Posts Tagged ‘ buying ’

Canyon County Real Estate Market Statistics – March 2012

Below are the Canyon County Real Estate Market Statistics for March 2012. Canyon County is made up of Caldwell, Nampa, Middleton, and the surrounding smaller areas. These numbers are based on data from the Multiple Listing Service for single family/single family with acreage homes that are available, pending, or have sold.

Available Homes

# Available: 907

# Vacant: 430 (47%)

# Short Sale: 399 (44%)

# Bank Owned: 49 (5%)

Median Asking Price: $110,000

Inventory continues to go down (954 in February) but Asking Price went up ( $108.9K February). With the start of the spring market we will see if inventory goes up but so far it is not looking that way. This could mean a continued increase in the Asking Price and shorter days on market.

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Pending Sales

# Pending: 484

Median Asking Price: $98,950

Here again, we see Pending Sales are up as well as the Asking Price. In February, the number of Pending Sales was 405 and the Median Asking Price was $92,990.

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Closed Sales – March 2011

# Closed: 298

# Short Sale: 54 (18%)

# Bank Owned: 159 (53%)

Median Sales Price: $80,000

Median Days on Market: 57

 

Closed Sales– March 2012

# Closed: 234

# Short Sale: 67 (29%)

# Bank Owned: 78 (33%)

Median Sales Price: $83,450

Median Days on Market: 45

While the number of Closed Sales is down from Year over Year, we can see that the Median Price went up. The percentage of distressed Sold homes is way down from last year: 2011-71%, 2012-62%. This drop explains the increase in price, although it is down slightly from February ($85.6K). You will also notice that  the percentage of  short sales are on the increase while the percentage of bank owned are on the decrease.

Banks are now more willing to accept short sales (because they actually can recoup more money than they did with bank owned) so we anticipate an increase in these types of sales. This also means that we will see a continues rise in Asking and Sold Prices. It looks like the market here in the Canyon County area is actually on the mend and following the trend that has been in effect for the Boise area for the past 10 months.

If you would like additional information or would like to see what homes are currently going for in the Canyon County area, please go to my web site: www.BoiseRealEstateChick.com

 

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Boise Real Estate Market Statistics for March 2012

Below is the Boise real estate market statistics for March 2012. These numbers include all of ADA County (Boise, Meridian, Eagle. Star, and Kuna). The numbers are based on input from the Multiple Listing Service for single family/single family on acreage homes.

Available Homes

# Available: 1870

# Vacant: 927 (50%)

# Short Sale: 567 (30%)

# Bank Owned: 51 (3%)

Median Asking Price: $199,000

Inventory continues to go down, while we are seeing the Median Asking Price continuing to creep up. Currently, only 33% of the active listings are distressed sales, with only 3% being bank owned.

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Pending Sales

# Pending: 1102

Median Asking Price: $165,011

The number of Pending Sales are higher than they have ever been since I started tracking in October of 2010. The Median Sales Price is also up from last months $160K.

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Closed Sales – March 2011

# Closed: 548

# Short Sale: 109 (20%)

# Bank Owned: 209 (38%)

Median Sales Price: $135,000

Median Days on Market: 60

 

Closed Sales– March 2012

# Closed: 512

# Short Sale: 104 (20%)

# Bank Owned: 124 (24%)

Median Sales Price: $152,750

Median Days on Market: 39

While the number of Closed Sales is up for this month over month, the Median Sales Price is down slighlty ($156,750 in February) but we are way up from out year over year number. As a matter of fact at this pint last year we actually hit bottom at $135K. Congratulations to anyone who bought in March and April of 2011! You officially bought at market bottom!

We are continuing to see the shift into a sellers market because of low inventory and seasonal demand. Buyers (and their agents) are becoming increasingly frustrated at having no homes to choose from and when one does come on the market, they have to get in line to see it and make sure to bid above asking price.

With the Pending Sales numbers being so high, I am fully expecting that April Closed Sales numbers are going to be very good. If you would like to see what homes are going for in the Boise area please go to my web site: www.BoiseRealEstateChick.com

 

 

 

Why Buying a Home Now in Boise Makes Sense!

Have you been thinking about buying a home in the Boise area but are waiting for the prices to hit bottom? Well, sadly that time has come and gone. The bottom of the real estate market came about in April of 2011 with a low of $135,000 (median sales price)!  It is now up to $179,900 (January 2012 median sales price) and the inventory continues to drop. As we know, when inventory is low, prices go up (supply and demand)!

But let me show you some important reasons as to why buying a home in the Boise area now, instead of waiting a few months, makes sense:

  • Less buyers currently looking (less competition, and even with that we are starting to see multiple offers becoming the norm. This means that the homes are going for at least the asking price and in many cases above it.
  • Interest rates are low, like 3.75% low for FHA!
  • Prices will continue to creep up.

Let me show you another way that will hopefully drive home my point:

We will look at the cost of a 3 bedroom/ 2 bath home with variable interest rates and a 3.5% down-payment.

1. $160K (purchase  price) – 5600(3.5%) =$154,400 (loan amount) @3.75% = $715.05 (monthly payment)

2. $150K (purchase price) -5250 (3.5%)=$144,740 (loan amount) @ 4% =$691.06 (monthly payment)

3. $140K (purchase price) -4900 (3.5%) = $135,100 (loan amount) @ 5% =$725 (monthly payment)

As you can see, how much house you can afford is directly related to your interest payments. You may look at the 4% interest rate and feel the monthly payment is actually lower but the house price is actually $10k less. This means that you are probably getting less square footage and giving up a few extras. Then when you look at the 5% rate, not only do you get a higher monthly payment but you are getting $20k less house to get a similar payment as the $160k home.

Interest rates are low right now and will more than likely not go any lower. Banks can not make any money if they did! The rates will rise slowly but surely as will the home prices. The thing is, we know what the prices are now, we can not be so sure going forward. However, we do know that the prices are not going down! Buy here, buy now!

If you would like to see how much home you can afford, please go to my web site: http://www.BoiseRealEstateChick.com. Use the mortgage calculator and then go to My Dream Home tab and see what your new home is going to look like!

Canyon County Real Estate Market Statistics – July 2011

Here are the numbers for Canyon County real estate market for July 2011. Canyon County consists of Caldwell, Nampa, Middleton, and the surrounding area. All numbers reflect single family, single family with acreage from the Multiple Listing Service.

Available- July 2011

# Available: 1157

# Vacant: 539 (46%)

# Short Sale: 471

# Bank Owned: 85

Median Asking Price: $110,000

Number of Available homes has dropped again (1216 in June), unfortunately so has the Asking Price. This is good for buyers, who continue to get amazing deals, but bad for the “regular” sellers who continue to be punished by having to compete with the distressed homes on the market.

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Pending Sales – July 2011

# Pending: 413

Median Asking Price: $85,000

Bad news: # of Pending Sales is down. Good News: Median Asking Price is up slightly. July is a typically slow time in the real estate market as buyers are vacationing or feel it is just too hot to drive around and look at property. We will watch August numbers to see if there is an improvement.

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Closed Sales – July 2011

# Closed: 275

# Short Sale: 57

# Bank OWned: 120

Median Sales Price: $80,000

Median Days on Market: 38

While Closed Sales are down compared to the last few months when looking at year over year though, closings are actually up. In July 2010 there were only 235 closings, so the 275 this month does not look as bad! Median Sales Price is down by $2k from June so once again we will have to wait and see how August looks to determine which way the market will trend for the fall.

If you would like to see some of the great deals in the Canyon County area please go to my website (no sign in required) and browse around. If you see a property that you would like additional information on please contact me through my website : www.BoiseRealEstateChick.com

 

Boise Real Estate Market Statistics for July 1-25th 2011

With less than a week to go I thought I would take a peek at how the Boise Real Estate Market is doing. In the Available and Pending areas things look pretty stable but the Closed Sales are making me a little bit nervous. So let us take a look at the current numbers for July 2011.

Available as of July 25th

# Available: 2579

# Vacant: 1326

# Short Sale: 726

# Bank Owned: 112

Median Asking Price: $179,900

Inventory is slightly down from June’s 2583 but other than that all other categories are almost identical.

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Pending Sales-as of July 25th

# Pending: 980

Median Asking Price: $159,900

Pending sales are up from June’s 926 but as you will see in the current closed sales, we need to see more of these pending  sales become closed. Median Asking Price remains the same month over month.

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Closed Sales- July 1-25 2011

# Closed: 375

# Short Sales: 57

# Bank Owned: 84

Median Sales Price: $149,900

Days on Market: 42

We are going to need quite a few Pending Sales to close in order to catch up with June’s 630 Closed Sales. This July has been pretty quite but it would be nice to see the closed numbers get in the high 500’s. Good news is that so far the Median Sold Price is staying steady.

I will check back next week to see how the month of July finished out. Fingers crossed, we do not want to see a pullback in the market right now. We have had over four straight months of steady improvement and I would hate to see that end.

If you would like to see properties that are available or would like to know what your home is currently worth please go to my website (no sign in required): www.BoiseRealEstateChick.com to contact me for further information.

Boise Real Estate Stats-Meridian-June2011

Here are the Meridian real estate statistics for June 2011. These numbers are based on single family/single family with acreage that are active, pending or sold from the multiple listing service.

Available-June 2011

# Available: 647

#Vacant: 357

# Short Sale: 201

# Bank Owned: 22

Median Asking Price: $171,677

The number of Available listings is down from May’s 666 as is the Median Asking  Price of $175K

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Pending Sales- June 2011

# Pending: 247

Median Asking Price: $189, 365

The number of Pending Sales are down from May’s 275 but the Median Asking Price is up from last month’s $172K.

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Closed Sales- June 2011

# Closed: 167

# Short Sales: 26

# Bank Owned: 44

Median Sales Price:$167,000

Median Days on Market: 42

The number of closed sales is down slightly from May (176) but the Median Sales Price went is up from $152,650. What is also good to see is that the percentage of distressed properties is down to 42% (it was 51% in May) which is more than likely the reason that we are seeing the prices go up.

Overall, the Boise Real Estate Market continues to look good. With inventory staying low and number of distressed properties starting to decrease we could very well see the prices continue to increase. So if you are a buyer, now is the time to buy. Interest rates are still low and buying is cheaper than rent!  If you are looking for a Buyers Rep. please contact me through my website (no sign up required): www.BoiseRealEstateChick.com

 

Boise Real Estate Market Stats-Eagle-May 2011

Here are the real estate statistics for the Eagle area for May 2011. These numbers represent available, pending, and closed sales for single family/single family with acreage properties.

Available

# Available: 259

# Vacant: 108

# Short Sale: 53

# Bank Owned: 16

Median Asking Price: $354,900

Inventory went up very slightly from April’s 254 but the Asking Price went down from $379,500

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Pending Sales

# Pending: 88

Median Asking Price: $333,450

Pendings are up slightly (82 in April) and the Asking Price is up from $317, 250. We will see if the Sold Price goes up a little in June with this increase.

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Closed Sales

# Closed: 49

# Short Sales: 6

# Bank Owned: 13

Median Sold Price: $292,400

Median Days on Market: 61

Closed sales were up from April’s 38 as was the sales price up from $240K. (Actually Median Sales Price is up from May 2010 as well)  Days on Market went up though from 56 to 61.

The other good news is that the percentage of distressed properties that sold in May was 38% compared to 2010 which had 53%. That is a nice decrease and one that we need to see more of in order for the Median Sales Price to continue moving in a positive direction. The number of active listings in the Eagle area that are distressed is 26% and is down from April’s 28%, also nice to see.

If you would like to see available listings in the Eagle area please go to my web site (no sign up required): www.BoiseRealEstateChick.com  You can also contact me for additional Boise Real Estate information through the web site!

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