Posts Tagged ‘ buyers market ’

Boise Real Estate Market Statistics-January 2017

Ada County January Market Statistics

Available Homes

# Available: 1381

# Vacant: 1038 (75%)

# Short Sale: 9 (1%)

# Bank Owned: 6 (<1%)

Median Asking Price: $304,209

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Pending Sales

# Pending: 1007

Median Asking Price: $284,900

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Closed Sales—January 2016

# Closed: 498

# Short Sale: 5 (1%)

# Bank Owned: 18 (4%)

Median Sales Price: $237,569

Median Days on Market: 33

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Closed Sales—January 2017

# Closed: 558

# Short Sale: 1 (<1%)

# Bank Owned: 16 (3%)

Median Sales Price: $239,794

Median Days on Market: 29


2017…

The January 2017 numbers are in and they are showing us some more historical lows and highs. Not sure how much longer the market will have this low inventory but we are down to a little over 1300 homes available in all of Ada County. The median asking price has finally gone over the $300K mark for the first time since I have been tracking it (over 7 years).

The Pending sales were slightly up in January as was the asking price. I do expect this trend to continue as we head into the Spring market.

The number of Closed sales was down by 273 homes from December. However, it is up from the numbers of January 2016. The Sales price was actually down by $5K month over month and more surprisingly, down by $2K year over year.

Are we heading into a bubble? Not that I can see. In order for this market to become a bubble we would need the prices to continue to rise and the inventory to out pace the demand like it did in 2006/2007. We are a long way from being there again!

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

 

 

 

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Boise Real Estate Market Statistics-December 2016

Ada County December Market Statistics

Available Homes

# Available: 1519

# Vacant: 1135 (75%)

# Short Sale: 13 (1%)

# Bank Owned: 10 (1%)

Median Asking Price: $299,900

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Pending Sales

# Pending: 976

Median Asking Price: $276,832

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Closed Sales—December 2015

# Closed: 835

# Short Sale: 14 (2%)

# Bank Owned: 11 (1%)

Median Sales Price: $232,000

Median Days on Market: 29

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Closed Sales—December 2016

# Closed: 831

# Short Sale: 5 (1%)

# Bank Owned: 12 (1%)

Median Sales Price: $244,888

Median Days on Market: 24

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Happy New Year!!!

Happy New Year! May your 2017 be a healthy, happy, and prosperous New Year! If you are a home seller, 2017 is looking VERY good for you! If you are a buyer, not so much. Interest rates are going up and home prices are continuing to trend upwards as well! There are still some very well priced homes on the market, you just have to act quickly to get them!

Inventory is at an unbelievable low! We are now down to 1519 homes on the market. Demand continues to be high and amazingly the median asking price hasn’t skyrocketed just yet.

The Pending sales had a pretty good pullback in December, finally getting under the 1000 mark. Median Asking price went up by $16K though. We will see if that holds true for January’s sold prices.

The number of Closed sales was down by 38 and the sold price was pretty much flat. However, due to the low inventory, the Days on Market are still sitting at the under 24 day mark.

With the New Year starting off with such low inventory, now is a great time to sell your home! Contact me if you would like additional information.

Brokerage: Sivercreek Realty Group-1099 S Wells Ste. 200-Meridian ID 83642

 

Boise Real Estate Market Statistics-November 2016

Ada County November Market Statistics

Available Homes

# Available: 1786

# Vacant: 1247 (70%)

# Short Sale: 12 (<1%)

# Bank Owned: 16 (1%)

Median Asking Price: $296,695

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Pending Sales

# Pending: 1204

Median Asking Price: $260,680

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Closed Sales—November 2015

# Closed: 654

# Short Sale: 10 (2%)

# Bank Owned: 12 (2%)

Median Sales Price: $240,150

Median Days on Market: 21

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Closed Sales—November 2016

# Closed: 869

# Short Sale: 4 (<1%)

# Bank Owned: 9 (1%)

Median Sales Price: $245,000

Median Days on Market: 21


Where are the Available Homes!

Inventory continues its shrinkage! We are now down to just 1786 of Available homes on the market. Even more note worthy is that 70 percent of those homes are vacant. Indicating that investors are moving their properties while the market demand is high.

The Pending sales continue to come down as is expected this time of year. I do think they would be a bit higher but our inventory just isn’t there. The median asking price hasn’t gone up though!

Closed sales were down slightly but up year over year. The Days on Market inched up to 21 but that is still pretty low for this time of year. Interesting to me is that even with the limited inventory the median closed sales price went down by $8K.

Once again I am restating this: Many people are afraid to list their homes during the winter months. However, this is usually the best time to list a home because competition is low and this year it is VERY low. So if you or someone you know are thinking of selling, PLEASE give me a call! I am here to help!

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

 

 

Boise Real Estate-A Tale of Two Markets

It was the best of times, it was the worst of times… This is how many people feel about the real estate market here in Boise right now. It is definitely an odd time for buyers and sellers. It would appear that the pendulum is sitting right in the middle. A great indication that the market is about to move again but in what direction?

Looking back we see an insane sellers market in 2005-2008, to an almost equally insane buyers market in 2009-2011. During the seller’s market, a seller could ask almost any price for their home and would get it (thanks to appraisers who said ” what price do you need?” and lenders who said “approved”). When that came to a screeching halt, it took at least a year of a stagnant market for sellers to finally get the message that the fun was over.

In came the buyers market and while not as fun as the seller’s market, it was a market to be had. In the beginning (2009) the buyers were having to adjust to being in the driver’s seat,  while the sellers had to come to terms with this. Then came the how low can you go prices. Short sales that could not close (ah yes, the banks at it again)  became bank owned. As we all know it is better to sell 20-30% below market than to try and work things out with the existing homeowner! Not! Not only were the prices rock bottom (and some going below that), closing costs were thrown into the deal as an expected concession and interest rates that practically gave the money away for free!

A great market indeed, except where are all the buyers? Oh, that’s right, the government was involved. We know how well they made home-ownership work during the height of the seller’s market. Everyone gets one, no income verification and no money down! Woo-hoo!!! Oh wait…,  you mean people borrowed more than they could afford or possibly ever pay back? Well then, we (the government) know how to fix that! No one can borrow unless they have an 800 credit score and have never had debt! Yes, that will fix the problem! Here we go again…

2011 had so many bank owned properties hurting the “real ” sellers even more, that many took their homes off the market to wait it out. We watched as each  month the inventory continued to drop here in the Boise area, and then we watched as the prices stopped sliding downward. Hmmm…could we possibly be seeing the signs of a market improvement?

In comes 2012, a year that many gladly accepted, if only to say good-by to 2011! What we are seeing is an odd time for sure, being both a seller’s market and a buyer’s market. It is a seller’s market because inventory is at all time lows. Price your home right and it can sell with multiple offers on it in less than a week, at or above asking price. It is a buyer’s market because home affordability has never been better. It is now cheaper to own than to rent! Interest rates are still under 4%,and in most cases you do not need more than 3.5% down and closing costs are still being covered.

Will 2012 be the year that we see a full recovery? When I say “recovery”, I mean back to a normal market like before 2004, with an end in sight of distressed properties and an increase in “normal” sales. It is a political year, so many things can happen that could alter yet again the housing market. For the moment however, the pendulum sits waiting to move!

If you would like to see what homes are currently going for in the Boise area, please go to my website: http;//www.BoiseRealEstateChick.com

or if you have a question regarding the local real estate market, please send me an e-mail: mary@BoiseRealEstateChick.com

And always feel free to leave a comment!

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