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Boise Real Estate Market Statistics – December 2014

Ada County December Market Statistics

Available Homes

# Available: 1931

# Vacant: 1317 (68%)

# Short Sale: 83 (4%)

# Bank Owned: 42 (2%)

Median Asking Price: $250,000

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Pending Sales

# Pending: 692

Median Asking Price: $248,832

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Closed Sales—December 2013

# Closed: 594

# Short Sale: 30 (5%)

# Bank Owned: 38 (6%)

Median Sales Price: $198,076

Median Days on Market: 35

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Closed Sales—December 2014

# Closed: 610

# Short Sale: 14 (2%)

# Bank Owned: 39 (6%)

Median Sales Price: $215,850

Median Days on Market: 40

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Looking Ahead to 2015!

December 2014 closed out the year very strong! Available inventory pulled back to under 2000 homes and the asking price remained flat. That may not seem like a big deal but the fact that we are in the winter months and there has been no pull back in pricing, indicates what should be a strong spring market.

2014 Closed Sales ended on a strong note as well! The number of closed sales was up month over month and year over year. The Sold Price remained flat. Once again, might not seem like an indicator but the fact is that the prices are not coming down. They are in a kind of “holding” pattern.

The next few months (January to May) should see a very strong sellers market. This is due to low inventory and buyer demand. Prices will start to trend up come the end of February and I am expecting to see Days On Market start to trend down.

What does this mean for buyers and sellers? Sellers need to get ahead of the market and have their homes ready to list by March. Inventory will peak around May and so will your competition! Buyers need to be decisive when making an offer. If you want it to be accepted quickly, make your first offer your best!

If you are thinking about buying or selling (or both) and would like more information regarding our current market please contact me or go to my website: http://www.BoiseRealEstateChick.com

Brokerage: Silvercreek Realty Group, 1099 S Wells St Ste #200, Meridian ID 83642

 

Boise Real Estate Market Statistics-May 2014

Ada County May Market Statistics

Available Homes

# Available: 2656

# Vacant: 1388 (52%)

# Short Sale: 108 (4%)

# Bank Owned: 74 (3%)

Median Asking Price: $250,000

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Pending Sales

# Pending: 1161

Median Asking Price: $229,390

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Closed Sales—May 2013

# Closed: 852

# Short Sale: 60 (7%)

# Bank Owned: 40 (5%)

Median Sales Price: $194,447

Median Days on Market: 16

 

Closed Sales—May 2014

# Closed: 800

# Short Sale: 22 (3%)

# Bank Owned: 29 (4%)

Median Sales Price: $209,200

Median Days on Market: 17

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Inventory Continues to Rise!

May continued the inventory rise that is typical for spring. There was a slight pull back on the Median Asking Price (down by $8k month over month). As we head into summer, we should see the inventory numbers start to level off.

Pending Sales were up slightly month over month (up by 45). The Median Asking Price was up only by $4K. While unremarkable, good news is that the number of Pending Sales is staying over 1K. With increasing inventory, increased pending sales is a must to keep the market from tipping in the wrong direction.

The number of Closed Sales while up month over month, are down if we look at year over year numbers. We also see that last months flat Median Asking Price for Pending Sales is now reflected in this months flat Closed Sales Price. The number of Days on Market is down to 17 but I anticipate that number to start inching back up as this year continues.

Overall, this has been a fairly quiet spring market as far as sales go. On the other hand asking prices and inventory continue to rise and has been driven primarily by two things: very low number of distressed sales and new build jobs. The distressed numbers should continue to bottom out and the pace of the new build jobs should begin to taper off.

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

Silvercreek Realty Group, 1099 S Wells St., Ste 200, Meridian, ID 83642

 

 

Boise Real Estate Market Statistics – January 2014

Ada County January 2014  Market Statistics

Available Homes
# Available: 2030
# Vacant: 1312 (65%)
# Short Sale: 156 (8%)
# Bank Owned: 58 (3%)
Median Asking Price: $224,900

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Pending Sales
# Pending: 785
Median Asking Price: $220,000

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Closed Sales—January 2013
# Closed: 381
# Short Sale: 51 (13%)
# Bank Owned: 31 (8%)
Median Sales Price: $184,990
Median Days on Market: 30

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Closed Sales—January 2014
# Closed: 405
# Short Sale: 14 (3%)
# Bank Owned: 34 (8%)
Median Sales Price: $208,200
Median Days on Market: 47

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2014 Starts in a Mixed Way…

The 2014 real estate market has begun! Inventory inched back up and so did the Median Asking Price. We continue to see the distressed inventory dry up but we are also seeing an increase in new build jobs. This will for sure keep the Median Asking Price on the rise.

The number of Pending Sales went up but there was a slight pullback in Median Asking Price. Even with the winter weather hanging around we should continue to see the Pending Sales go up as many buyers try to take advantage of low interest rates.

Closed Sales saw a big pull back from last month but is still up from a year ago. The Median Sold Price was up both month over month and year over year. The Median Days on Market went up but I do expect to see that  start coming back down as we approach March. As home prices rise I also expect to see short sales disappear from the market as sellers finally come out from underwater.

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

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All numbers are based on data from the Intermountain Multiple Listing Service.

Silvercreek Realty Group – 1099 S Wells St. Ste. 200, Meridian, ID 83642

Boise Real Estate Market Statistics-December 2013

Below are the Boise Real Estate Market Stats for December 2013. These numbers reflect Active, Pending, and Sold single family/ single family with acreage homes. All numbers are from the Intermountain Multiple Listing Service.

Ada County December Market Statistics

Available Homes

# Available: 2002

# Vacant: 1286 (64%)

# Short Sale: 161 (8%)

# Bank Owned: 70 (3%)

Median Asking Price: $220,500

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Pending Sales

# Pending: 712

Median Asking Price: $229,900

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Closed Sales—December 2012

# Closed: 477

# Short Sale: 86 (18%)

# Bank Owned: 30 (6%)

Median Sales Price: $179,000

Median Days on Market: 32

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Closed Sales—December 2013

# Closed: 543

# Short Sale: 28 (5%)

# Bank Owned: 35 (6%)

Median Sales Price: $198,000

Median Days on Market: 35

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2013 Year End Numbers are in…

2013 proved to be a very strong market for real estate. Sellers finally saw some daylight as home prices moved upward. Buyers had more options with increased inventory and continued low-interest rates. Will 2014 continue the seller’s market? Will buyers be able to stay in the game or will many have to wait it out?

Our current inventory has had some pull back, going down by 15 percent. This is actually a pretty good indicator of a “normal” market as homeowners of existing homes wait until after the holiday season to list their homes. However, my concern is the number of new build jobs out there. Of all the current available inventory (2002 homes), 739 of them are new build jobs. That is 37%percent of the market! If that trend continues it  could make it difficult for existing home sellers (in the under $400K price range) to compete.

Because interest rates seem to be staying in the 3.75 to 4.75 percent range buyers are still getting good deals on their loans. However, prices are rising and I am expecting a very active spring. Sellers are wanting top dollar and are not making too many (if any) concessions on offers they receive. My advice, if you are thinking of buying do so now and make your first offer your best one.

Thinking of Selling?

If you are considering selling your home, don’t wait until the end of April or May! The time to get your home on the market is in March. This gives you a jump-start on the spring sellers who wait. With less competition your home will sell for more and will sell quicker! If you (or someone you know) is thinking about selling, please contact me and I will do a free Current Market Analysis to show you what your home is worth. My contact info: mary@BoiseRealEstateChick.com or got to my website: www.BoiseRealEstateChick.com

My brokerage is :Silvercreek Realty Group, 1099 S Wells St., Ste #200, Meridian, ID 83642

 

 

 

 

 

Boise Real Estate Market Statistics -October 2013

Boise Area – October 2013
Available Homes
# Available: 2541
# Vacant: 1426 (56%)
# Short Sale: 195 (8%)
# Bank Owned: 68 (3%)
Median Asking Price: $225,000

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Pending Sales
# Pending: 896
Median Asking Price: $219,900

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Closed Sales—October 2012
# Closed: 652
# Short Sale: 90 (14%)
# Bank Owned: 66 (10%)
Median Sales Price: $175,000
Median Days on Market: 30

Closed Sales—October 2013
# Closed: 621
# Short Sale: 31 (5%)
# Bank Owned: 23 (4%)
Median Sales Price: $214,900
Median Days on Market: 26

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Inventory rose a bit again as did vacancies. All due to new home construction! The asking price came down another $5k from last month. I am expecting inventory to level off for the next few months as the holidays and weather slow the market down a little.

The number of Pending Sales continues its downward trend as is typical for this time of year. Pending asking price is down a bit as well. This will probably translate into lower closed sales prices for November closings.

The number of Closed Sales are down not only month over month but year over year. Median sales prices went up though, due to a decrease of homes sold in the under $100k price range and an increase in the over $400k range. I don’t expect that trend to continue!

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Is it time to refinance?

If your mortgage interest rate is higher than 4 percent, you may want to consider refinancing. A fifteen year mortgage is currently going for around 2.75 percent. You may pay more per month but over the life of the loan you will save yourself tens of thousands of dollars. Even if you do not stay in your home another 15 years, you will still pay down the loan faster giving you more equity when you do sell. Contact me for more info by going through my website: www.BoiseRealEstateChick.com or my e-mail: mary@BoiseRealEstateChick.com

 

 

 

Boise Real Estate Market – September 2013

Below are the numbers for Active, Pending and Sold properties in the Boise Real Estate Market area for September 2013. These numbers are based on info from the Intermountain Multiple Listing Service for single family/single family with acreage homes.

Ada County (Boise) September Market Statistics

Available Homes
# Available: 2525
# Vacant: 1350 (53%)
# Short Sale: 180 (7%)
# Bank Owned: 74 (3%)
Median Asking Price: $230,000

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Pending Sales
# Pending: 916
Median Asking Price: $221,839

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Closed Sales—September 2012
# Closed: 580
# Short Sale:92 (16%)
# Bank Owned: 36 (6%)
Median Sales Price: $174,850
Median Days on Market: 23

Closed Sales—September 2013
# Closed: 701
# Short Sale: 37 (5%)
# Bank Owned: 24 (3%)
Median Sales Price: $194,000
Median Days on Market: 21

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Fall is Upon Us!

More than leaves are falling in the Ada County real estate market! The seasonal pullback continues and I expect it to remain flat into early 2014. Although we may see a slight increase in activity towards the end of this year which is historically typical. Even with that I don’t anticipate any major jumps in pricing before next spring.

As you can see inventory is continuing to go up as builders try to take advantage of what was a low inventory market. However, the new inventory is starting to out pace demand and could result in shifting us back into a buyers market as existing homes try to compete with the new homes.

With the cooling off of sales, Pending Sales are now under 1000 for the first time in several months. Expect to see that trend into spring time.

The number of Closed Sales are down again month over month but are still above last year.    For the first time since May of this year we are under a $200K sales price. Meanwhile the distressed sales made up less than 8 percent of sold properties. We may see the number of bank owned homes for sale go up a little as the lenders try to unload inventory before the end of the year.

If you would like additional information regarding the Boise Real Estate Market, please go to my website: www.BoiseRealEstateChick.com

 

By the Numbers….Boise Real Estate Market May 2013

 

By the Numbers…

 

Number of homes on the market in Ada County:

May 2011: 2616

May 2012: 1987

May 2013: 1880

 

Median Asking Price:

May 2011: $178,250

May 2012: $208,530

May 2013: $239,900

 

Number of Pending Sales:

May 2011: 978

May 2012: 1265

May 2013: 1458

 

Median Sold Price:

May 2011: $143,000

May 2012: $179,094

May 2013: $194,995

 

Number of Distressed Homes Sold:

May 2011: 323

May 2012: 182

May 2013: 99

 

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