Boise (Ada County) Real Estate Market Report for November 2014

It looks like October’s results were more of a fluke than a true market shift because in November the Boise Real Estate market returned to the trends more typical of the last 6-9 months—slightly lower sales volume but with moderately increasing prices. October’s 8.2% volume increase was erased by November’s decrease of 4.5% in the number of homes sold versus 2013.  The 570 closed sales was the fewest since February, but that is not surprising given the seasonal nature of sales in this market. Average days on market increased slightly from October to 68 days, a 17.2% increase from last year but still well within what most would consider normal.  Based on the current rate of sales there is approximately 4.4 months of inventory available. This is also well within the generally healthy range and overall inventory is virtually the same as at this time last year.  Of the 2481 homes for sale 2325 (93.7%) were non-distressed, and 908 or 36.6% were new construction.  This is a red flag for builders though as new home sales only made up 17.9% of total sales and the number sold in November (102), was 7.3% below a year ago.  While overall inventory is flat new home inventory was up 17.8%. 2015 could be a tough one for builders unless they slow down the number of spec homes being built.

 

Despite the return to slower sales in November, price growth, which had virtually ground to a halt over the last few months, sprang to life last month.  The average sales price of $254,000 was up 7.2% from a year ago and 5% from the previous month, October. This was the highest monthly average sales price in well over 5 years.  The average price per square foot at $125 was up 8.8% from 2013 and is up nearly 30% from 5 years ago.  In many neighborhoods we are getting close to returning to the peak prices we experienced in 2006. Continued low interest rates, a gradually strengthening economic outlook, and somewhat relaxed lending standards should propel prices further in 2015, although I hope in moderation. Lawrence Yun, the chief economist for the National Association of Realtors, spoke recently in Boise and had some positive and interesting things to say about the economy in Idaho as it relates to housing.  A brief analysis of his comments  appeared in the Idaho Statesman. You can view it here

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR NOVEMBER 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

570

-4.5

100

2481

+0.2

100

$125

+8.8

$254K

+7.2

68

+17.2

4.4

Non Distress

536

-1.3

94.0

2325

+5.5

93.7

$126

+7.9

$260K

+7.0

67

+24.1

4.3

REO

25

-13.8

4.4

55

-27.6

2.2

$99

+5.7

$147K

-16.9

61

+10.9

2.2

Short Sale

7

-72.0

1.2

99

-48.4

4.0

$98

+7.8

$186K

+6.3

113

-14.4

14.1

New Construction

102

-7.3

17.9

908

+17.8

36.6

$132

+2.3

$305K

+4.1

93

+29.2

8.9

 

 

 

So who is buying and selling homes and how are they doing it?  Well if you like to geek out on questions like that then I have a treat for you!  The National Association of Realtors publishes an annual report, the Profile of Home Buyers and Sellers and the 2014 edition was recently released.  It has tons of information about how Buyers buy and how Sellers sell.  Some of it is fascinating, some…not so much. That being said I have attached a copy for your convenience. Please feel free to contact me with your questions and comments.

 

Thanks to everyone for your continued support as 2014 has been my personal best in the 10 years that I have been in the Real Estate Industry.  Your support and referrals are a large part of what has made that possible.  I wish each of you and your families, friends, and loved ones the best for the Holidays and a fantastic 2015.

 

 

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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Facts and Trends

TM

Published December 2014*

   
   
   
   
   
   
   

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Sep. 2013 – Nov. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Nov. 14

Oct. 14

% Change

Nov. 14

Nov. 13

% Change

Sep. 14 to Nov. 14

Sep. 13 to Nov. 13

% Change

For Sale

2481

2805

-11.6%

2481

2476

0.2%

2763

2635

4.9%

Sold

570

733

-22.2%

570

597

-4.5%

681

668

1.9%

Pended

586

720

-18.6%

586

575

1.9%

676

622

8.7%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Nov. 14

Oct. 14

% Change

Nov. 14

Nov. 13

% Change

Sep. 14 to Nov. 14

Sep. 13 to Nov. 13

% Change

Avg. Sq. Ft. Price

125.1

119.9

4.3%

125.1

115

8.8%

120.3

115.7

4%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Nov. 14

Oct. 14

% Change

Nov. 14

Nov. 13

% Change

Sep. 14 to Nov. 14

Sep. 13 to Nov. 13

% Change

Avg CDOM

68

66

3%

68

58

17.2%

65

55

18.2%

Sold/Orig LP Diff. %

96

96

0%    

96

96

0%    

96

97

-1%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Nov. 14

Oct. 14

% Change

Nov. 14

Nov. 13

% Change

Sep. 14 to Nov. 14

Sep. 13 to Nov. 13

% Change

Avg. Active Price

308

316

-2.5%

308

287

7.3%

312

294

6.1%

Avg. Sold Price

254

242

5%

254

237

7.2%

241

237

1.7%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Nov. 14

Oct. 14

% Change

Nov. 14

Nov. 13

% Change

Sep. 14 to Nov. 14

Sep. 13 to Nov. 13

% Change

Months of Inventory (Closed Sales)

4.4

3.8

15.7%

4.4

4.1

7.2%

4.1

3.9

5.1%

 

 

 

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*All reports are published December 2014, based on data available at the end of November 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 December 13, 2014 at 3:58 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , ,

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