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%
  • April: 1,246
    % Change: +21.6%

Takeaways

  • 1,246 pending sales is a very robust number at the end of Q1 2015.

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

Data does not include condo or townhome properties.

Data pulled from Intermountain MLS at the beginning of each month.

 

Boise Idaho Real Estate Stats – March 2015

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

Boise Idaho Available Homes

  • # Available: 2,117
  • Average Asking Price: $335,668
  • Median Asking Price: $270,000
  • Months’ Supply: 3.1

Boise Idaho Pending Sales

  • # Pending: 1,246
  • Average Asking Price: $272,425
  • Median Asking Price: $234,900

Boise Idaho Closed Sales – March 2014

  • # Closed: 601
  • Average Sales Price: $235,329
  • Median Sales Price: $197,500

Boise Idaho Closed Sales – March 2015

  • # Closed: 704
    % Change: +17.1%
  • Average Sales Price: $262,829
    % Change: +11.7%
  • Median Sales Price: $222,700
    % Change: +12.8%

Data taken from Intermountain MLS on 4/5/15 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 Real Estate: 2015 Spring Market

It’s mid-March and the Boise real estate Spring market has arrived!

Buyers are out in full force, confirmed by 1,137 pending sales as of this morning.

To put that number in context, we usually see 1,100+ pending sales a couple of months later in most years.

In comparison, we had 897 pending sales at this time last year.

That means we have 26.8% more pending sales now vs. a year ago at this time.

We also have a severe shortage of listings with only 1,990 homes for sale in Ada County.

In some MLS areas (SE Boise comes to mind), we have less than two months’ supply of listing inventory.

For Ada County, we have 3.0 months’ supply of listing inventory as of this morning.

Six months’ supply of listings is considered a “balanced market” where neither buyer nor seller has the advantage.

At this point, those numbers indicate that we are in a seller’s market.

Our Spring market is still young, so we will (hopefully) see more listing inventory come on the market over the next 30-45 days.

If we don’t, we can expect rising sales prices as a result of multiple offers for the relatively few homes on the market.

I will be posting frequently on market activity and listing inventory in the coming weeks, so stay tuned.

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

Data does not include condo or townhome properties.

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

 

Southeast Boise Homes: Market Analysis

Southeast Boise

Here’s a breakdown of the market for Southeast Boise homes.

Data includes available listings, pending sales, and closed sales for the past twelve months.

Southeast Boise Homes: Available Homes

  • # Available: 98
  • Average Asking Price: $311,985
  • Median Asking Price: $279,900
  • Months’ Supply: 1.9

Southeast Boise Homes: Pending Sales

  • # Pending: 85
  • Average Asking Price: $276,993
  • Median Asking Price: $232,400

Southeast Boise Homes: Closed Sales

  • # Closed: 621
  • Average Sales Price: $251,600
  • Median Sales Price: $228,000

 Takeaways

  • 1.9 months’ supply of listings indicates an extremely low supply of listings vs. very strong demand for this market segment.
  • The Southeast Boise market segment is a strong seller’s market.

Data pertains to Southeast Boise homes on lot or acreage.

Past twelve months = 3/1/14 thru 2/28/15

Months’ supply calculated by dividing the average monthly closed sales over the past twelve months into the number of available homes.

 

Boise Idaho Market Stats – February 2015

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

Boise Idaho Available Homes

  • # Available: 1,942
  • Average Asking Price: $325,497
  • Median Asking Price: $264,900
  • Months’ Supply: 2.9

Boise Idaho Pending Sales

  • # Pending: 1,024
  • Average Asking Price: $281,185
  • Median Asking Price: $239,900

Boise Idaho Closed Sales – February 2014

  • # Closed: 440
  • Average Sales Price: $227,074
  • Median Sales Price: $200,000

Boise Idaho Closed Sales – February 2015

  • # Closed: 509
    % Change: +15.7%
  • Average Sales Price: $251,493
    % Change: +10.8%
  • Median Sales Price: $220,000
    % Change: +10.0%

Data taken from Intermountain MLS on 3/4/15 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.