Boise (Ada County) Real Estate Market Report for December 2012

December, traditionally one of the slowest months of the year for real estate, was definitely quieter than recent months but fortunately the positive trends the market has been showing for most of 2012 continued albeit on lower volume.  Prices continue to rise, some say too quickly. Inventory is the lowest it has been in many years and distressed sales continue to be less of a factor in the market while new construction makes healthy gains. Prices overall were up an impressive and somewhat scary 21.3% from December 2011 while inventory at 1907 was off 15.7%.  This represents 3.6 months of inventory at the current rate of sales. Distressed properties made up just over 23% of all closed sales while new construction was 22.1% of closed sales. Inventory of distressed sales continues to drop sharply and is 23.6% percent of all inventory while new construction inventory also dipped slightly because of strong sales in the segment—up 47.5%.

Boise Market Stats for December 2012

 

Type

# Sold

% +/-

% of Total Sold

# For Sale

% +/-

% of Total For Sale

$/SF

% +/-

Average Sold Price

% +/-

Days on Market

% +/-

Months Inventory

All

534

0

100

1907

-15.7

100

$104

+20.2

$211K

+21.3

83

-17.8

3.6

Non Distress

410

+40.9

76.8

1457

-2.0

76.4

$110

+15.4

$229K

+13.9

67

-31.6

3.6

REO

22

-81.7

4.1

42

-63.2

2.2

$82

+13.1

$145K

+8.2

28

-46.2

1.9

Short Sale

102

-17.1

19.1

408

-38.3

21.4

$79

+5.7

$156K

+5.4

163

+5.2

4.0

New Construction

118

+47.5

22.1

622

-5.5

32.6

$117

+12.4

$260K

+13.5

83

-43.2

5.3

 

The outlook for both buyers and sellers looks good in Boise in 2013.  While buyers have to contend with scarce inventory and higher prices interest rates continue to be historically low and with the prospect of future appreciation buyers are starting to feel more confident in purchasing.  Sellers who have weathered a 5 year beat down are starting to see the benefits of rising home values not the least of which is that as values rise some owners who need to sell are no longer underwater on their homes and are now able to sell whereas before their only option was to short sell. Seeing as it appears we have avoided the worst of the fiscal cliff, barring some unforeseen macro-economic or political event, I think we will continue to see a healthy market in 2013.  It will be interesting to see how yesterday’s announcement that SuperValu has sold Albertson’s affects the local economy, however I don’t expect it to have a major impact on the real estate market.

As always your questions comments and referrals are welcome. Hope you all have a fantastic 2013!

 

 

Cam Johnson

Realtor®

Windermere Access Realty

1412 W Idaho St.

Suite 120

Boise, ID 83702

208-258-2222 Office

208-283-3664 Cell

208-258-2230 Fax

Posted on January 13, 2013 at 11:03 am
Cam Johnson | Category: Uncategorized

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