Fewer Boise Homes For Sale Now

Given the time of year, it’s normal to have fewer Boise homes for sale.

As of this morning, we have 2,195 homes for sale in all of Ada County.

That contrasts to 2,950 homes for sale at the end of August (our highest inventory of 2014), representing a 25.6% decrease in our listing inventory since the peak.

Further analysis reveals that 605 of these homes are “To Be Built” or “Under Construction”, meaning that they do not yet exist.

That leaves just 1,590 existing homes for sale in Ada County, spread across 17 MLS areas.

Finding the right home for a buyer, after screening listings for a buyer’s needs, wants, likes, and dislikes becomes impossible in some instances.

This meager supply of listing inventory also creates multiple offer situations for desirable properties.

I have recently represented several buyers who lost properties in multiple offer situations because they offered less than the asking price.

Data pertains to Ada County single-family homes on lot or acreage.

Data does not include condo or townhome properties.

 

Boise Idaho Real Estate Stats – November 2014

Here’s a snapshot of November’s activity for Boise, Idaho real estate (Ada County):

Boise Idaho Available Homes

  • # Available: 2,333
  • Average Asking Price: $313,863
  • Median Asking Price: $249,900
  • Months’ Supply: 3.2

Boise Idaho Pending Sales

  • # Pending: 839
  • Average Asking Price: $274,257
  • Median Asking Price: $239,900

Boise Idaho Closed Sales – November 2013

  • # Closed: 569
  • Average Sales Price: $241,864
  • Median Sales Price: $208,000

Boise Idaho Closed Sales – November 2014

  • # Closed: 534
    % Change: -6.2%
  • Average Sales Price: $262,933
    % Change: +8.7%
  • Median Sales Price: $215,069
    % Change: +3.4%

Data taken from Intermountain MLS on 12/3/14 and pertains to Ada County, Idaho single-family residences on lot or acreage.

Data does not include condominiums or townhomes.

Months’ Supply = available listings divided by average monthly closed sales for the past six months.

 

Boise Homes: 2014 Pending Sales Trends

Pending sales of Boise homes are an indicator of future closed sales.

Here’s a breakdown of 2014 year-to-date pending sales.

  • January: 813
    % Change: (baseline number)
  • February: 897
    % Change: +10.3%
  • March: 993
    % Change: +10.7%
  • April: 1,177
    % Change: +18.5%
  • May: 1,143
    % Change: -2.9%
  • June: 1,114
    % Change: -2.5%
  • July: 971
    % Change:  -12.8%
  • August: 898
    % Change:  -7.5%
  • September: 914
    % Change: +1.8%
  • October: 891
    % change: -.80%
  • November: 863
    % Change: -3.1%

Takeaways

  • November pending sales were only slightly lower than October’s number, indicating strong sales activity in our Fall market.
  • We are headed for a strong finish with our 2014 Boise real estate market.

Data pertains to Ada County single-family homes on lot or acreage.  

Data does not include condo or townhome properties.

 

Boise Homes: Pending Sales Trends

Pending sales of Boise homes are an indicator of future closed sales.

Here’s a breakdown of 2014 year-to-date pending sales.

  • January: 813
    % Change: (baseline number)
  • February: 897
    % Change: +10.3%
  • March: 993
    % Change: +10.7%
  • April: 1,177
    % Change: +18.5%
  • May: 1,143
    % Change: -2.9%
  • June: 1,114
    % Change: -2.5%
  • July: 971
    % Change:  -12.8%
  • August: 898
    % Change:  -7.5%
  • September: 914
    % Change: +1.8%
  • October: 891
    % Change: -2.5%

Takeaways

  • October’s pending sales were only 2.5% below September’s number, indicating strength in our Fall market.
  • Pending sales are typically higher in our Spring and Summer markets, then decline as we approach our Winter market.
  • Our lower pending sales numbers from May through August confirm that we had a slower market this past Summer.

Data pertains to Ada County single-family homes on lot or acreage.  

Data does not include condo or townhome properties.

 

Boise Home Sales: This Year vs. Last Year

Here’s a year-over-year comparison of  YTD Boise home sales.

2013 Boise Home Sales

  • # Sold: 7,003
  • Average Sales Price: $232,436
  • Median Sales Price: $196,200

2014 Boise Home Sales

  • # Sold: 6,783
    % Change: -3.1%
  • Average Sales Price: $244,008
    % Change: +5.0%
  • Median Sales Price: $209,900
    % Change: +7.0%

Takeaways

  • The number of 2014closed sales has declined 3.1% vs. 2013.
  • Prices have risen while the number of closed sales has declined.
  • Higher prices for new homes (vs. resale homes) is a contributing factor to higher prices.
  • We have a very healthy real estate market, compared to other markets around the country.

Data pertains to Ada County single-family homes on lot or acreage.

Data does not include condo or townhome properties.

Date range = January 1st through October 31st of each year.