Boise Real Estate Market Report for August 2014

The Boise Real Estate Market in August continued the trends that began this spring—lower unit sales  and moderate price increases when compared to 2013.Closed sales in August numbered 795, a 10.6% drop from 2013 and an 11.8% drop from July of this year. Inventories continue to increase in all segments except distressed properties and total inventory (3117 units)rose 18.9% to 3.9 months at the current rate of sale.  This is still well within the boundaries of a healthy market however. Average days on market, at 63, is up 28.6% from a year ago but also remains in the healthy range. The year over year numbers suggest more to me that last year the market was in somewhat of a frenzy than that the bottom is falling out this year. As I have put forth in my last few reports I feel we are now in a more “normal” market than at any time in probably the last 10 years.

Prices meanwhile continue to rise at a “healthy” pace.  The average price per square foot ($121) was up 5.7% and the average sales price ($247K) was up 6.5 % versus 2013. As prices continue to rise more and more current homeowners who have wanted to sell but have been under water will list their homes thus keeping inventories growing. As long as interest rates stay low and the job market remains steady or growing the real estate market should be fairly balanced.

New construction price increases continue to outpace the market as a whole and the average price per square foot ($136) rose 10.1%.  The high price of new construction continues to negatively impact sales of new homes which were off 21% in August vs 2013. They also dropped 22.6% from July and at the current rate of sale there is almost 7 months of inventory. Many of the bigger builders are reacting to this by starting to offer incentives and in a few cases, discounts.

Distressed sales continue to be less and less of a factor and accounted for just 5.7% of closed sales and 5.6% of available inventory. We can only hope that this trend continues.

As we head into  fall I believe our market will continue with the trends described above.  The normal seasonal drop in sales and rise in inventory may enhance these trends a bit but overall I don’t see any macro change in the market coming.  The Fed is meeting this week and interest rate policy will be discussed I’m sure.  While many foresee a gradual end to the policies that have allowed rates to stay so low for so long, I don’t think the change is going to be quick or dramatic.

Enjoy the fantastic September weather and as always your questions, comments, and above all, referrals, are always welcome.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR August  2014

*Does not include manufactured homes **see detailed graphs below for more information.

 

Type

# Sold

% +/-

% of Total Sold

# For Sale

% +/-

% of Total For Sale

$/SF

% +/-

Average Sold Price

% +/-

Days on Market

% +/-

Months Inventory

All

795

-10.6

100

3117

+18.9

100

$121

+5.7

$247K

+6.5

63

+28.6

3.9

Non Distress

748

-7.1

94.1

2932

+25.1

94.1

$121

+4.9

$251K

+5.0

60

+39.5

3.9

REO

27

-18.2

3.4

57

-18.6

1.8

$97

+5.0

$156K

+6.1

61

+19.6

2.1

Short Sale

18

-63.3

2.3

119

-42

3.8

$104

+13.2

$238K

+30.8

185

+18.6

6.6

New Construction

128

-21.0

16.1

853

+33.1

27.4

$136

+10.1

$306K

+6.6

94

+56.7

6.7

 

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

 

 

 

Facts and Trends

TM

Published September 2014*

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. 2013 – Aug. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 14

Jul. 14

% Change

Aug. 14

Aug. 13

% Change

Jun. 14 to Aug. 14

Jun. 13 to Aug. 13

% Change

For Sale

3117

3042

2.5%

3117

2621

18.9%

3036

2420

25.5%

Sold

795

901

-11.8%

795

889

-10.6%

856

913

-6.2%

Pended

785

799

-1.8%

785

755

4%

819

815

0.5%

 

Average Price per SQFT (Jun. 2013 – Aug. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 14

Jul. 14

% Change

Aug. 14

Aug. 13

% Change

Jun. 14 to Aug. 14

Jun. 13 to Aug. 13

% Change

Avg. Sq. Ft. Price

119.8

121.3

-1.2%

119.8

113.3

5.7%

120.3

112.7

6.7%

 

Avg CDOM & SP/Orig LP % (Jun. 2013 – Aug. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 14

Jul. 14

% Change

Aug. 14

Aug. 13

% Change

Jun. 14 to Aug. 14

Jun. 13 to Aug. 13

% Change

Avg CDOM

63

52

21.2%

63

49

28.6%

55

52

5.8%

Sold/Orig LP Diff. %

97

97

0%    

97

98

-1%

97

98

-1%

 

Average Price of For Sale and Sold (Jun. 2013 – Aug. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 14

Jul. 14

% Change

Aug. 14

Aug. 13

% Change

Jun. 14 to Aug. 14

Jun. 13 to Aug. 13

% Change

Avg. Active Price

308

310

-0.6%

308

303

1.7%

311

308

1%

Avg. Sold Price

247

244

1.2%

247

232

6.5%

246

234

5.1%

 

Months of Inventory Based on Closed Sales (Jun. 2013 – Aug. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Aug. 14

Jul. 14

% Change

Aug. 14

Aug. 13

% Change

Jun. 14 to Aug. 14

Jun. 13 to Aug. 13

% Change

Months of Inventory (Closed Sales)

3.9

3.4

14.8%

3.9

2.9

33.9%

3.5

2.7

30.2%

 

 

 

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*All reports are published September 2014, based on data available at the end of August 2014. 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 15, 2014 at 3:50 pm
Cam Johnson | Category: Monthly Real Estate Market Reports

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