Boise Homes: 2015 Pending Sales Trends

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

Here’s a breakdown of 2015 year-to-date pending sales.

  • January: 703
    % Change: (baseline number)
  • February: 878
    % Change: +24.9%
  • March: 1,025
    % Change: +16.7%

Takeaways

  • March 2015 pending sales are 14.3% above those of last March.
  • 1,025 pending sales is a very strong number at this early point in 2015.

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

Data does not include condo or townhome properties.

 

Boise Homes: Spring Market Emerging

A few brave daffodils are appearing around the Treasure Valley and our Spring real estate market is also starting to emerge.

Pending sales are a good indicator of market activity.

That number stood at 897 a year ago.

As of this morning, we have 1,025 pending sales Ada County, representing a 14.3% year-over-year increase.

We typically see 1,000+ pending sales numbers later in our Spring market.

I think there are several factors fueling the Boise real estate market now, including:

Weather

Our usual winter weather, combined with various holidays, has kept many potential home buyers in hibernation for the past few months.

With our relatively mild winter weather over the past few weeks, those potential buyers are emerging to check out our available properties.

Interest Rates

Interest rates remain dead cheap by historic comparisons and many (most?) buyers recognize that today’s rates are a bargain that won’t last forever.

In fact, many buyers are buying with mortgage payments that are less than rent for a comparable home.

Recovering Distressed Borrowers

During the downturn, many homeowners lost their homes to foreclosures or short sales.

As a result, they were put in the credit “penalty box” for varying periods of time due to damaged credit scores.

Those borrowers have now served their time and they’re out in force, eager (albeit cautious) to become homeowners again.

I’ve personally sold two homes to buyers in that situation in the past 30 days.

All of the above factors point to a very active Spring 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 Idaho Market Stats – January 2015

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

Boise Idaho Available Homes

  • # Available: 1,925
  • Average Asking Price: $319,392
  • Median Asking Price: $256,490
  • Months’ Supply: 2.9

Boise Idaho Pending Sales

  • # Pending: 878
  • Average Asking Price: $278,991
  • Median Asking Price: $235,715

Boise Idaho Closed Sales – January 2014

  • # Closed: 435
  • Average Sales Price: $238,269
  • Median Sales Price: $209,900

Boise Idaho Closed Sales – January 2015

  • # Closed: 430
    % Change: -1.1%
  • Average Sales Price: $252,131
    % Change: +5.8%
  • Median Sales Price: $222,150
    % Change: +5.8%

Data taken from Intermountain MLS on 2/10/15 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 twelve months.

 

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.