Posts Tagged ‘ sellers ’

Buyers Beware! Seller’s Market is Here in Boise! (or pretty close to it…)

Ask any Realtor who was out showing homes in the Boise area (Canyon County too!) over the past few weeks in March (2012), and you will hear a certain sense of frustration. One of the reasons is that there is just not enough inventory to show home buyers, particularly in the under $200K price range. Another reason is that the home buyers seem to have come out of the woodwork over the past few weeks and the competition is stiff. Cash is king right now and buyers who are using loans to purchase are losing out in the bidding war. Even short sales are getting multiple offers! These were avoided like the plague until recently and should tell you just how desperate buyers are.

Many of the homes coming on the market (under $200K range) are being snapped up in less than a week with multiple offers. It is even crazier for the under $150K homes which are going contingent or pending within hours of being placed on the market. The majority of homes in these price ranges are not just getting multiple offers but are getting at and above their asking price.

Is this a seller’s market? The next few months will tell when we see the traditional increase in homes being put on the market for spring. I should point out that this did not happen last year. Inventory went down every single month through ALL of 2011. As the homes sellers start to catch on that the pendulum is swinging back into their direction, we may see an  increase in not only inventory, but pricing as well as traditional sellers regain some confindence.

I have been trying to warn buyers that this was going to happen sooner than later. Yet, I have buyers who still think it is okay to offer below asking price and then add their desired concessions as well! Those days are gone for right now. Pricing is out of bottom, so to try to offer less can not be justified, particularly since most properties are already listed at or below market. I realize everyone wants to feel like they got a deal but the reality is, even if you pay full price (or a little over) you are getting a great deal! Couple that with the current interest rates and I do not think that you will find home affordability this great again.

So, once again, I appeal to buyers; if you were waiting to get into the market, wait any longer and you will have passed up a great buying opportunity. And sellers, if you were waiting until spring to put your home on the market, do it now. Get ahead of the competition and sell for a higher price now than if you wait too long. If you want to know what you might get for your home please send me an e-mail at : mary@BoiseRealEstateChick.com    Buyers if you want to see what you can afford go to my website: www.BoiseRealEstateChick.com

 

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Boise Real Estate Market Statistics for February 2012

Below are the numbers for the Boise real estate market (ADA County) for February 2012. This area covers the Boise area as well as Meridian, Eagle, Kuna, and Star. All numbers are from the Multiple Listing Service for single family/single family on acreage homes. Buyers take note if you are thinking of buying a home in the Boise area, inventory is still going down and prices are going up.Time to get off the fence and buy!

ADA County (Boise)

February Market Statistics

Available Homes

# Available: 1920

# Vacant: 1,013 (53%)

# Short Sale: 589 (31%)

# Bank Owned: 74 (4%)

Median Asking Price: $184,900

Inventory continues to go down! I feel like I have been writing this every month for the past year and a half! Median asking price is going up (supply and demand). Last month the median sales price was $179.9K.

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Pending Sales

# Pending: 920

Median Asking Price: $160,000

Number of Pending Sales are up again and my guess as we head into spring this trend will continue. Median Asking Price is relatively the same as last month ($159.9K).

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Closed Sales – February 2011

# Closed: 401

# Short Sale: 93 (23%)

# Bank Owned: 147 (37%)

Median Sales Price: $148,000

Median Days on Market: 70

 

Closed Sales– February 2012

# Closed: 444

# Short Sale: 94 (21%)

# Bank Owned: 108 (24%)

Median Sales Price: $156,750

Median Days on Market: 50

The number of sold properties is up month over month (393 -January) and year over year. The Median Sales Price is up very nicely for both month over month ($139K – January) and year over year. The number of percentage of distressed properties that sold are down for this month as well (45%) compared to last month (53%) and Feb. 2011 (60%). Very nice trend to see!

Once again, I want to remind buyers that this is probably about as good as it is going to get price wise in Boise. Interest rates are still low and it would be wise to get ahead of the spring buyers that will be your competition. Sellers, because inventory is low and the spring sellers have not hit, you will get more for your house now then if you wait until you are competing with more sellers that have similar homes. Yes, the market is still in that odd buyer/seller market mode but if you are thinking of buying a home in the Boise area or selling, now is the time!

To see what homes are currently selling for in the Boise Real Estate Market, please go to my web site: http://www.BoiseRealEstateChick.com or you can e-mail me at: mary@BosieRealEstateChick.com if you would like a free Current Market Analysis for your home.

 

 

Boise Real Estate Stats-Meridian-June2011

Here are the Meridian real estate statistics for June 2011. These numbers are based on single family/single family with acreage that are active, pending or sold from the multiple listing service.

Available-June 2011

# Available: 647

#Vacant: 357

# Short Sale: 201

# Bank Owned: 22

Median Asking Price: $171,677

The number of Available listings is down from May’s 666 as is the Median Asking  Price of $175K

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Pending Sales- June 2011

# Pending: 247

Median Asking Price: $189, 365

The number of Pending Sales are down from May’s 275 but the Median Asking Price is up from last month’s $172K.

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Closed Sales- June 2011

# Closed: 167

# Short Sales: 26

# Bank Owned: 44

Median Sales Price:$167,000

Median Days on Market: 42

The number of closed sales is down slightly from May (176) but the Median Sales Price went is up from $152,650. What is also good to see is that the percentage of distressed properties is down to 42% (it was 51% in May) which is more than likely the reason that we are seeing the prices go up.

Overall, the Boise Real Estate Market continues to look good. With inventory staying low and number of distressed properties starting to decrease we could very well see the prices continue to increase. So if you are a buyer, now is the time to buy. Interest rates are still low and buying is cheaper than rent!  If you are looking for a Buyers Rep. please contact me through my website (no sign up required): www.BoiseRealEstateChick.com

 

Boise Real Estate Market Stats-Meridian-May 2011

Here are the numbers for the Meridian area for May 2011, active, sold and pending. These numbers are based on single family/single family with acreage from the Intermountain MLS. My commentary will be below each grouping.

Available-May 2011

# Available: 666 (yuck! don’t like that number!!!)

# Vacant: 371

# Short Sale: 200

# Bank Owned: 30

Median Asking Price: $175,000

The active numbers have stayed steady from April, particularly the number available (665 in April) and Asking Price is up slightly ($174,900 in April)

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Pending – May 2011

# Pending: 275

Median Asking Price: $172,000

Numbers are up for pendings (246 in April) and the Asking Price is up nicely ($163,753 in April)  This will be interesting to watch for June closings to see if the median sales price continues to inch up.

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Closed Sales- May 2011

# Closed: 176

# Short Sales: 31

# Bank Owned: 59

Median Sales Price: $152,650

Median Days on Market: 49

The number of closed is up from April’s 156 as is the Sale Price ($151,450 in April). Good news also is that Days on Market are continuing to go down (65 in April).

Sellers that price their home correctly can expect to move their home within 49 days or less! With inventory remaining flat, interest rates remaining low, and buyer demand picking up (particularly in the under $200k range), it is looking like a seller’s market (for the under $200k range)!

If you would like to see what the current Boise Real Estate Market looks like please got to my web site (no sign up required): www.BoiseRealEstateChick.com You can contact me through the website!

 

Boise Real Estate Market Statistics -May 2011

The numbers below reflect homes that are active, pending, or sold in the Boise area for the month of May 2011. They are based on single family/single family with acreage and all numbers are from the Intermountain Multiple Listing Service. My commentary will follow each grouping.

Available: May 2011

# Available: 2616

#Vacant: 1295

# Short Sale: 774

# Bank Owned: 181

Median Asking Price: $178,250

Inventory continues (since January 2011) to remain flat but the number of distressed properties have gone down from 988 to 955. Median Asking Price continues to rise slowly but steadily.

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Pending

# Pending: 978

Median Asking Price: $159,900

Here again we see an increase in Pending Sales up from last months 903 with an increase in Asking Price, also up from last months $154K. This trend looks good for June closings and I expect to see another up month!

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Closed Sales – May 2011

# Closed: 601

# Short Sales: 94

# Bank Owned: 229

Median Sold Price: $143,000

Median Days on Market: 42

All numbers are up across the board with the exception of the Days on Market, that actually went down from April’s 58. Sales Prices are up from last month’s $135K which is actually pretty good considering that the number of distressed properties that sold went up from 316.

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Many of you may have seen the local newspaper here do three days of negative housing market stories. The problem is that the stories reflect either national averages, which are meaningless locally, and they compare 2010 numbers to today. The numbers that I look to see if the market is heading in the right direction are the month to month numbers. These are the numbers that we need to pay attention to in order to determine market bottom. What I am seeing indicates that we have been out of bottom for a few months. Does this mean that prices will only rise? No, because we still have a lot of distressed inventory to clear but when you take that large distressed inventory into account the past few months are pretty impressive! Even still, there will be months when the sold prices may be flat from the previous month or even dip by 5%. I am still confident that the market is mending, slowly but surely.

If you would like to see what homes are going for, please go to my website (no sign in required) :  www.BoiseRealEstateChick.com Feel free to contact me through my web site if you are interested in buying or selling a home!

 

 

 

Current Boise Real Estate Market-May 20, 2011

With a little over a week or more left for the month of May, I thought I would see how the current Boise Real Estate Market was looking compared to April 2011. So far so good!

Available:

May (20th)- 2631

April: -2610

Not much of an increase in inventory, which is kind of odd for this time of year.

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Median List Price has gone up also:

May (20th): $175,000

April: $170,947

List Price is kind of meaningless but what is interesting is that the LP went up in the same increment as the Sold Price and Pending.

Sold  Median Sales Price:

May (20th): $140K

April: $135K

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Pendings are up very nicely also:

May (20th): 979

April: 903

 Many of the May pendings will turn into closed but I expect another strong month of closed properties.  The other interesting item is the median LP is once again $5K higher.

Median LP for Pendings:

May (20th): $159.9K

April: $154K

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Another item to watch is the Days on Market. This has continued to drop over the last few months for sold properties. It was 58 days (median) in April and is now 47.  This is yet another solid indicator that the current market is changing.

I will check back in another two weeks to see if the numbers will continue their upward trend. In the meantime, if you would like additional information on the current Boise real estate market go to my website (no sign in required): www.BoiseRealEstateChick.com

Meridian Real Estate Statistics for April 2011

Below are the real estate statistics for the Meridian Idaho area for April of 2011. These numbers are based on single family/single family with acreage that are available, pending or have closed in April.

Available Homes

# Available: 665

# Vacant: 360

# Short Sale: 192

# Bank Owned: 44

Median Asking Price: $174,900

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Pending Sales

# Pending: 246

Median Asking Price: $163,753

Median Days on Market: 33

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Closed Sales

# Closed: 156

#Short Sales: 39

# Bank Owned: 47

Median Sales Price: $151,450

Median Days on Market 65

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The number of homes on the market has remained flat for several months now, while pending went up for yet another month. We are seeing a slow increase in the asking, pending and sold median price. The days on market are down dramatically from 92 to 65 for sold properties.

These are all indicators that we are now definitely coming out of bottom, so buyers if you been thinking about buying you may want to get a move on it. And for potential sellers, if you have considered selling your home, inventory is low and demand is picking up. This is especially  true for homes that are in decent condition and can close within a month so now may be a good time to list.

If you are a buyer or a seller and would like more information regarding the real estate market in the Boise area, please got to my website (no sign in required) to see more information and to contact me: www.BoiseRealEstateChick.com

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