Boise Home Sales: 2014 vs. 2013

Now that 2014 is in the books, here’s a breakdown that compares Boise home sales for 2014 vs. 2013.

Available

  • # Listings: 1,944
  • Average Asking Price: $315,932
  • Median Asking Price: $249,900
  • Months’ Supply: 2.93

Closed Sales

  • 2013: 8,119
  • 2014: 7,957
  • % Change: -2.0%

Average Price

  • 2013: $233,638
  • 2014: $246,540
  • % Change: +5.5%

Median Price

  • 2013: $197,400
  • 2014: $210,000
  • % Change: +6.4%

Miscellaneous

  • We have about 3,300 Ada County agents.
  • The average Ada County agent closed 2.4 sales in 2014.

Takeaways

  • We sold fewer homes at slightly higher prices in 2014 vs. 2013.
  • We have a very low months’ supply of listing inventory at this time.
  • We will need additional listing inventory to sustain a healthy market in 2015.

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

Data does not include condo or townhome properties.

 

Boise Idaho Market Stats – December 2014

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

Boise Idaho Available Homes

  • # Available: 1,925
  • Average Asking Price: $315,973
  • Median Asking Price: $249,900
  • Months’ Supply: 2.8

Boise Idaho Pending Sales

  • # Pending: 703
  • Average Asking Price: $281,878
  • Median Asking Price: $249,900

Boise Idaho Closed Sales – December 2013

  • # Closed: 594
  • Average Sales Price: $239,715
  • Median Sales Price: $198,076

Boise Idaho Closed Sales – December 2014

  • # Closed: 603
    % Change: +1.5%
  • Average Sales Price: $257,606
    % Change: +7.5%
  • Median Sales Price: $216,700
    % Change: +9.4%

Data taken from Intermountain MLS on 1/7/15 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.

 

Fewer Boise Homes For Sale Now

This is the time of year when we see fewer Boise homes for sale.

It’s winter, we’re just past the holiday season, and fewer sellers are thinking of selling.

That’s a big challenge if you’re a buyer because your choices are severely limited.

As of this morning, we have 1,935 homes for sale in all of Ada County.

424 of those homes are “To Be Built”, which means they’re vapor ~ they don’t exist!

Another 146 of those homes are under construction, which means they’re unsold spec homes in various stages of completion.

And, 85 of those homes are short sales requiring abundant patience for buyers as they navigate the byzantine, lengthy short sale process.

That leaves just 1,280 homes that are truly available in all of Ada County.

Those homes are spread across 17 MLS zones; many of which have a very slim supply of listings.

Our listing inventory should increase this Spring.

In the meantime, buyers must patiently await that increased listing inventory.

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

Data does not pertain to condo or townhome properties.

 

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.