Posts Tagged ‘ real estate Boise ID ’

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

 

 


 


 

 

 

 

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Home Prices- Pre-Bubble?

In a recent Wall Street Journal article it was discussed that we are now at pre-bubble prices for housing. (Pre-bubble is considered to be pre 2003.) Nationally there are still pockets that are over valued (Seattle, New York, Portland , Oregon and Charlotte).  Place like Cleveland are so undervalued that their prices are considered to be at the 1991 level! Economists are expecting another 5-10% drop. But that is nationally, and as I have said in a prior post, real estate is local!

So I checked the Intermountain MLS to see if the data agrees with that and here is what I found for the ADA County (Boise, Idaho area):

In 2002 the Median price (sold) was : $140K

In 2003 the Median price (sold) was : $146.9K

In 2004 the Median price (sold) was:  $162,990

In 2010 the Median price (sold) was : $155K

It is possible that if the 2010 price goes down 5% it will be $147,250 which is near the 2003 price. If it goes down 10% it will be $139.5K which is almost the 2002 prices. So far the data I have seen doesn’t suggest a 10% decrease but a 5% decrease is plausible.

Would that be bad news? No! I do not remember anyone complaining in 2003 that homes were too expensive (okay, maybe there were a few). I have stated before that getting back to normal prices for real estate in the Boise, Idaho area will be closer to 2002-early 2003 pricing.  And affordability is always a good thing! 

If you would like to see what current home prices are in the Boise, ID area please go to my website: http://www.BoiseRealEstateChick.com

To see more of the Wall Street Journal article go to:http://online.wsj.com/article/SB10001424052748703313304576132291585938656.html

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