Cam Johnson’s Boise (Ada County) Real Estate Market Report for August 2013

The Boise real estate market showed subtle signs in August of the gradual slowdown that many, including myself, have been predicting, and in some cases hoping for.  If you look at the numbers compared to 2012, August appeared to be another fantastic month.  The number of closed sales was up 12.4%. Average price per square foot was up 11.8% and average sales price was up 13.1%.  Days on market at 50 was down 25.4% from 2012.  All very impressive numbers.

If you look at August 2013 versus July 2013 things look a little different. While August closed sales were up 12.4% from 2012, in July they were 35.1% over July 2012. And August sales, at 860, dropped 11.1% from July’s 967 closed sales. Sales often do start to taper off as we head into fall but it is usually more noticeable in September.  Also worth taking into  account is that August 2012 was a relatively strong month and was actually above that July for sales.  Then there was a big drop off in September.  The other factor many are pointing to is the rise of interest rates from the 3.5-4% range to the 4.5-5% range although in the last week they seem to be hovering around  4 5/8 for a 30 year fixed conventional loan.  While this may have actually prevented some buyers from qualifying I think the effect on the market has been more emotionally driven than the numbers would really bear out. Other external factors which may have affected buyer mind set and confidence were the horrible fires that burned throughout the state in August and concerns over a possible new war in Syria.

While one month does not a trend make, and seasonal norms would suggest a further drop off in sales in September and October, it is worth keeping an eye on closed sales given how robust the market has been in the last 18 months.  The good news for buyers is that inventory has risen steadily for the last 6 months giving them more homes to choose from and reducing the numbers of multiple offer and bidding war situations that I’m hearing about. Inventory in August was up 14.5% vs 2012. But sellers need not fear as we still only have a 3 month inventory, which is considered low by historical standards.

Prices also continue to look very strong versus 2012 but are flat to in some cases slightly down from July to August 2013.  Looking at non-distressed properties only because they tend to be less volatile and are the bulk of all sales, in August the average price per square foot dropped 0.5% versus July and the average sales price dropped 1.2%

In another bit of good news, for the second straight month less than 10% of closed sales were “distressed” and new construction represented nearly 20% of all closed sales.

Market Stats for Boise (Ada County) August 2013 vs 2012- (Does not include manufactured homes) More details in graphs below.

Type

# Sold

% +/-

% of Total Sold

# For Sale

% +/-

% of Total For Sale

$/SF

% +/-

Average Sold Price

% +/-

Days on Market

% +/-

Months Inventory

All

860

+12.4

100

2621

+14.5

100

$114

+11.8

$233K

+13.1

50

-25.4

3.0

Non Distress

780

+24.8

90.7

2343

+33.9

89.4

$115

+8.6

$239K

+8.1

43

-25.9

3.0

REO

32

-3.0

3.7

70

+52.2

2.7

$92

+15.2

$148K

-9.2

52

+18.2

2.2

Short Sale

46

-55.8

5.3

205

-58.0

7.8

$92

+19.9

$186K

+39.8

164

+25.2

4.5

New Construction

161

+2.5

18.7

641

+1.6

24.5

$124

+8.2

$288K

+16.1

59

-31.4

4.0

Personally, my business is also reaping the benefits of the strong market.  I am having my busiest year since 2005 thanks largely in part to your referrals. Please keep them coming as well as any comments and questions you may have. Special thanks to all of you who sent me comments on my July report.  It fun and a little bit easier to write when the news is so positive!

 

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

 

camjohnson@windermere.com

Check out my listings here: http://www.camjohnsonhomes.com

 

View my profile on LinkedIn

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Facts and Trends

TM

Published September 2013*

Location:

  ADA COUNTY

Price Range:

  $0 – No Limit

SQFT Range:

  0 – No Limit

Property Types:

  Single Family, Single Family w/ Acr, Condo, Townhouse – All Properties – All Properties – All Properties

Bedrooms:

  0 – No Limit

Bathrooms:

  0 – No Limit

Year Built:

  0 – No Limit

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Jun. 2012 – Aug. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 13

Jul. 13

% Change

Aug. 13

Aug. 12

% Change

Jun. 13 to Aug. 13

Jun. 12 to Aug. 12

% Change

For Sale

2621

2439

7.5%

2621

2289

14.5%

2420

2246

7.7%

Sold

860

967

-11.1%

860

765

12.4%

903

731

23.5%

Pended

796

838

-5%

796

655

21.5%

831

701

18.5%

 

Average Price per SQFT (Jun. 2012 – Aug. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 13

Jul. 13

% Change

Aug. 13

Aug. 12

% Change

Jun. 13 to Aug. 13

Jun. 12 to Aug. 12

% Change

Avg. Sq. Ft. Price

113.5

113.9

-0.4%

113.5

101.5

11.8%

112.8

101.1

11.5%

 

Avg CDOM & SP/Orig LP % (Jun. 2012 – Aug. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 13

Jul. 13

% Change

Aug. 13

Aug. 12

% Change

Jun. 13 to Aug. 13

Jun. 12 to Aug. 12

% Change

Avg CDOM

50

51

-2%

50

67

-25.4%

53

69

-23.2%

Sold/Orig LP Diff. %

97

98

-1%

97

97

0%    

98

97

1%

 

Average Price of For Sale and Sold (Jun. 2012 – Aug. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 13

Jul. 13

% Change

Aug. 13

Aug. 12

% Change

Jun. 13 to Aug. 13

Jun. 12 to Aug. 12

% Change

Avg. Active Price

303

307

-1.3%

303

286

5.9%

308

283

8.8%

Avg. Sold Price

233

234

-0.4%

233

206

13.1%

234

203

15.3%

 

Months of Inventory Based on Closed Sales (Jun. 2012 – Aug. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 13

Jul. 13

% Change

Aug. 13

Aug. 12

% Change

Jun. 13 to Aug. 13

Jun. 12 to Aug. 12

% Change

Months of Inventory (Closed Sales)

3

3

20.8%

3

3

1.9%

3

3

-12.8%

 

 

 

If your email program is not displaying the chart graphs properly, please click on the following link which will take you to a web page that contains the graphs: Show Chart

*All reports are published September 2013, based on data available at the end of August 2013. All reports presented are based on data supplied by the Intermountain MLS. Intermountain MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Intermountain MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

 

 

Posted on September 13, 2013 at 3:22 pm
Cam Johnson | Category: Uncategorized

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