Posts Tagged ‘ Real Estate news in Boise, Idaho ’

Boise Real Estate Market Statistics-March 2018

Ada County March Market Statistics

Available Homes
# Available: 1151
# Vacant: 797 (69%)
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $381,900

Pending Sales
# Pending: 1682
Median Asking Price: $317,727

Closed Sales—March 2017
# Closed: 853
# Short Sale: 4 (<1%)
# Bank Owned: 6 (1%)
Median Sales Price: $251,199
Median Days on Market: 11

Closed Sales—March 2018
# Closed: 877
# Short Sale: 2 (<1%)
# Bank Owned: 5 (1%)
Median Sales Price: $307,990
Median Days on Market: 11


March Madness

Here we are again! Another month of Available Inventory sliding backwards. This is by far the lowest inventory level I have seen in my 13 years as a realtor. Ask any agent or buyer looking for a home and they will tell you how frustrating it is. The new normal is waiting in line outside a home to get a turn to go in and view it. Desired homes go so quickly that most buyers do not even get to view a home before it goes Pending.

Pending Sales continue to climb! Month over Month we are up another 232 homes. This speaks to the decline in available inventory.

One of the things I have been watching is the median Closed Sales Price. It has been trending upward and I expected it to go over the $300K mark in a month or so. It has happened! The median Closed Sales Price is now at $307,990. This is up by $14K from last month and if we look at year over year, it is up by $56K.  Median days on Market are now at 11. We have not even hit the peak Spring market yet. May’s numbers are going to be very interesting for sure!

Bottom line: If you are wanting to sell, do it now! If you price your home correctly it will go quickly. If you are a buyer, buy now because prices are not going down so this might be your last opportunity to buy at the current price. And of course, contact me for all your buying and selling needs!

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

 

Advertisements

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-January 2018

Ada County January Market Statistics

Available Homes
# Available: 1229
# Vacant: 943 (77%)
# Short Sale: 4 (<1%)
# Bank Owned: 3 (<1%)
Median Asking Price: $371,476

Pending Sales
# Pending: 1300
Median Asking Price: $324,900

Closed Sales—January 2017
# Closed: 570
# Short Sale: 1 (<1%)
# Bank Owned: 16 (3%)
Median Sales Price: $239,794
Median Days on Market: 28

Closed Sales—January 2018
# Closed: 617
# Short Sale: 0 (0%)
# Bank Owned: 4 (1%)
Median Sales Price: $279,900
Median Days on Market: 17


 

Historical Records to Start 2018

Now that January 2018 is in the books we are seeing a few historical numbers appearing in Available inventory, Pending Sales and Year over Year closed sales prices.
We will start with our Available inventory. Down again this month to a mere 1229 homes on the market. More then 77 percent of the homes on the market are vacant. For the most part these vacant homes are investment properties or new builds.
Pending sales this month are actually higher than available inventory. That is a first for me! In the 13 years I have been in real estate I have never seen the inventory lower than the pending sales.
While the number of Closed Sales was down from last month, when we look at the year over year numbers we are up by 47. The big number for me is the Closed Sales Price! Only up by $4K month over month but up by $40K year over year. That is a pretty substantial increase in sales price!
I don’t have a crystal ball to predict exactly where this market goes but it is not a bubble. The increasing prices make it feel that way but that is fueled by lack of inventory. Multiple things have factored into this: low inventory keeps potential sellers from selling, well, because no inventory, builders were conservative this time around and did not over build (now most are 9 –12 months out), and the sheer volume of people moving into Idaho grabbing up the little inventory we have. I am thinking this market will continue with low inventory and rising prices for at least another 6-9 months.

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

 

Boise Real Estate Market Statistics- November 2017

Ada County November Market Statistics

Available Homes
# Available: 1682
# Vacant: 1178 (70%)
# Short Sale: 10 (1%)
# Bank Owned: 6 (<1%)
Median Asking Price: $344,900

————————————————

Pending Sales
# Pending: 1385
Median Asking Price: $303,720

————————————————

Closed Sales—November 2016
# Closed: 886
# Short Sale: 4 (<1%)
# Bank Owned: 9 1%)
Median Sales Price: $245,000
Median Days on Market: 20

————————————————

Closed Sales—November 2017
# Closed: 862
# Short Sale: 2 (<1%)
# Bank Owned: 3 (<1%)
Median Sales Price: $268,850
Median Days on Market: 15


Wrapping Up the Year!

As we wrap up the year we can look back and see that two things have not really changed. Inventory is still at historical lows. Because of that, homes that hit the market went within days if not hours. The last time we saw homes moving this quick was in the bubble of 2006/2007. The difference this time is that we have less than half the inventory.
While the number of Pending Sales remain over the 1000 mark, this has been the case for the past two years. Prior to 2015, numbers were usually 800 or less. The Asking Price was up by $3K month over month.

The number of Closed Sales was down another 101 month over month and was actually down year over year as well. The Median Sold Price was down by $1K from last month but up by $23K year over year. The number of Days on Market is at 15. Normally at this time of year it should be around 24+.

Wishing you all a wonderful Christmas and a Happy New Year! Hope your holidays are filled with lots of family time, food and fun. Take this time to enjoy your loved ones! Time goes quickly so enjoy the time you have together!

Brokerage- Silvercreek Realty Group 1099 S Wells St Suite 100 Meridian Idaho 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

————————–

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

————————–

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

 

 

Advertisements
%d bloggers like this: