Meridian Idaho Real Estate Stats – September 2014

Here’s a snapshot of September’s activity for Meridian, Idaho real estate:

Meridian Idaho Available Homes

  • # Available: 719
  • Average Asking Price: $265,511
  • Median Asking Price: $243,740
  • Months’ Supply: 6.0

Meridian Idaho Pending Sales

  • # Pending: 224
  • Average Asking Price: $265,418
  • Median Asking Price: $230,450

Meridian Idaho Closed Sales – September 2013

  • # Closed: 190
  • Average Sales Price: $228,992
  • Median Sales Price: $205,250

Meridian Idaho Closed Sales – September 2014

  • # Closed: 175
    % Change: -7.9%
  • Average Sales Price: $220,226
    % Change: -3.8%
  • Median Sales Price: $201,000
    % Change: -2.1%

Data taken from Intermountain MLS on 10/5/14 and pertains to Meridian, 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.

 

Eagle Idaho Real Estate Stats – September 2014

Here’s a snapshot of September’s activity for Eagle, Idaho real estate:

Eagle Idaho Available Homes

  • # Available: 405
  • Average Asking Price: $509,108
  • Median Asking Price: $424,900
  • Months’ Supply: 6.0

Eagle Idaho Pending Sales

  • # Pending: 93
  • Average Asking Price: $398,059
  • Median Asking Price: $374,900

 Eagle Idaho Closed Sales – September 2013

  • # Closed: 48
  • Average Sales Price: $379,441
  • Median Sales Price: $341,787

 Eagle Idaho Closed Sales – September 2014

  • # Closed: 52
    % Change: +8.3%
  • Average Sales Price: $380,527
    % Change: +.30%
  • Median Sales Price: $324,350
    % Change: -5.1%

Data taken from Intermountain MLS on 10/5/14 and pertains to Eagle, 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: YTD Market Comparison

Everyone wants to know how our current Boise real estate market compares to last year’s market.

Here’s a year-over-year comparison of available listings, pending sales, and closed sales for the first nine months of 2013 vs. 2014.

Boise Homes: Available Listings

  • 9/30/13: 2,579
  • 9/30/14: 2,838
    % Change: +10.0%

Boise Homes: Pending Sales

  • 9/30/13: 917
  • 9/30/14: 925
    % Change: +.9%

Boise Homes: 2013 Closed Sales

  • # Closed: 6,361
  • Average Sales Price: $230,831
  • Median Sales Price: $195,000

Boise Homes: 2014 Closed Sales

  • # Closed: 6,063
    % Change: -4.7%
  • Average Sales Price: $243,698
    % Change: +5.6%
  • Median Sales Price: $209,900
    % Change: +7.6%

Takeaways

  • Our listing inventory has increased by 10.0%, resulting in more competition for sellers and more choices for buyers.
  • Our pending sales are flat year-over-year.
  • Our 2014 YTD closed sales are down 4.7%.
  • Our average and median sales prices are up modestly.
  • Our average and median prices will probably moderate with higher listing inventory and declining sales as we approach our slower winter market.
  • Our slower winter market could also result in lower listing inventory due to sellers delaying listing until next Spring.

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

Data does not include condo or townhome properties.

Time period = January 1st thru September 30th of each year.

 

Boise Homes: Contingent Offers

Contingent offers are usually a losing proposition for all concerned.

Contingent offers make sellers feel warm and fuzzy for about a week ~ until they realize they didn’t really sell their home.

Contingent offers do, however, make contingent buyers feel good for considerably longer because they know they tied up a seller’s home without  making a firm commitment.

Instead, they “kind of” made an offer that gives them a way out if everything doesn’t go perfectly.

If You’re The Seller

  • When you accept a contingent offer, you’ve  effectively taken your home off the market.
  • You may have negotiated the right to continue to market your home, but most agents won’t show a home with a contingent sale because it’s not 100% available.
  • When you accept a contingent offer, you become dependent upon the sale of your buyer’s home and you have zero control over that process.

Seller Questions For Contingent Offers

  • What if your buyer’s home never sells?
  • What if your buyer sells their home to yet another contingent buyer?
  • What if your buyer’s home is overpriced?
  • What if your buyers don’t care if their home sells? (aka “we don’t have to sell and we’re not gonna give it away!”)
  • What if your buyers decide to sell their home FSBO?
  • What if your buyers list with an inexperienced or part-time agent?

The bottom line?

A real buyer is a buyer who doesn’t have to sell their present home before buying, has totally-underwritten pre-approved financing, and needs or wants to buy a home now!

Buyers who must buy contingent upon selling their present home are not real buyers.

 

Boise Real Estate: Home Inspections

A few years ago, it was somewhat unusual to have a home inspection for new homes in the Boise real estate market.

The prevailing logic at the time was “Hey, the home just passed final inspection with the building department, so it must be okay!”

At that time, I was the listing agent on a new $475,000 custom home that had sold subject to a home inspection.

Following the inspection, I got a call from the buyer’s agent informing me that there had been a “little problem” with the home inspection.

The problem was that the inspector had been cornered by an angry mama raccoon that had taken up residence in the crawlspace with her two babies.

She had gotten into the crawlspace through a foundation vent that had been knocked loose during final grading of the lot and my builder/seller hadn’t replaced the foundation vent yet.

I never did hear the details of the eviction proceedings, but the raccoon and her two babies were “relocated” to new housing and we closed escrow.

You never know what an inspector will find.

Which is why you should get a home inspection, regardless of the age of the home.