Posts Tagged ‘ Real Estate news in Boise ’

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-May 2016

Ada County May Market Statistics

Available Homes

# Available: 2033

# Vacant: 1187 (58%)

# Short Sale: 29 (1%)

# Bank Owned: 17 (<1%)

Median Asking Price: $290,000

————————–

Pending Sales

# Pending: 1814

Median Asking Price: $267,900

————————–

Closed Sales—May 2015

# Closed: 933

# Short Sale: 11 (1%)

# Bank Owned: 20 (2%)

Median Sales Price: $228,000

Median Days on Market: 13

—————————

Closed Sales—May 2016

# Closed: 1062

# Short Sale: 11 (1%)

# Bank Owned: 13 (1%)

Median Sales Price: $240,000

Median Days on Market: 10

————————–

Seller’s Market Continues!

Normally by May we see a fairly significant increase in available homes on the market. Currently we are just over the 2000 mark. This low inventory is continuing to fuel the seller’s market and I don’t see any big changes in that as we head into the summer market.

The number of Pending Sales is up yet again, month over month. The Asking Price for the pending sales is up by $13K month over month as well. I am expecting this trend of increased Pending Sales to continue through out the summer.

Closed Sales were up by another 126 pushing it over the 1000 mark. Distressed Sales now make up less than 2% of the market. This is true for the Available homes as well. The Closed Sales price was flat though from last month but year over year it is up by $12K. Median Days on Market are down to 10 days!

I don’t want to sound like a broken record but I can’t emphasize this enough: if you are thinking of selling, now is the time! There is basically no competition! Yes, you would also have to buy at the peak of the market. However, if you plan on staying in your home for at least the next 5-7 years, it won’t matter! Give me a call if you want to see what you could get for you home in this market! We can discuss your buying options as well!

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. , Meridian, ID 83642

 

 

 

 

 

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

————————–

Pending Sales

# Pending: 1706

Median Asking Price: $254,900

————————-

Closed Sales—April 2015

# Closed: 831

# Short Sale: 9 (1%)

# Bank Owned: 30 (4%)

Median Sales Price: $217,000

Median Days on Market: 18

————————

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

 

 

 

 

 

Boise Real Estate Market Statistics-March 2016

Ada County March Market Statistics

Available Homes

# Available: 1787

# Vacant: 1049 (58%)

# Short Sale: 36 (2%)

# Bank Owned: 14 (1%)

Median Asking Price: $299,900

————————-

Pending Sales

# Pending: 1486

Median Asking Price: $251,564

————————–

Closed Sales—March 2015

# Closed: 718

# Short Sale:18 (3%)

# Bank Owned: 30 (4%)

Median Sales Price: $222,700

Median Days on Market: 23

————————–

Closed Sales—March 2016

# Closed: 810

# Short Sale: 6 (1%)

# Bank Owned: 15 (2%)

Median Sales Price: $235,000

Median Days on Market: 15


March Madness!

Last month I wrote that the Spring market had hit early. Well, last month looks tame relative to what is going on in the market right now! Not sure how long we can sustain this without it turning into a full scale bubble!?!

Even though inventory is up from last month, it is only up by 106 homes. This is not enough to meet the current buyer demand. Sellers are getting a little aggressive with their Asking Price; it is up another $14K.

The number of Pending Sales continues to rise. We are up by another 191 month over month, with last month being a record and this month is even higher. The Median Pending Price was up by $2K.

Closed Sales were up both month over month and year over year. However, the Sales Price was flat. Honestly, I see that as a good thing. I am very worried about the jump in Asking Price so I like to see that the Sold Price is stable. Days on Market are down to 15. So basically it is taking two weeks on market for a home to get an offer. What I am seeing in the April market, it is even shorter. Granted this is for certain price points but homes under $250K are moving anywhere from 2 hours to 2 days with multiple offers!

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

 

 

 

Boise Real Estate Market Statistics-February 2016

Ada County February Market Statistics

Available Homes

# Available: 1681

# Vacant: 1042 (62%)

# Short Sale: 42 (2%)

# Bank Owned: 16 (1%)

Median Asking Price: $285,990

————————-

Pending Sales

# Pending: 1295

Median Asking Price: $249,900

————————–

Closed Sales—February 2015

# Closed: 528

# Short Sale:15 (3%)

# Bank Owned: 27 (5%)

Median Sales Price: $218,000

Median Days on Market: 40

————————-

Closed Sales—February 2016

# Closed: 592

# Short Sale: 7 (1%)

# Bank Owned: 5 (1%)

Median Sales Price: $234,950

Median Days on Market 26

————————-

The Real Estate Market is Crazy!

Spring has sprung early for our local real estate market! Due to low inventory, homes are going within days right now and many with multiple offers. I cannot say this enough, if you are thinking of selling or know someone who is, now is the time!

Inventory went up from last month by 14 homes, so basically we are flat month over month. Median asking price went up by $10k and we should expect to see that trend continue over the next few months.

The big story is the jump in Pending Sales! Up by 219 from last month, we are at historic highs with the current number at 1295. This time last year the number of Pending Sales was at 1030, and that was a high for March at that time!

Also at historic highs are the number of Closed Sales, up by 106 month over month and by 64 year over year. Less than 2 percent of the Closed Sales market were distressed. All but gone are the short sales and bank owned properties. The median Days On Market are down to 26. Just for comparison, last year was 40 DOM and in 2011 (bottom of the market) it was 70 DOM. Crazy market indeed!

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

Brokerage: Silvercreek Realty Group 1099 S Wells Ste 200, Meridian Idaho 83642

 

 

 

Boise Real Estate Market Statistics=January 2016

Ada County January Market Statistics

Available Homes

# Available: 1667

# Vacant: 1150 (69%)

# Short Sale: 46 (3%)

# Bank Owned: 22 (1%)

Median Asking Price: $275,000

————————–

Pending Sales

# Pending: 1076

Median Asking Price: $255,500

—————————

Closed Sales—January 2015

# Closed: 435

# Short Sale:18 (4%)

# Bank Owned: 31 (7%)

Median Sales Price: $222,300

Median Days on Market: 42

—————————

Closed Sales—January 2016

# Closed: 486

# Short Sale: 5 (1%)

# Bank Owned: 19 (4%)

Median Sales Price: $237,569

Median Days on Market: 34

————————-

2016 Begins!

As we start the New Year, it is starting to look like this is going to be a very interesting year! Inventory in January has not been this low since 2013, with 70 percent of the current available homes being vacant. With low inventory but high vacancies, we can see that the primary sellers on the market right now are builders and investors, both trying to take advantage of a market that is probably going to peak this year.

Once again we see a record number of homes Pending. Typically we are at anywhere from 700 to 800 but have been staying at the 1000 plus mark for several months now. To give some perspective, in 2011 (market bottom), there were only 584 homes Pending! Almost double that right now!

The only trend that was at the normal mark was how many homes closed for January 2016. While we had a big pull back month over month, we are above last years average. We are still hanging around the 30 day mark for Days on Market.

I am holding to my prediction that the Spring market is going to be crazy. Buyers are out there and waiting for decent inventory, and interest rates just went down again (3.8 percent on a 30 yr fixed). This is a really good time to be a seller!

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

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

 

 

 

 

 

Boise Real Estate Market Statistics-December 2015

Ada County December Market Statistics

Available Homes

# Available: 1765

# Vacant: 1210 (68%)

# Short Sale: 51 (3%)

# Bank Owned: 19 (1%)

Median Asking Price: $269,190

—————————

Pending Sales

# Pending: 922

Median Asking Price: $261,250

————————-

Closed Sales—December 2014

# Closed: 629

# Short Sale:15 (2%)

# Bank Owned: 39 (6%)

Median Sales Price: $216,700

Median Days on Market: 39

———————–

Closed Sales—December 2015

# Closed: 806

# Short Sale: 14 (2%)

# Bank Owned: 11 (1%)

Median Sales Price: $232,500

Median Days on Market: 29

————————-

Closing out 2015!

December 2015 closed out the real estate market just like it started last January, strong! Inventory continues to pull back and buyer demand is still going. 2012 was the last time we saw inventory this low and the asking price that year was $199K! Keep in mind 2012 was the follow-up year of the market bottom.

Pending sales while down under the 1000 mark, is still relatively high for the end of the year. The median asking price was up by $12K month over month.

The number of Closed Sales were up and this is very typical for December. What is not typical is the Days on Market. We are still under 30 days. Normally we are in the 31-40 day range. Sales price was down by $8K month over month but up by over $16K year over year.

My outlook for 2016 is very optimistic up until July-August time frame. With our current low inventory and strong buyer demand, I anticipate a very brisk spring market that should carry into the early summer. And that is where my crystal ball goes cloudy! It is a presidential election year and the past few have shown us that the markets can get very volatile during this time. So for now, if you are planning on buying or selling, do it soon!

Please go to my website for additional information: http://www.BoiseRealEstateChick.com

(all data is from the Intermountain MLS)

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

————————————–

Pending Sales

# Pending: 825

Median Asking Price: $240,000

————————————–

Closed Sales—January 2014

# Closed: 435

# Short Sale: 15 (3%)

# Bank Owned: 35 (8%)

Median Sales Price: $209,900

Median Days on Market: 46

————————————–

Closed Sales—January 2015

# Closed: 431

# Short Sale: 17 (4%)

# Bank Owned: 31 (7%)

Median Sales Price: $222,300

Median Days on Market: 43

—————————————

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

————————————–

Pending Sales

# Pending: 692

Median Asking Price: $248,832

—————————————

Closed Sales—December 2013

# Closed: 594

# Short Sale: 30 (5%)

# Bank Owned: 38 (6%)

Median Sales Price: $198,076

Median Days on Market: 35

—————————————

Closed Sales—December 2014

# Closed: 610

# Short Sale: 14 (2%)

# Bank Owned: 39 (6%)

Median Sales Price: $215,850

Median Days on Market: 40

————————————–

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-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

————————————–

Pending Sales

# Pending: 927

Median Asking Price: $229,889

—————————————

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

—————————————–

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

 

 

 

%d bloggers like this: