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%

Takeaways

The lower numbers of May, June, and July pending sales confirm a lapse in our late Spring and early Summer sales activity.

The Boise real estate market is often slower in Summer, then strengthens as we enter our Fall season.

Activity has increased recently, which is confirmed by our August month-to-date 1,005 pending sales with a few more days until the end of the month.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

Boise Real Estate Closed Sales: Now vs. Then

My previous post, earlier this week, was about Boise real estate listing inventory.

Today’s post includes a comparison of July 2014 closed sales vs. May 2013 closed sales.

Why July 2014 vs.May 2013?

I chose May 2013 because that was the peak of our market activity with minimal listing inventory and strong buyer activity.

And, I chose July 2014 because it’s the most recent full month’s data.

Most agents would agree that we’ve seen a gradual, steady decline in activity for most market segments since May 2013.

Boise Real Estate Closed Sales: May 2013

  • # Closed: 852
  • Average Sales Price: $236,647
  • Median Sales Price: $194,447

Boise Real Estate Closed Sales: August 2014

  • # Closed: 850
  • Average Sales Price: $249,214
  • Median Sales Price: $213,392

Commentary

  • These numbers indicate that the number of closed sales is essentially unchanged.
  • These numbers also confirm that our rate of appreciation has slowed considerably vs. what we were experiencing in 2012 and 2013.
  • As stated in my previous post, our market is leveling off after a strong recovery from our April 2011 bottom when the median price hit $135,000.
  • Our current $213,392 median price represents a 58% increase since “the bottom” in April 2011.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

Boise Real Estate Listings: Now vs. Then

Just 15 months ago, the Boise real estate market was experiencing a severe shortage of listing inventory.

We not only had fewer homes for sale, but much of our listing inventory was phantom “to be built” homes and lingering short sale listings.

That led to multiple offer bidding wars and sales prices above asking prices in many instances.

It’s interesting to note how things have changed since then.

Here’s a comparison of our May 2013 listing inventory vs. our current listing inventory.

Boise Real Estate Listings: May 2013

  • # Available: 1,883
  • Average Asking Price: $316,824
  • Median Asking Price: $239,900

Boise Real Estate Listings: August 2014

  • # Available: 2,928
  • Average Asking Price: $315,863
  • Median Asking Price: $247,900

Commentary

  • Those numbers indicate a 55.5% increase in listing inventory, which means more choices for buyers and more competition for sellers.
  • Those numbers also indicate a flattening market with almost no change in the average and median asking prices.
  • We’re now leveling off after a huge recovery from our April 2011 “bottom”.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

Boise Idaho Homes : State of the Market

Here’s a look at the current market for Boise, Idaho homes.

Boise Idaho Homes: Available
  • # Available: 2,910
  • Average Asking Price: $316,602
  • Median Asking Price: $249,900
  • Months’ Supply: 4.2
Boise Idaho Homes : Pending Sales
  • # Pending: 984
  • Average Asking Price: $268,337
  • Median Asking Price: $229,445
Boise Idaho Homes : YTD Closed Sales
  • # Closed Sales: 4,637
  • Average Sales Price: $242,688
  • Median Sales Price: $209,000
Boise Idaho Homes : Analysis
  • We have 24.6% more listing inventory now than we had one year ago.
  • We have 20.4% fewer pending sales than we had one year ago.
  • We have 3.2% fewer YTD closed sales than we had one year ago.
  • We had 6.9% fewer closings in July 2014 vs. July 2013.
  • Higher listing inventory, combined with lower pending and closed sales, is indicative of a slowing market.

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

Data does not include condo or town home properties.

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

 

Boise Idaho Real Estate Stats – July 2014

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

Boise Idaho Available Homes

  • # Available: 2,878
  • Average Asking Price: $317,324
  • Median Asking Price: $249,900
  • Months’ Supply: 4.1

Boise Idaho Pending Sales

  • # Pending: 971
  • Average Asking Price: $270,073
  • Median Asking Price: $234,000

Boise Idaho Closed Sales – July 2013

  • # Closed: 910
  • Average Sales Price: $238,767
  • Median Sales Price: $206,898

Boise Idaho Closed Sales – July 2014

  • # Closed: 846
    % Change: -7.0%
  • Average Sales Price: $249,129
    % Change: +4.3%
  • Median Sales Price: $215,592
    % Change: +4.2%

Data taken from Intermountain MLS on 8/6/14 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.