

We are also seeing the number of Pending homes going down as well. Yes, typical of this time of year but with slim pickings and increasing prices, some buyers are just sitting tight until the right home comes on the market (at the right price).

And Closed Sales follow the downward trend too! All normal for the season but we will see an uptick in Closed and Pending come the end of December. Nothing earth shattering though. The Days on Market are hanging steady at 14 days.

Hoping you have a wonderful Thanksgiving filled with family, food and fun! I am most grateful for my clients and the many referrals I receive! My business is 100% referral and I could not do it without you! Thank you and God Bless!

Brokerage- Silvercreek Realty Group 1099 S Wells St Suite 200 Meridian Idaho 83642

Boise Real Estate Market Statistics- September 2017

Ada County September Market Statistics

Available Homes
# Available: 1977
# Vacant: 1214 (61%)
# Short Sale: 6 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $332,499

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Pending Sales
# Pending: 1581
Median Asking Price: $299,000

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Closed Sales—September 2016
# Closed: 1035
# Short Sale: 5 (<1%)
# Bank Owned: 8 (1%)
Median Sales Price: $249,900
Median Days on Market: 15

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Closed Sales—September 2017
# Closed: 1074
# Short Sale: 1 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $272,842
Median Days on Market: 12

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Fall Market Begins!

The Fall market has begun and it looks a lot like the summer market. That is to say that not much if any increase in inventory. Prices (median) continue to stay well above the $300K, distressed properties are all but gone from the market, and homes are still going as quickly as they go on the market (in the under $350K price range that is).
The number of homes pending saw a slight pull back from last month. Down by 142 but still looking healthy for this time of year.

The number of homes that closed this month was down also from last month (-104). The closed sales price was down by -$6K month over month but was up by $23K year over year. The number of Days on Market stayed steady at 12. I am thinking that will increase a little bit as we get closer to Christmas.

As we get closer to the end of the year, I don’t see much changing between now and the end of December. Most sellers are looking at a Spring market and buyers are hoping for a good deal to hit before then! So Seller’s, if you are thinking of waiting until spring but are ready now, do it! And of course give me a call, I can help you with that!

Brokerage- Silvercreek Realty Group 1099 S Wells St Suite 200 Meridian Idaho 83642

Boise Real Estate Market Statistics-August 2017

Ada County August Market Statistics

Available Homes
# Available: 19278
# Vacant: 1113 (58%)
# Short Sale: 7 (<1%)
# Bank Owned: 4 (<1%)
Median Asking Price: $330,000

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Pending Sales
# Pending: 1723
Median Asking Price: $298,000

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Closed Sales—August 2016
# Closed: 1066
# Short Sale: 4 (<1%)
# Bank Owned: 7 (<1%)
Median Sales Price: $254,823
Median Days on Market: 14

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Closed Sales—August 2017
# Closed: 1178
# Short Sale: 2 (<1%)
# Bank Owned: 4 (1%)
Median Sales Price: $278,995
Median Days on Market: 12

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Summer Market Comes to an End!

With the summer market coming to an end we see inventory not budging at all. We have not broken the 2000 mark and at this point I am not sure we will for the rest of this year. Median asking price continues to go up though; up another $5K month over month.

No significant changes in the Pending Sales either! Down by 50 and the median asking price stayed flat. Here again I do not expect to see much movement up or down with the Pending sales.

Closed sales were up by 77 month over month and was up year over year. The median sales price was up by $9K month over month and $24K year over year. The median Days on Market inched up a little bit to 12 days.

As I stated in last months newsletter (did you read it?!?) the market is staying pretty steady. Not really sure at this point if we are going to see much movement in the market until maybe next spring. Potential sellers seem to be holding onto their homes due to the lack of inventory for them to move to! Catch-22 for sure! If you have any questions regarding the real estate market (or know someone who does) please feel free to contact me!

Brokerage- Silvercreek Realty Group 1099 S Wells St Suite 200 Meridian Idaho 83642

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