Posts Tagged ‘ Real Estate Boise Idaho ’

Boise Real Estate Market Statistics-April 2017

Ada County April Market Statistic

Available Homes
# Available: 1625
# Vacant: 1027 (63%)
# Short Sale: 10 (1%)
# Bank Owned: 9 (<1%)
Median Asking Price: $338,000

Pending Sales
# Pending: 1708
Median Asking Price: $292,200

Closed Sales—April 2016
# Closed: 967
# Short Sale: 7 (1%)
# Bank Owned: 20 (2%)
Median Sales Price: $239,000
Median Days on Market: 11

Closed Sales—April 2017
# Closed: 871
# Short Sale: 2 (<1%)
# Bank Owned: 7 (1%)
Median Sales Price: $251,000
Median Days on Market: 7


April showers…us with no Inventory!

There was some hope that with spring in full swing that the inventory would pick up but so far, not really. There have been only 88 homes added to the available homes for sale in April. That is not even a dent in what we are in need of. We are looking at historical lows when it comes to inventory for April.
Also, we are looking at historical highs for April Pending Sales. We are up by 222 month over month and for year over year, we are up by 2. The Asking price is up by $9K month over month and year over year it is up by $38K.
Closed Sales are interesting. While they are up by 45 month over month, when we look at them year over year we are down by 96. The Sold price flat month over month and up by $12K year over year. The Days on Market are ridiculous! The Median DOM is down to 7 days! Homes are moving in less than a week at this point. As we head into May/June, I actually expect to see that number go down a bit more.
Home Values are moving up fairly quickly! If you are curious to see what your home may be worth, send me an e-mail, text or call. You may be pretty surprised at how much your home is worth!

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

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Boise Real Estate Market Statistics -March 2017

Ada County March Market Statistics

Available Homes
# Available: 1557
# Vacant: 1015 (65%)
# Short Sale: 10 (<1%)
# Bank Owned: 10 (<1%)
Median Asking Price: $329,900

Pending Sales
# Pending: 1486
Median Asking Price: $283,950

Closed Sales—March 2016
# Closed: 841
# Short Sale: 6 (1%)
# Bank Owned: 15 (2%)
Median Sales Price: $236,775
Median Days on Market: 15

Closed Sales—March 2017
# Closed: 826
# Short Sale: 4 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $251,199
Median Days on Market: 12


Spring has Sprung!!!

Inventory finally saw a slight uptick, picking up another 170 homes. This is still not enough to meet buyer
demand. Ask any Real Estate agent or buyer how the bidding war is going as soon as a new listing comes on. Homes are going with multiple offers and usually at least $5K-$10K over asking.
While that is great news for sellers there is a word of caution here. Just because the homes are going quickly does not mean that way overpricing it is the way to go. Appraisers are starting to push back on the numbers. Particularly if they are being financed through VA or FHA. Restrictions are a little tighter for these types of loans and what can be accepted as a comparable property is a little different as well. Also, because these loans usually require as little as 3.5% as down-payments, the appraisal value has to come in at the contract price. And that is where the problem of over bidding comes in. Most homes are priced at the top of the market right now, so bidding higher than that leaves appraisers unable to find comparable sold properties with higher values.  Honestly, I think it is a good thing that appraisers are giving the market a reality check. I, for one, do not want to see a repeat of the 2006 market that came crashing down and bottomed in 2011. If you need help with pricing your home, give me a call!

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

 

Boise Real Estate Market Statistics-January 2017

Ada County January Market Statistics

Available Homes

# Available: 1381

# Vacant: 1038 (75%)

# Short Sale: 9 (1%)

# Bank Owned: 6 (<1%)

Median Asking Price: $304,209

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Pending Sales

# Pending: 1007

Median Asking Price: $284,900

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Closed Sales—January 2016

# Closed: 498

# Short Sale: 5 (1%)

# Bank Owned: 18 (4%)

Median Sales Price: $237,569

Median Days on Market: 33

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Closed Sales—January 2017

# Closed: 558

# Short Sale: 1 (<1%)

# Bank Owned: 16 (3%)

Median Sales Price: $239,794

Median Days on Market: 29


2017…

The January 2017 numbers are in and they are showing us some more historical lows and highs. Not sure how much longer the market will have this low inventory but we are down to a little over 1300 homes available in all of Ada County. The median asking price has finally gone over the $300K mark for the first time since I have been tracking it (over 7 years).

The Pending sales were slightly up in January as was the asking price. I do expect this trend to continue as we head into the Spring market.

The number of Closed sales was down by 273 homes from December. However, it is up from the numbers of January 2016. The Sales price was actually down by $5K month over month and more surprisingly, down by $2K year over year.

Are we heading into a bubble? Not that I can see. In order for this market to become a bubble we would need the prices to continue to rise and the inventory to out pace the demand like it did in 2006/2007. We are a long way from being there again!

Brokerage: Silvercreek Realty Group-1099 Wells Ste. 200-Meridian ID 83642

 

 

 

Boise Real Estate Market Statistics-November 2016

Ada County November Market Statistics

Available Homes

# Available: 1786

# Vacant: 1247 (70%)

# Short Sale: 12 (<1%)

# Bank Owned: 16 (1%)

Median Asking Price: $296,695

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Pending Sales

# Pending: 1204

Median Asking Price: $260,680

—————————

Closed Sales—November 2015

# Closed: 654

# Short Sale: 10 (2%)

# Bank Owned: 12 (2%)

Median Sales Price: $240,150

Median Days on Market: 21

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Closed Sales—November 2016

# Closed: 869

# Short Sale: 4 (<1%)

# Bank Owned: 9 (1%)

Median Sales Price: $245,000

Median Days on Market: 21


Where are the Available Homes!

Inventory continues its shrinkage! We are now down to just 1786 of Available homes on the market. Even more note worthy is that 70 percent of those homes are vacant. Indicating that investors are moving their properties while the market demand is high.

The Pending sales continue to come down as is expected this time of year. I do think they would be a bit higher but our inventory just isn’t there. The median asking price hasn’t gone up though!

Closed sales were down slightly but up year over year. The Days on Market inched up to 21 but that is still pretty low for this time of year. Interesting to me is that even with the limited inventory the median closed sales price went down by $8K.

Once again I am restating this: Many people are afraid to list their homes during the 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!

Brokerage: Silvercreek Realty Group-1099 S Wells Ste. 200-Meridian ID 83642

 

 

Real Estate Seller Trends

Yesterday I wrote about Real Estate Buyer Trends so today I will focus on Seller Trends. Once again this information comes from Brian Buffini’s Real Estate Report. Here are some interesting seller trends, facts and demographics from 2010:

The Typical Seller’s Median Age: 49

Where Did the Seller’s Move?:   

 50% Traded

28% Bought a comparably Sized Home

21% Traded Down

Why Did the Seller’s Move?:

21% home was too small

15% job relocation

Sellers usually moved 18 Miles from their previous home.

The typical home sold for 96% of the final asking price.

Median Home Price Received by Sellers:

Using a Real Estate Agent:    $199,300

Sold Directly by the Owner:  $140,000

Top 5 Home Improvement Projects with Best Return on Investment:                                                  

1. Cleaning and Decluttering                

2. Lightening and Brightening         

3. Home Staging                                              

4.Landscaping                                                

5. Repairing Electrical/Plumbing     

Keep in mind that these numbers are median numbers on a national level and are probably different for you on a local level. Also, I found it very interesting that the homes sold by owner sold for less than the homes sold by a realtor. Even when you take the typical 6% commission out the realtor sold homes sold for more!

If you would like additional tips on selling your home in the Boise, Idaho area please go to my posts on “How to Sell Your Home in Today’s Market” and “Selling Your Home in the Winter”. If you would like a current CMA for your home in the Boise, Idaho area to see what the current value is please go to my website (no sign up required): http://www.BoiseRealEstateChick.com

Article referenced: Brian Buffini’s Real Estate Report, Buffini & Co.

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