Posts Tagged ‘ Eagle Idaho Real Estate Market ’

Boise Real Estate Market Statistics-February 2018

Ada County February Market Statistics

Available Homes
# Available: 1211
# Vacant: 861 (71%)
# Short Sale: 2 (<1%)
# Bank Owned: 2 (<1%)
Median Asking Price: $382,490

Pending Sales
# Pending: 1448
Median Asking Price: $319,560

Closed Sales—February 2017
# Closed: 540
# Short Sale: 3 (<1%)
# Bank Owned: 10 (2%)
Median Sales Price: $259,891
Median Days on Market: 21

Closed Sales—February 2018
# Closed: 676
# Short Sale: 3 (<1%)
# Bank Owned: 4 (1%)
Median Sales Price: $293,969
Median Days on Market: 14


Heading into Spring

Our inventory crisis continues but will the Spring market change that? That is a good question! When I say that inventory is low, I am not saying that we have less
people selling their homes but that the market cannot keep up with the demand. If we look at the last few years we see that the number of homes sold has  actually trended up. The issue is that homes are going pending as quickly as they are going onto the market. This makes it seem like not as many sellers are listing their homes. In reality, we have as many people selling as is usual for this time of year but they go so quickly that they are never realized as available inventory. So will the Spring market change that???

I am thinking that we will see the normal volume of homes go on the market but once again, there is lots of pent up demand, so homes will continue to go quickly. My hope is that we have enough inventory to slow the bidding wars down and that buyers will be able to get the first home they make an offer on rather than the fourth or fifth.
Two trends I am watching: Median Asking Price and Median Closed Sales Price. Both are trending towards record highs. Median Asking Price is approaching the $400K mark and Median Closed Sales Price is approaching the $300K mark. My concern is that the local first time buyers are being priced out of the market as the out-of-State buyers moving here outbid them with cash. I don’t know about you but I don’t want Boise to become like Portland or Denver!

Brokerage: Silvercreek Realty Group-1044 S Wells St Suite 200, Meridian, ID 83642

 

Boise Real Estate Market Statistics-January 2018

Ada County January Market Statistics

Available Homes
# Available: 1229
# Vacant: 943 (77%)
# Short Sale: 4 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $371,476

Pending Sales
# Pending: 1300
Median Asking Price: $324,900

Closed Sales—January 2017
# Closed: 570
# Short Sale: 1 (<1%)
# Bank Owned: 16 (3%)
Median Sales Price: $239,794
Median Days on Market: 28

Closed Sales—January 2018
# Closed: 617
# Short Sale: 0 (0%)
# Bank Owned: 4 (1%)
Median Sales Price: $279,900
Median Days on Market: 17


 

Historical Records to Start 2018

Now that January 2018 is in the books we are seeing a few historical numbers appearing in Available inventory, Pending Sales and Year over Year closed sales prices.
We will start with our Available inventory. Down again this month to a mere 1229 homes on the market. More then 77 percent of the homes on the market are vacant. For the most part these vacant homes are investment properties or new builds.
Pending sales this month are actually higher than available inventory. That is a first for me! In the 13 years I have been in real estate I have never seen the inventory lower than the pending sales.
While the number of Closed Sales was down from last month, when we look at the year over year numbers we are up by 47. The big number for me is the Closed Sales Price! Only up by $4K month over month but up by $40K year over year. That is a pretty substantial increase in sales price!
I don’t have a crystal ball to predict exactly where this market goes but it is not a bubble. The increasing prices make it feel that way but that is fueled by lack of inventory. Multiple things have factored into this: low inventory keeps potential sellers from selling, well, because no inventory, builders were conservative this time around and did not over build (now most are 9 –12 months out), and the sheer volume of people moving into Idaho grabbing up the little inventory we have. I am thinking this market will continue with low inventory and rising prices for at least another 6-9 months.

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

 

Boise Real Estate Market Statistics-December 2017

Ada County December Market Statistics

Available Homes
# Available: 1436
# Vacant: 1101 (77%)
# Short Sale: 6 (<1%)
# Bank Owned: 6 (<1%)
Median Asking Price: $349,416

Pending Sales
# Pending: 1150
Median Asking Price: $314,027

Closed Sales—December 2016
# Closed: 835
# Short Sale: 5 (<1%)
# Bank Owned: 12 (1%)
Median Sales Price: $244,888
Median Days on Market: 24

Closed Sales—December 2017
# Closed: 857
# Short Sale: 2 (<1%)
# Bank Owned: 4 (<1%)
Median Sales Price: $275,716
Median Days on Market: 16

Happy New Year 2018!

Happy New Year! Hoping everyone’s holiday’s were happy and healthy, and that 2018 brings much health and blessings!
Active listings in the Ada County area are at record lows! I feel like I am saying this almost every month but we manage to continue to have shrinking inventory. We are at a point that the National Association of Realtors are calling this an inventory crisis! The next few months will tell us if we start to move out of it or if the shortage continues.
Speaking with other realtors from around the valley, we are all having a very similar problem, and that is no listings! Even though many sellers could easily sell for a profit, most fear not being able to find another home to move to. While this is a tough position to be in, if you are ready to move, putting your home on the market now will maximize how much you get for your home. You may have to become a renter for a little bit but you will find a home you want and you won’t feel rushed into making an offer just so you have a place to live!
If you would like to know how much your home may be worth, send me an e-mail or text and I will get you a Current Market Analysis right


 

Boise Real Estate Market Statistics- November 2017

Ada County November Market Statistics

Available Homes
# Available: 1682
# Vacant: 1178 (70%)
# Short Sale: 10 (1%)
# Bank Owned: 6 (<1%)
Median Asking Price: $344,900

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Pending Sales
# Pending: 1385
Median Asking Price: $303,720

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Closed Sales—November 2016
# Closed: 886
# Short Sale: 4 (<1%)
# Bank Owned: 9 1%)
Median Sales Price: $245,000
Median Days on Market: 20

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Closed Sales—November 2017
# Closed: 862
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Sales Price: $268,850
Median Days on Market: 15


Wrapping Up the Year!

As we wrap up the year we can look back and see that two things have not really changed. Inventory is still at historical lows. Because of that, homes that hit the market went within days if not hours. The last time we saw homes moving this quick was in the bubble of 2006/2007. The difference this time is that we have less than half the inventory.
While the number of Pending Sales remain over the 1000 mark, this has been the case for the past two years. Prior to 2015, numbers were usually 800 or less. The Asking Price was up by $3K month over month.

The number of Closed Sales was down another 101 month over month and was actually down year over year as well. The Median Sold Price was down by $1K from last month but up by $23K year over year. The number of Days on Market is at 15. Normally at this time of year it should be around 24+.

Wishing you all a wonderful Christmas and a Happy New Year! Hope your holidays are filled with lots of family time, food and fun. Take this time to enjoy your loved ones! Time goes quickly so enjoy the time you have together!

Brokerage- Silvercreek Realty Group 1099 S Wells St Suite 100 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-July 2017

Ada County July Market Statistics

Available Homes
# Available: 1927
# Vacant: 1202 (62%)
# Short Sale: 9 (<1%)
# Bank Owned: 5 (<1%)
Median Asking Price: $325,000

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Pending Sales
# Pending: 1773
Median Asking Price: $299,500

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Closed Sales—July 2016
# Closed: 1105
# Short Sale: 6 (<1%)
# Bank Owned: 10 (1%)
Median Sales Price: $243,000
Median Days on Market: 11

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Closed Sales—July 2017
# Closed: 1101
# Short Sale: 3 (<1%)
# Bank Owned: 11 (1%)
Median Sales Price: $269,900
Median Days on Market: 9

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Dog Days of Summer are Here!

The summer market is in full swing and with that we do see an increase in inventory (+104) but still have not gone over that 2000 mark! The market is doing its usual slowing of pace for the summer. Homes priced under $300K are still going quick!

We also see a slight (very slight) pull back on Pending sales, down by 25 but is still well above last year! Considering we have lower available inventory this year compared to last year, having a higher number of Pending sales speaks to the high demand.

Continuing the light seasonal pullback trend are the Closed sales. Also down month over month by–139 and interestingly down by –4 year over year. Closed sales price was down by $4K month over month but up by $26K year over year.

As we head further into August and September I do not see much changing in inventory or pricing. We are staying pretty steady. This is still a very strong sellers market so you know what I am going to say next: if you are thinking of buying or selling a home (or know someone who is) please contact me! I will be happy to help! Have a wonderful Labor Day weekend!

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


 

Boise Real Estate Market Statistics-June 2017

Ada County June Market Statistics

Available Homes
# Available: 1852
# Vacant: 1040 (56%)
# Short Sale: 8 (<1%)
# Bank Owned: 7 (<1%)
Median Asking Price: $338,000

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Pending Sales
# Pending: 1852
Median Asking Price: $297,865

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Closed Sales—June 2016
# Closed: 1204
# Short Sale: 5 (<1%)
# Bank Owned: 11 (1%)
Median Sales Price: $251,371
Median Days on Market: 10

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Closed Sales—June 2017
# Closed: 1240
# Short Sale: 1 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $273,150
Median Days on Market: 8

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Spring Market going into the Summer!

The spring market now comes to an end with the June numbers. Really not much new going on! Inventory is up by a mere 32 homes and still staying under that 2000 mark. Not sure we will get above that this year!

Pending sales also rose just a bit, up by 54 homes. The Pending sales price was down by $2K though. However, we are way above what was pending last year at this time. That is up by over 400 homes year over year!

The number of Closed sales were up by another 200 month over month and by 36 for year over year. The Sales Price rose another $10K and is up $22K for year over year. Median Days on Market only went up by 1 day!

I have stated this before but even as crazy as the market may seem right now, it is still pretty steady. No big jumps in pricing, inventory is still low, demand is still high. Demand in the $300K and under market moves very quick though. Ask any buyer right now how many homes have they lost their offering bid to either a much higher bid or a cash offer?

As always, if you are thinking of buying or selling a home (or know someone who is) please contact me! I will be happy to help!

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

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