Boise Real Estate Market Report for September 2014

In September the Boise Real Estate Market continued the trends that have become established over the last 6 months—a decrease in closed sales versus 2013 and moderating price increases compared to last year.  The good news in September was that the decline in sales was less than it has been in the previous few months.  There were 705 closed sales, a 5.9% drop from last year. However in August closed sales were down 10.6% from 2013 while in July they were down 9.1%.  This could be a one month aberration, however, the market began a pretty dramatic slowdown last September from the frothy earlier part of 2013 so this is probably reflected in the smaller decrease and would suggest that the market continues to “normalize”.

The bad news is with prices, where the “moderating” rate of price increases we have seen the last several months pretty much ground to a halt.  The average sales price ($231K) was unchanged from a year ago while if you look at only non-distressed sales, the average sales price actually decreased .4%.  The median sales prices fared slightly better $197K,  a +2.6% overall increase and $201K (+1.5%) for non-distressed property.  The average price per square foot also managed to stay positive at $117 (+2.3%).  Those numbers had been running in the 5-7% positive range in recent months.

While there is a good chance we will see one or more months with negative price trends before the end of the year I don’t think there is any reason to panic…yet.  Inventory remains well within the acceptable range.  There were 3002 active listings (+10.7) but that was down from August (-3.7%) with 3117.  This is a normal seasonal trend as is falling sales and although the months of available inventory  jumped from 3.9 to 4.3 months the average days on market actually dropped from 63 to 61—a number most would agree is pretty healthy. Distressed sales remain in check representing 6.1% of closed sales and 5.6% of available inventory.  New construction continues to be an area of some concern although, like the overall market, the rate of sales decline flattened (-12.3% vs -20.1% in August)  as did the percentage price increase to 3.4% from 10.1% ($/sf).

Furthermore, interest rates continue to hover just below 4.5% and the local economic situation is moderately encouraging so barring a major macro-economic change I don’t see the bottom dropping out anytime soon.  What I do see is the typical seasonal slowdown as well as what I have been referring to as the continued “normalization”  of the market.  It makes for boring headlines but after the ride we have been on the last 10 years we should be thankful for a stretch of relatively “dull” market conditions.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR SEPTEMBER 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

705

-5.9

100

3002

+10.7

100

$117

+2.3

$231K

0

61

+17.6

4.3

Non Distress

662

-4.2

93.9

2826

+15.7

94.1

$119

+1.5

$235K

-0.4

60

+33.3

4.3

REO

31

+82.4

4.4

63

-12.5

2.1

$86

-5.1

$159K

-6.5

67

-19.3

2.0

Short Sale

12

-69.2

1.7

108

-44.9

3.6

$99

+18.3

$192K

+13.6

136

-13.4

9.0

New Construction

128

-12.3

18.2

867

+25.1

28.9

$132

+3.4

$283K

+4.0

92

+41.5

6.8

 

As always your comments, questions, and most of all, referrals are always welcome.  Please feel free to share this information with anyone you think is interested.

As some of you may know, I had a total hip replacement on September 23 and am happy to report at about 3 weeks out that recovery is going very well.  Joint pain is gone and while there is some residual pain from the incision it is very manageable and my mobility is good and improving every day.  I continue to be amazed that after such a major intrusive procedure they had me walking without a cane within a week and driving in less than two! Here’s to a happy healthy fall.

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

Current Boise Real Estate Market Data

 

View my profile on LinkedIn

http://imls.fnismls.com/Paragon/DynamicImages/Realtor.jpg

P Please consider the environment before printing this e-mail.

 

 

 

 

Facts and Trends

TM

Published October 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 (Jul. 2013 – Sep. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Sep. 14

Aug. 14

% Change

Sep. 14

Sep. 13

% Change

Jul. 14 to Sep. 14

Jul. 13 to Sep. 13

% Change

For Sale

3002

3117

-3.7%

3002

2712

10.7%

3054

2591

17.9%

Sold

705

803

-12.2%

705

749

-5.9%

804

869

-7.5%

Pended

750

766

-2.1%

750

611

22.7%

770

733

5%

 

Average Price per SQFT (Jul. 2013 – Sep. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Sep. 14

Aug. 14

% Change

Sep. 14

Sep. 13

% Change

Jul. 14 to Sep. 14

Jul. 13 to Sep. 13

% Change

Avg. Sq. Ft. Price

117.2

119.8

-2.2%

117.2

114.6

2.3%

119.6

113.9

5%

 

Avg CDOM & SP/Orig LP % (Jul. 2013 – Sep. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Sep. 14

Aug. 14

% Change

Sep. 14

Sep. 13

% Change

Jul. 14 to Sep. 14

Jul. 13 to Sep. 13

% Change

Avg CDOM

61

63

-3.2%

61

52

17.3%

58

51

13.7%

Sold/Orig LP Diff. %

97

97

0%    

97

97

0%    

97

98

-1%

 

Average Price of For Sale and Sold (Jul. 2013 – Sep. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Sep. 14

Aug. 14

% Change

Sep. 14

Sep. 13

% Change

Jul. 14 to Sep. 14

Jul. 13 to Sep. 13

% Change

Avg. Active Price

311

308

1%

311

302

3%

310

304

2%

Avg. Sold Price

231

247

-6.5%

231

231

0%    

241

232

3.9%

 

Months of Inventory Based on Closed Sales (Jul. 2013 – Sep. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Sep. 14

Aug. 14

% Change

Sep. 14

Sep. 13

% Change

Jul. 14 to Sep. 14

Jul. 13 to Sep. 13

% Change

Months of Inventory (Closed Sales)

4.3

3.9

10.3%

4.3

3.6

19.3%

3.8

3

26.8%

 

 

 

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*All reports are published October 2014, based on data available at the end of September 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 October 13, 2014 at 3:06 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , ,

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