Boise Real Estate Market Report for October 2014

After 6 months of sales declines compared to 2013, we got a nice little surprise in October.  There were 712 closed sales in Ada County, an 8.2% increase over October 2013 and a 1% increase over this past September, which is surprising given the generally seasonal nature of home sales in our market.  Sales of non-distressed properties, which represent 93.8% of all sales, shot up 11%.  While one month’s results certainly do not define a trend, it is certainly an encouraging result after watching things start to slide a bit over the last several months. New construction sales, at 134 for the month, continue to be a soft spot with closed sales dropping 5.6% versus 2013. Short sales have almost disappeared in the market with only 15 closing in October, a 58.3 % drop from 2013.

 

On the price side the news wasn’t as good.  All year we have seen the robust price gains of 2013 begin to flatten out, a trend most including myself saw as healthy, given our experience with the overheated market of 2005-6. However, in October the average sales price for all homes was $242,000 a decline of 1.2% from a year ago.  This is following a September in which prices were dead flat.  While I still don’t see this as a major concern in what I refer to as the “normalization” process for our market, it bears watching. New construction prices on the other hand continue to soar with the average new home selling for $323,000 up 9.5%.  This steep rise continues to push some buyers away from new construction towards more affordable re-sale properties.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR OCTOBER 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

712

+8.2

100

2805

+3.3

100

$120

+1.8

$242K

-1.2

67

+21.8

3.9

Non Distress

668

+11

93.8

2640

+8.2

94.1

$122

+1.2

$247K

-1.6

65

+41.3

4.0

REO

27

+42.1

3.8

48

-33.3

1.7

$92

+10.4

$184K

+15.7

65

-17.7

1.8

Short Sale

15

-58.3

2.1

113

-43.8

4.0

$90

-4.1

$164K

-16.3

152

-17.4

7.5

New Construction

134

-5.6

18.8

889

+14.7

31.7

$138

+8.7

$323K

+9.5

90

+55.2

6.68

 

The outlook for the rest of the winter is fairly stable except for the usual seasonal fluctuation.  January is typically the slowest month of the year for closings due to a variety of factors such as weather, families with children not wanting to move around the holiday or in the middle of the school year, and the fact that most people spend their money at Christmas on cars and jewelry, not houses.  But with interest rates continuing to remain low and the economy continuing to tepidly improve we should see a reasonable demand for homes from a steady stream of qualified buyers.

 

I hope everyone has a great Holiday Season and as always your questions, comments, suggestions, and referrals are always welcome.

 

 

 

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

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

 

 

 

 

Facts and Trends

TM

Published November 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

http://www.trendgraphix.com/FactsAndTrends/SettingLogos/175/Logo.gif

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Aug. 2013 – Oct. 2014)

http://www.trendgraphix.com/FactsAndTrends/Charts/20/4E-8F-6E-32-FF-F6-88-6A-F6-5E-15-AA-69-12-1D-1C_1B_201410.png

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Oct. 14

Sep. 14

% Change

Oct. 14

Oct. 13

% Change

Aug. 14 to Oct. 14

Aug. 13 to Oct. 13

% Change

For Sale

2805

3002

-6.6% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

2805

2716

3.3% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

2975

2683

10.9% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

Sold

712

735

-3.1% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

712

658

8.2% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

751

765

-1.8% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

Pended

752

730

3% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

752

680

10.6% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

748

682

9.7% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

October 2014 is a Neutral market**

Home For Sale in October 2014 is 2805 units. It is down 6.6% compared to the last month and up 3.3% compared to the last year.
Home Closed in October 2014 is 712 units. It is down 3.1% compared to the last month and up 8.2% compared to the last year.
Home Placed under Contract in October 2014 is 752 units. It is up 3% compared to the last month and up 10.6% compared to the last year.

**Buyer's market: more than 6 months of inventory based on closed sales. Seller's market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.

 

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

http://www.trendgraphix.com/FactsAndTrends/Charts/20/4E-8F-6E-32-FF-F6-88-6A-F6-5E-15-AA-69-12-1D-1C_03_201410.png

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Oct. 14

Sep. 14

% Change

Oct. 14

Oct. 13

% Change

Aug. 14 to Oct. 14

Aug. 13 to Oct. 13

% Change

Avg. Sq. Ft. Price

119.8

117.2

2.2% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

119.8

117.7

1.8% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

119

115

3.5% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

October 2014 Average Sold Price per Square Footage is Neutral**

Average Sold Price per Square Footage in October 2014 is $120. It is up 2.2% compared to the last month and up 1.8% compared to the last year.

**Based on 6 month trend – Appreciating/Depreciating/Neutral.

 

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

http://www.trendgraphix.com/FactsAndTrends/Charts/20/4E-8F-6E-32-FF-F6-88-6A-F6-5E-15-AA-69-12-1D-1C_5D_201410.png

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Oct. 14

Sep. 14

% Change

Oct. 14

Oct. 13

% Change

Aug. 14 to Oct. 14

Aug. 13 to Oct. 13

% Change

Avg CDOM

67

61

9.8% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

67

55

21.8% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

64

52

23.1% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

Sold/Orig LP Diff. %

96

97

-1% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

96

97

-1% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

97

97

0%    

October 2014 Average Continuous Days on Market trend is Rising**

Continuous Days on Market in October 2014 is 67. It is up 9.8% compared to the last month and up 21.8% compared to the last year.

October 2014 Sold/Original List Price Ratio Remains Steady**

Sold/Original List Price % in October 2014 is 96%. It is down 1% compared to the last month and down 1% compared to the last year.

**Based on 6 month trend – Rising/Falling/Remains Steady.

 

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

http://www.trendgraphix.com/FactsAndTrends/Charts/20/4E-8F-6E-32-FF-F6-88-6A-F6-5E-15-AA-69-12-1D-1C_06_201410.png

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Oct. 14

Sep. 14

% Change

Oct. 14

Oct. 13

% Change

Aug. 14 to Oct. 14

Aug. 13 to Oct. 13

% Change

Avg. Active Price

316

311

1.6% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

316

293

7.8% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

312

299

4.3% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

Avg. Sold Price

242

230

5.2% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

242

245

-1.2% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

240

235

2.1% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

October 2014 Average For Sale Price is Neutral**

Average For Sale Price (in thousand) in October 2014 is $316. It is up 1.6% compared to the last month and up 7.8% compared to the last year.

October 2014 Average Sold Price is Neutral**

Average Sold Price (in thousand) in October 2014 is $242. It is up 5.2% compared to the last month and down 1.2% compared to the last year.

**Based on 6 month trend – Appreciating/Depreciating/Neutral.

 

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

http://www.trendgraphix.com/FactsAndTrends/Charts/20/4E-8F-6E-32-FF-F6-88-6A-F6-5E-15-AA-69-12-1D-1C_07_201410.png

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Oct. 14

Sep. 14

% Change

Oct. 14

Oct. 13

% Change

Aug. 14 to Oct. 14

Aug. 13 to Oct. 13

% Change

Months of Inventory (Closed Sales)

3.9

4.1

-4.9% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

3.9

4.1

-4.8% http://www.trendgraphix.com/FactsAndTrends/images/down.gif

4

3.5

14.3% http://www.trendgraphix.com/FactsAndTrends/images/up.gif

October 2014 is a Neutral market**

Months of Inventory based on Closed Sales in October 2014 is 3.9. It is down 4.9% compared to the last month and down 4.8% compared to the last year.

**Buyer's market: more than 6 months of inventory based on closed sales. Seller's market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.

 

 

 

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*All reports are published November 2014, based on data available at the end of October 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 November 14, 2014 at 11:28 am
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged ,

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