Posts Tagged ‘ community ’

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

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Random Boise Idaho Factoids!

Tallest building: U.S. Bank Plaza – 20 floors

Median Age: 33

For every 100 females there are 98.1 males (hmm, not sure I want to meet the guy who is .1)

Population (City): 205,671

                         Metro:585,207

98th largest city by population

Median Income:

$42,432 (household income)

$52,014 (Family income)

$36,893 (male)

$26,173 (female)

Founded in 1863

Climate: Semi Arid with four seasons

Average rain fall: 12.14 inches per year

Temps: 113 (record high)

                 -25(record low)

The 5th most Active City (per the CDC 2010)

#1 Overall Town in Western U.S. (Outside Magazine 2010)

How to pronounce Boise: Boy-see  NOT Boy-zee. (Locals get very offended if you say it wrong!)

If you are interested in learning more about Boise Idaho, please go to my website (no sign up required): www.BoiseRealEstateChick.com

Owning vs. Renting

I recently came across an article in the recent National Association of Realtors magazine that I found interesting. In the article they discuss the merits of home ownership vs renting.  But what I found most interesting was the overall benefits not just to the homeowner but to the community as well.

The article mentions a survey that shows that 56% of homeowners vs. 36% of renters were extremely satisfied with the quality of  life in their community. And that 51% of homeowners vs. 37% were extremely satisfied with the family oriented environment. Now this seems to make sense since the majority of renters are generally single or newly married so community involvement and a family environment  is not very important. It goes on to state that 82% of homeowners vs. 73% of renters read or listen to local news and the 78% of homeowners vs 58% of renters voted in local elections.  

What can we read into these numbers? Well, aside from the financial benefits of ownership, there is a sense of belonging. Owners have a personal stake in their community to ensure its safety and long-term stability for themselves and their families. Renters will not have that long-term committment to their community because generally a renter will stay renting for a few years and move to another complex or home.

Their article also showed a financial disparity between renters and homeowners. In 2007 the median net worth of those renting was $5100 compared with $234,200 for homeowners. Pre- real estate boom in 1998 was $5400 for renters and $168,200 for homeowners, so you can see that the gap has been pretty big between the two regardless of the market.

So renters, if you are looking for the financial benefits of  homeownership and a sense of community, homeownership is great investment in your future.  It is still a great time to buy, and trying not to sound like a stereotypical salesperson, time is ticking!

Article referenced-Home Ownership and the American Dream by Brian Sumerfield, NAR, Feb 2011

If you have any questions or need any real estate assistance in the Boise, Idaho area, please contact me: mary@heritagewifi.com or www.BoiseRealEstateChick.com

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