Boise Idaho Real Estate Stats – June 2014

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

Boise Idaho Available Homes

  • # Available: 2,767
  • Average Asking Price: $322,411
  • Median Asking Price: $254,900
  • Months’ Supply: 4.4

Boise Idaho Pending Sales

  • # Pending: 1,114
  • Average Asking Price: $270,488
  • Median Asking Price: $229,900

Boise Idaho Closed Sales – June 2013

  • # Closed: 843
  • Average Sales Price: $241,322
  • Median Sales Price: $210,000

Boise Idaho Closed Sales – June 2014

  • # Closed: 810
    % Change: -3.9%
  • Average Sales Price: $253,463
    % Change: +5.1%
  • Median Sales Price: $217,750
    % Change: +3.7%

Data taken from Intermountain MLS on 7/7/14 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: Pending Sales Analysis

We have a lot of pending sales.

In fact, our current number of 1143 pending sales is amazing, given the fact that our market is generally leveling off from the torrid pace of the last three years.

Here’s a breakdown of our current pending sales:

Boise Homes: Total Pending Sales

  • # Pending: 1,143
  • Average Asking Price: $268,095
  • Median Asking Price: $229,500

Boise Homes: Resale Homes Pending Sales

  • # Pending: 845
  • Average Asking Price: $243,130
  • Median Asking Price: $199,900

Boise Homes: New Homes Pending Sales

  • # Pending: 298
  • Average Asking Price: $338,882
  • Median Asking Price: $321,158

Takeaways

  • 73.9% of all current Boise pending home sales are resale homes.
  • 26.1% of all current Boise pending home sales are new homes.

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

Data does not pertain to condo or townhome properties.

New homes = To Be Built, Under Construction, and New-Never Occupied date ranges.

 

Boise, Idaho Real Estate Market Analysis

Here’s a current market analysis for the Boise, Idaho real estate market.

Boise, Idaho Available Homes

  • # Available: 2,710
  • # Resale Properties: 1,970 (72.7% of total)
  • # New Construction: 740 (27.3% of total)
  • Average Asking Price: $323,625
  • Median Asking Price: $253,725
  • Months’ Supply: 4.6

Boise, Idaho Pending Sales

  • # Pending: 1,158
  • # Resale Properties: 855 (73.8% of total)
  • # New Construction: 303 (26.2% of total)
  • Average Asking Price: $262,415
  • Median Asking Price: $224,900

2013 Boise, Idaho Closed Sales (January thru May)

  • # Closed: 3,035
  • # Resale Properties: 2,379 (78.4% of total)
  • # New Construction: 656 (21.6% of total)
  • Average Sales Price: $222,895
  • Median Sales Price: $187,000

2014 Boise, Idaho Closed Sales (January thru May)

  • # Closed: 2,962
  • % Change: -2.4%
  • # Resale Properties: 2,378 (80.3% of total)
  • % Change: No Change
  • # New Construction: 584 (19.7% of total)
  • % Change: -11.0%
  • Average Sales Price: $237,972
  • % Change: +6.8%
  • Median Sales Price: $205,000
  • % Change: +9.6%

Takeaways

  • The overall Boise, Idaho real estate market remains a moderate seller’s market.
  • Our listing inventory has increased from 2,012 homes at the first of the year to 2,710 homes now, representing a substantial 37.4% increase.
  • The total number of 2014 YTD closed sales is down 2.4% from the same period of time in 2013.
  • Increasing listing inventory, combined with fewer closed sales, indicates a slowing market.
  • We sold slightly fewer homes at somewhat higher prices during the first five months of 2014.
  • The 2014 YTD average and median prices both increased in the first five months of this year.
  • The number of closed resale homes increased while the number of new home sales declined slightly.
  • 1,432 (48.4%) of all 2014 YTD closed sales were under $200,000.
  • 27.3% of all available listings are new construction.
  • 303 (26.2%) of all pending sales are new construction.
  • 1,368 (50.5%) of all available listings are above $250,000.
  • 1,034 (34.9%) of all 2014 YTD closed sales were above $250,000.
  • 312 (11.5)% of all available listings are above $500,000.
  • 98 (3.3%) of all 2014 YTD closed sales were above $500,000.

Data pertains to Boise, Idaho (Ada County) single-family homes on lot or acreage.

Data does not include condo or townhome properties.

Months’ supply = available listings divided by the past six months’ average number of closed sales per month.

 

Boise Homes For Sale: Listing Inventory Rising

The number of Boise homes for sale is increasing.

We now have 2,699 homes for sale in Ada County.

This contrasts to just 2,012 homes for sale at the beginning of 2014.

That’s a considerable 34.2% increase in listing inventory since the first of the year.

More homes for sale means more choices for buyers.

And, it means more competition for sellers.

I’m also seeing a lot of price reductions and bonus commissions offered to buyer’s agents as our market levels off after a robust three-year recovery from its lows established in Spring of 2011.

If you’re a seller, it’s time to face reality and adjust to our changing market conditions if you want sell your home.

If you’re a buyer, now’s the time to take advantage of today’s attractive prices and low interest rates!

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 – May 2014

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

Boise, Idaho Available Homes

  • # Available: 2,699
  • Average Asking Price: $323,373
  • Median Asking Price: $249,900
  • Months’ Supply: 4.6

Boise, Idaho Pending Sales

  • # Pending: 1,143
  • Average Asking Price: $264,644
  • Median Asking Price: $227,000

Boise, Idaho Closed Sales – May 2013

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

Boise, Idaho Closed Sales – May 2014

  • # Closed: 800
    % Change: -6.1%
  • Average Sales Price: $247,726
    % Change: +4.7%
  • Median Sales Price: $209,200
    % Change: +7.6%

Data taken from Intermountain MLS on 6/9/14 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.