Posts Tagged ‘ Meridian Idaho Real Estate ’

Boise Real Estate Market Statistics-April 2016

Ada County April 2016 Market Statistics

Available Homes

# Available: 1848

# Vacant: 1080 (58%)

# Short Sale: 32 (2%)

# Bank Owned: 16 (1%)

Median Asking Price: $299,900

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Pending Sales

# Pending: 1706

Median Asking Price: $254,900

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Closed Sales—April 2015

# Closed: 831

# Short Sale: 9 (1%)

# Bank Owned: 30 (4%)

Median Sales Price: $217,000

Median Days on Market: 18

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Closed Sales—April 2016

# Closed: 936

# Short Sale: 7 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $239,450

Median Days on Market: 12


Sellers Market!

The real estate market here is showing no signs of pullback just yet. Pricing is now back at the levels it was at during the 2006-2007 time frame. What is different now is the inventory level. It is still very low. In July of 2007, Ada County hit a high of 5198 homes on the market and in 2013 we hit a low of 1664. Currently, we are at 1848, just barely off of that low number.

We are in a very strong sellers market! A balanced market is 4-6 months of inventory supply. Currently we are under 4 months supply for homes that are $500K or less. By this time of the year we should see a significant rise in inventory and we are not. The biggest issue I am finding with potential sellers is not whether they can sell their home quickly, it is the fear that they will not be able to find a home to move to. And that is keeping many sellers from putting their homes up for sale and thus continuing the inventory shortage. It’s sort of a Catch-22!

Recently I have been asked by many potential sellers, should they wait until next year? I do not have a crystal ball! I do know the market is good for sellers right now but next year may prove to be very different. We are in the midst of an election cycle and we know how that can go! So my advice is if you are wanting to sell, do it now!

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

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

 

 

 

 

 

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Boise Real Estate Market Statistics-September 2015

Ada County September Market Statistics

Available Homes

# Available: 2427

# Vacant: 1358 (56%)

# Short Sale: 67 (3%)

# Bank Owned: 27 (1%)

Median Asking Price: $275,900

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Pending Sales

# Pending: 1235

Median Asking Price: $254,900

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Closed Sales—September 2014

# Closed: 698

# Short Sale: 12 (2%)

# Bank Owned: 34 (5%)

Median Sales Price: $202,495

Median Days on Market: 27

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Closed Sales—September 2015

# Closed: 839

# Short Sale: 13 (1%)

# Bank Owned: 20 (3%)

Median Sales Price: $230,000

Median Days on Market: 25

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Let Fall Begin!

September numbers for the real estate market look a lot like Augusts. There was no big movement up or down in any of the categories. However, with inventory going down, prices will continue to move up. As we head into the winter months, if prices continue to inch up, our spring market is going to see a pretty substantial increase in pricing. Buyers that are thinking about purchasing should probably do so within the next few months while interest rates are still low and prices somewhat affordable!

Inventory for August was down slightly but asking price was up by $7K month over month. The distressed market (short sales and bank owned) is almost non-existent (less than 4 percent) which in turn is helping the increase in pricing.

Pending sales continue their pullback but not by much! Usually by this time of year we are under 1000 but as of right now we are staying above that. It will be interesting to see where we are at the end of November. If we continue over 1000 at that point, it will be record-setting!

Closed sales saw a slight decrease and sales price was relatively flat month over month. But year over year is a totally different story! This time last year the number of closed sales was 698 and the sales price was $202K. September 2015 is well above that!

If your would like 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 Ste 200 Meridian Idaho 83642

Boise Real Estate Market Statistics-May 2015

Ada County May Market Statistics

Available Homes

# Available: 2336

# Vacant: 1251 (54%)

# Short Sale: 74 (3%)

# Bank Owned: 30 (1%)

Median Asking Price: $278,852

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Pending Sales

# Pending: 1504

Median Asking Price: $242,270

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Closed Sales—May 2014

# Closed: 807

# Short Sale: 22 (2%)

# Bank Owned: 29 (4%)

Median Sales Price: $209,000

Median Days on Market: 17

Closed Sales—May 2015

# Closed: 918

# Short Sale: 11 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $228,000

Median Days on Market: 13

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May Continues the Strong Market!

We ended May with a real estate market that is one of the strongest I have seen in years. While I am expecting slightly lower numbers in June, it won’t be by much!

Inventory was up a little (+76) and asking price was up by $2K. Homes are moving pretty quick primarily because there really isn’t a lot of inventory to pick from. This time last year there were over 2600 homes on the market versus this years 2300!

The big story is in the number of Pending Sales for May! Currently there are 1504 pending! I have been tracking the market for 6 years now and this is the highest number of pending sales in that time period!

Not surprisingly, the number of closed sales was up as well for both month over month and year over year. Sold price was up by $12K ($228K) from last month and by $20K from last year. The median time on market is down to 13 days! Not sure we will go any lower than that for June but we will see!

Looking at the market historically, this year may go down in the books as the height of the market for this real estate cycle! Next year is an election year and that usually causes a pull back in the market. So if you are ready to sell, make it this year!

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

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

Boise Real Estate Market Statistics-January 2015

Ada County January 2015 Market Statistics

Available Homes

# Available: 1902

# Vacant: 1259 (66%)

# Short Sale: 80 (4%)

# Bank Owned: 44 (2%)

Median Asking Price: $249,995

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Pending Sales

# Pending: 825

Median Asking Price: $240,000

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Closed Sales—January 2014

# Closed: 435

# Short Sale: 15 (3%)

# Bank Owned: 35 (8%)

Median Sales Price: $209,900

Median Days on Market: 46

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Closed Sales—January 2015

# Closed: 431

# Short Sale: 17 (4%)

# Bank Owned: 31 (7%)

Median Sales Price: $222,300

Median Days on Market: 43

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Great Start to the New Year!

2015 is off to a great start! Inventory continues to stay under 2000 and the median asking price continues for the fourth month in a row to stay flat. I do expect to start seeing both of these on the rise in the next month or so.

We should expect to see an increase in buyers as many of those who had to short sale their homes 4 or more years ago re-enter the market. Their loans will not be as optimal, interest rate wise. This means that although they can now purchase they will pay a slightly higher interest rate because their credit score took a little bit of a hit.

Pending Sales was up by 133 since last month. That is a nice increase although the median asking price for pending sales was down by $8K month over month. This should also translate into increased number of closed sales for February.

The number of closed sales was down month over month. This is primarily because January closed sales were up against December’s year end rush to close numbers. However, when we look at the numbers year over year they are almost identical, and the closed sales price is up both month over month and year over year. Overall, I would say we are off to a very good start to what I think is going to be an exceptional year in real estate!

Brokerage is Silvercreek Realty Group, 1099 S Wells Ave Ste 200, Meridian, ID 83642

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-November 2014

Ada County November Market Statistics

Available Homes

# Available: 2355

# Vacant: 1514 (64%)

# Short Sale: 92 (4%)

# Bank Owned: 55 (2%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 862

Median Asking Price: $239,900

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Closed Sales—November 2013

# Closed: 569

# Short Sale: 25 (4%)

# Bank Owned: 33 (6%)

Median Sales Price: $208,000

Median Days on Market: 29

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Closed Sales—November 2014

# Closed: 534

# Short Sale: 8 (2%)

# Bank Owned: 23 (4%)

Median Sales Price: $215,069

Median Days on Market: 35

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Winter Market Ahead!

As November comes to a close, we now enter the official winter market! Inventory is continuing to come down, and it is actually becoming a chore to find enough variety for my buyers! The good news is that the inventory that is available is actually pretty nice and not too badly priced. As always, homes that are in good condition and priced well are moving very quickly, usually within the first few days of being on the market.

Following the usual seasonal pullback are the Pending Sales. They continue to decline and I expect that to continue into February 2015. The Pending Asking Price did go up though!

Closed Sales were down quite a bit this month and were down year over year as well. However, the Median Sales Price was up by $7K over last month, and year over year. We are also seeing the Median Days on Market going up (also to be expected) but as I stated earlier, homes that are priced well and in good shape are moving in a matter of days. Sellers should keep this in mind if they are planning to sell within the next year. Getting ahead of the competition will get you a better offer! So if you are thinking of selling, get your home ready to be on the market by February. And of course if you have any questions about pricing and getting your home ready, let me know, I am here to help!

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 S Wells St #200, Meridian ID 83642

Boise Real Estate Market Statistics-September 2014

Ada County September Market Statistics

Available Homes

# Available: 2726

# Vacant: 1597 (59%)

# Short Sale: 40 (1%)

# Bank Owned: 59 (1%)

Median Asking Price: $249,900

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Pending Sales

# Pending: 927

Median Asking Price: $229,889

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Closed Sales—September 2013

# Closed: 720

# Short Sale: 36 (5%)

# Bank Owned: 24 (3%)

Median Sales Price: $195,000

Median Days on Market: 21

 

Closed Sales—September 2014

# Closed: 672

# Short Sale: 12 (2%)

# Bank Owned: 34 (5%)

Median Sales Price: $204,900

Median Days on Market: 27

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Fall Is Upon Us!

The leaves aren’t the only things dropping this month! Inventory saw a little bit of a pull back. It is down by over 200 homes from last month. This is good news because it would not have been healthy for the market to head into the winter months with high inventory. Builders are still busy with 32 percent of the market being new homes. (Of the 1597 vacant homes more than 54 percent are the new homes.) As we head into the colder, wetter months we should see a substantial pullback on new build jobs though.

Pending Sales were down again by about 29 homes and the asking price remained flat. With the activity that I have seen personally in September, I am thinking the number of Pending Sales will actually go up for October. The market had about a three week surge of activity!

Closed Sales were down month over month but so was the Sales Price. That was down by $14K month over month but was up by $10K year over year. Item of note was distressed sales in Eagle, down to zero! That is correct! Closed Sales for Eagle had not a single distressed property in the mix. Now that is what I call a “traditional” market!

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

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

 

 

 

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