Boise Real Estate Market Report for September 2015

Market Remains Strong, Prices Rising

In September the Boise real estate market continued to show strong growth. There were 884 closed sales an increase of 19.4% from 2014.  Of those 143 were new construction (+9.2%). Inventory remains below 3 months and we are finally starting to see the predicted consequence of a prolonged period of tight inventory—rapidly rising prices.  For several months despite having a shortage of homes for sale prices rose only moderately, in the 3-6% range.  In September the average price per square foot ($126) was up 7.2% while the average sale price ($255K) was up 10.9%.  The median sales price, at $225K, saw an increase of 15.4%.  These are compared to what were already pretty healthy number in the second half of 2014. While it definitely too early to declare that a bubble is forming, this change in the curve of prices does bear watching.  Thankfully as sales drop off during the fall and winter months typically the months of inventory available increases, even though the actual number of homes available may actually decrease.  This increase in relative inventory may bring some relief to sales prices at least for the short term.

The other likely factor that could put a lid on rising home prices is a change in interest rates.  The Fed continues to do a dance around their goal of slowly raising rates but so far has been unable to pull the trigger. For now rates remain around 4%. A significant rise could nudge some buyers out of the market.  On the flip side, in migration by buyers flush with cash from selling homes in higher priced west coast markets and elsewhere could continue to drive market growth here. The fact that pending sales were up 23.1% in September would lead me to believe that sales will stay relatively strong in the coming months.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR SEPTEMBER 2015

*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

884

+19.6

100

2572

-14.3

100

$126

+7.2

$255K

+10.9

52

-14.8

2.9

Non Distress

852

+22.4

96.4

2469

-12.6

96.0

$127

+6.7

$258K

+10.3

49

-16.9

2.9

REO

18

-41.9

2.0

24

-61.9

0.9

$95

+10.7

$152K

-4.4

63

-6.0

1.3

Short Sale

14

+16.7

1.6

72

-33.3

2.8

$86

-13.1

$201K

+4.7

219

+61.0

5.1

New Construction

143

+9.2

16.2

805

-7.2

31.3

$142

+7.9

$334K

+17.2

71

-21.1

5.6

 

I’m keeping it short and sweet this month.  Please feel free to contact me with your questions and comments an keep those referrals coming!

 

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

 

 

 

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

For Sale

2572

2610

-1.5%

2572

3002

-14.3%

7820

9161

-14.6%

2383

2495

-4.5%

Sold

884

900

-1.8%

884

739

19.6%

2868

2448

17.2%

172

183

-6%

Pended

890

949

-6.2%

890

723

23.1%

2808

2277

23.3%

251

220

14.1%

 

Average Price per SQFT (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Avg. Sq. Ft. Price

125.5

124.2

1%

125.5

117.1

7.2%

125.8

119.6

5.2%

127

126

0.8%

 

Avg CDOM & SP/Orig LP % (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Avg CDOM

52

47

10.6%

52

61

-14.8%

49

58

-15.5%

45

50

-10%

Sold/Orig LP Diff. %

97

97

0%    

97

97

0%    

97

97

0%    

97

97

0%    

 

Avg Prices & Median Price (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Median

225

225

0%    

225

195

15.4%

226

206

9.7%

223

229

-2.6%

Avg. Active Price

340

334

1.8%

340

311

9.3%

336

310

8.4%

347

337

3%

Avg. Sold Price

255

258

-1.2%

255

230

10.9%

260

241

7.9%

265

255

3.9%

 

Months of Inventory Based on Closed Sales (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Months of Inventory (Closed Sales)

2.9

2.9

0%    

2.9

4.1

-29.5%

2.7

3.7

-26.7%

13.9

13.6

2.2%

 

 

 

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*All reports are published October 2015, based on data available at the end of September 2015, except for the today stats. 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 10, 2015 at 11:29 am
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , ,

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