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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-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- 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-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

Boise Real Estate Market Statistics-October 2016

Ada County October Market Statistics

Available Homes

# Available: 1996

# Vacant: 1295 (65%)

# Short Sale: 18 (<1%)

# Bank Owned: 23 (1%)

Median Asking Price: $289,250

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Pending Sales

# Pending: 1352

Median Asking Price: $259,900

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Closed Sales—October 2015

# Closed: 818

# Short Sale: 9 (1%)

# Bank Owned: 14 (2%)

Median Sales Price: $228,900

Median Days on Market: 22

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Closed Sales—October 2016

# Closed: 902

# Short Sale: 3 (<1%)

# Bank Owned: 8 (1%)

Median Sales Price: $253,299

Median Days on Market: 15

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Inventory is Dropping Fast!

The current available inventory has dropped significantly since last month. It is now down by 247 homes and under the 2000 mark. For a point of reference, in 2010, the year before we hit bottom, the number of available homes was 3232. In 2012, the year after we hit bottom, the inventory was 2019. We are now below that at 1996 homes available!

The Pending sales are down by 71 homes from last month but still above last years total. Interestingly, the asking price has not really changed much being up by $2K year over year.

The Closed sales are down by 102 month over month but still ahead of year over year totals. The item to note in this months closed sales is the Days On Market (DOM). They are staying steady at 15 days. Typically this time of year we start seeing the mid 20’s to low 30’s time frame for days on market. We really have not gone over 15 DOM in the past six months. This really speaks to the fact that we just do not have enough inventory!

Many people are afraid to list their homes during the holiday/ 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!

For more information regarding the Boise Real Estate Market please go to my website: http://www.BoiseRealEstateChick.com

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

 

Boise Real Estate Market Statistics-September 2016

Ada County September Market Statistics

Available Homes

# Available: 2213

# Vacant: 1331 (60%)

# Short Sale: 20 (1%)

# Bank Owned: 20 (1%)

Median Asking Price: $288,500

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Pending Sales

# Pending: 1423

Median Asking Price: $266,767

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Closed Sales—September 2015

# Closed: 859

# Short Sale: 13 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $232,500

Median Days on Market: 23

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Closed Sales—September 2016

# Closed: 1004

# Short Sale: 5 (<1%)

# Bank Owned: 8 (<1%)

Median Sales Price: $250,000

Median Days on Market: 15

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Real Estate Market is Flat!

In September we normally see a bit of a slowing down and that is what we are seeing now. Inventory is pretty flat at the moment with no real change to the number of available homes on the market. Although there was an increase in the Asking Price, up by $7K month over month.

Our Pending sales are down slightly from last month but are up from this same time last year. The limited inventory has not dampened the number of homes that are going under contract. This may actually be forcing some to hurry up and make offers before a home gets snatched up by another buyer.

The Closed sales are down by only 34 homes compared to last month. Once again though, the number of sales are much higher since last year (up by 145). The sales price is down by $3K month over month but up by $18K year over year. The distressed part of our market is all but gone! We had a total of 13 homes that were either short sales or bank owned.

We will soon see what the rest of the Fall season brings and how the elections will impact (or not) the real estate market!

For more information regarding the Boise Real Estate Market please go to my website: http://www.BoiseRealEstateChick.com

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

 

 


 


 

 

 

 

Gorgeous Eagle Home on Acreage for Only $585K

Check out this beautiful Eagle home for sale on almost 5 acres. This home has it all! 

MLS#98498384

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  • Main level master bedroom.
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