Boise Real Estate Closed Sales: Now vs. Then

My previous post, earlier this week, was about Boise real estate listing inventory.

Today’s post includes a comparison of July 2014 closed sales vs. May 2013 closed sales.

Why July 2014 vs.May 2013?

I chose May 2013 because that was the peak of our market activity with minimal listing inventory and strong buyer activity.

And, I chose July 2014 because it’s the most recent full month’s data.

Most agents would agree that we’ve seen a gradual, steady decline in activity for most market segments since May 2013.

Boise Real Estate Closed Sales: May 2013

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

Boise Real Estate Closed Sales: August 2014

  • # Closed: 850
  • Average Sales Price: $249,214
  • Median Sales Price: $213,392

Commentary

  • These numbers indicate that the number of closed sales is essentially unchanged.
  • These numbers also confirm that our rate of appreciation has slowed considerably vs. what we were experiencing in 2012 and 2013.
  • As stated in my previous post, our market is leveling off after a strong recovery from our April 2011 bottom when the median price hit $135,000.
  • Our current $213,392 median price represents a 58% increase since “the bottom” in April 2011.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

Boise Real Estate Listings: Now vs. Then

Just 15 months ago, the Boise real estate market was experiencing a severe shortage of listing inventory.

We not only had fewer homes for sale, but much of our listing inventory was phantom “to be built” homes and lingering short sale listings.

That led to multiple offer bidding wars and sales prices above asking prices in many instances.

It’s interesting to note how things have changed since then.

Here’s a comparison of our May 2013 listing inventory vs. our current listing inventory.

Boise Real Estate Listings: May 2013

  • # Available: 1,883
  • Average Asking Price: $316,824
  • Median Asking Price: $239,900

Boise Real Estate Listings: August 2014

  • # Available: 2,928
  • Average Asking Price: $315,863
  • Median Asking Price: $247,900

Commentary

  • Those numbers indicate a 55.5% increase in listing inventory, which means more choices for buyers and more competition for sellers.
  • Those numbers also indicate a flattening market with almost no change in the average and median asking prices.
  • We’re now leveling off after a huge recovery from our April 2011 “bottom”.

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

Boise Homes For Sale: Photography

I see some pretty amazing photos of Boise homes for sale in MLS.

Examples include:

  • No front photo of the home.
  • Only one photo of the home.
  • One photo of the home uploaded to MLS 10 times.
  • Cars in driveways.
  • Toilet seats up.
  • Brutus the pit bull lying on the couch.
  • Fluffy the cat sitting on the kitchen counter.
  • Dirty dishes in the kitchen sink.
  • Cat box in plain sight.
  • Dirty clothes lying on the floor.
  • Window and door frames at odd angles (not shot level).
  • Hot spots caused by built-in direct flash.
  • Backlit photos (sun behind the house).
  • Dark interior photos (shot without flash/lights not turned on/blinds closed).
  • Proud owner standing on the front steps! 

Good photography is critically important to successful marketing.

That means shooting with a real camera and knowing how to use it.

Photos taken with a smartphone are not suitable for a variety of reasons, including direct flash, incorrect exposures, and poor depth of field.

That’s why I personally shoot my own photos using pro-quality Canon equipment.

I’ve learned, from experience, that I must often shoot ten shots to achieve a sharp, vivid, correctly-exposed image that I will use in my marketing.

That means shooting a lot of images to end up with enough good images to tell a compelling story about my listing.

For example, I’m now shooting a 5,200 sq. ft. custom home that I will be listing next week.

So far, I’ve shot more than 200 images during multiple visits to the property at various time of the day.

As of this morning, I have 31 stunning images.

I still have a few more shots to go and I expect to end up with about 36 images that meet my high standards.

After I get the shots I want, the next step is post-processing using several software programs and plug-ins to achieve crisp, sharp images that are accurate while avoiding over-processed enhancements.

In the end, it’s a lot of work but it’s worth it.

I have actually sold some of my listings sight-unseen to buyers who made their buying decision based  upon the quality of my photography.