Boise Real Estate Market Report for October 2015

Steady As She Goes—Sales Volume and Prices Continue Strong Gains

The Boise Real Estate market continued to shine in October with healthy increases both in sales and prices.  Concerns I expressed last month about the market overheating have been at least temporarily calmed somewhat because the gains, while impressive, were below what they were in September .  There were 831 closed sales in October up 13.1% from a year ago.  That is a more sustainable trend than the 19.6% increase in sales we saw in September.  Inventory continues tight at 2479 available properties which at the current rate of sale is 3 months supply.  Houses are also moving more quickly than last year as illustrated by the average days on market which has dropped 25.8% to 49 days. Pending sales, a good indicator of future closings, were also strong at 866, 22% ahead of last year. Heading into the slowest part of the year for home sales, this is encouraging.

Prices continue to rise at a robust but I believe realistic rate given tight inventory and increasing demand.  The average price per square foot, $127,  was up 5.9% in October after rising 7.2% in September compared to 2014.  The average sales price was $265,000, a 9.5% increase from a year ago and a jump of $10K from September 2015.  While rising prices and interest rates, if they do in fact rise as predicted (forever) could put a damper on sales and demand by pricing some buyers, particularly first time buyers out of the market, the overall economic picture for the Ada County should keep the market fairly stable.  Low unemployment and continued in-migration from around the country are both helping the market.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR OCTOBER 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

831

+13.1

100

2479

-11.6

100

$127

+5.9

$265K

+9.5

49

-25.8

3.0

Non Distress

810

+17.2

97.5

2381

-9.8

96.0

$128

+5.3

$266K

+7.7

47

-26.6

2.9

REO

10

-63.0

1.2

22

-54.2

0.9

$85

-8.2

$197K

+7.1

78

+20.0

2.2

Short Sale

11

-26.7

1.3

71

-37.2

2.9

$101

+12.4

$232K

+41.5

182

+19.7

6.5

New Construction

156

+15.6

18.8

839

-5.6

33.8

$144

+4.1

$337K

+5.0

56

-37.8

5.4

 

Taking a look at the Boise (Ada County) real estate market by area it is interesting to see that while most areas are showing strong gains in sales, particularly Eagle and Meridian, other areas are not.  Sales in West Boise were actually down 4.6% in the most recent 3 months while in SW Boise they were up barely– +0.3%.  Contrast that to right next door in SE and SW Meridian that was up 48.7% and Eagle up 37.4%.  The average price per square foot showed increases in all areas ranging from 2.3% in  S/SW Boise to 8.5% in Southeast Boise.  The disparity in pricing between areas is also interesting, ranging from $103/sf in SE/SW Meridian and Kuna, to $170/sf in, you guessed it, the North End and NE Boise.

ADA COUNTY SALES VOLUME AND PRICE COMPARISION BY AREA (August-October combined)

Area

# of Homes Sold

% Change

Average $/SF

% Change

North End/NE

230

+10.6

$170

+4.2

Southeast

208

+19.5

$141

+8.5

Bench

183

+16.6

$110

+3.2

S/SW Boise

298

+0.3

$110

+2.3

W. Boise

312

-4.6

$107

+5.7

Garden City/ NW Boise

204

+22.2

$134

+6.8

Eagle

268

+37.4

$140

+2.8

SE/SW Meridian

168

+48.7

$103

+3.8

NE/NW Meridian

539

+21.4

$117

+5.7

Star

99

+15.1

$120

+5.0

Kuna

136

+19.3

$103

+3.8

 

We’ll see what happens with the Fed and interest rates in December but I expect the market to continue to be strong for the next several months barring some unforeseen macroeconomic change.  Please feel free to contact me with your questions and comments and as always thank you for keeping 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

 

http://myreport.trendgraphix.com/SettingLogos/175/Logo.gif

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Aug. 2014 – Oct. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Oct. 15

Sep. 15

% Change

Oct. 15

Oct. 14

% Change

Aug. 15 to Oct. 15

Aug. 14 to Oct. 14

% Change

11/1/2015 – 11/8/2015

10/1/2015 – 10/8/2015

% Change

For Sale

2479

2572

-3.6%

2479

2805

-11.6%

7661

8924

-14.2%

2335

2383

-2%

Sold

831

910

-8.7%

831

735

13.1%

2643

2281

15.9%

107

172

-37.8%

Pended

866

858

0.9%

866

710

22%

2663

2194

21.4%

200

251

-20.3%

October 2015 is a Seller's market**

Home For Sale in October 2015 is 2479 units. It is down 3.6% compared to the last month and down 11.6% compared to the last year.
Home Closed in October 2015 is 831 units. It is down 8.7% compared to the last month and up 13.1% compared to the last year.
Home Placed under Contract in October 2015 is 866 units. It is up 0.9% compared to the last month and up 22% 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 (Sold) (Aug. 2014 – Oct. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Oct. 15

Sep. 15

% Change

Oct. 15

Oct. 14

% Change

Aug. 15 to Oct. 15

Aug. 14 to Oct. 14

% Change

11/1/2015 – 11/8/2015

10/1/2015 – 10/8/2015

% Change

Avg. Sq. Ft. Price

127

125.9

0.9%

127

119.9

5.9%

125.7

119

5.6%

135

127

6.3%

October 2015 Average Sold Price per Square Footage is Neutral**

Average Sold Price per Square Footage in October 2015 is $127. It is up 0.9% compared to the last month and up 5.9% compared to the last year.

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

 

Avg CDOM & SP/Orig LP % (Aug. 2014 – Oct. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Oct. 15

Sep. 15

% Change

Oct. 15

Oct. 14

% Change

Aug. 15 to Oct. 15

Aug. 14 to Oct. 14

% Change

11/1/2015 – 11/8/2015

10/1/2015 – 10/8/2015

% Change

Avg CDOM

49

52

-5.8%

49

66

-25.8%

49

63

-22.2%

58

45

28.9%

Sold/Orig LP Diff. %

97

97

0%    

97

96

1%

97

97

0%    

97

97

0%    

October 2015 Average Continuous Days on Market trend Remains Steady**

Continuous Days on Market in October 2015 is 49. It is down 5.8% compared to the last month and down 25.8% compared to the last year.

October 2015 Sold/Original List Price Ratio is Falling**

Sold/Original List Price % in October 2015 is 97%. It is the same as compared to the last month and up 1% compared to the last year.

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

 

Average Price of For Sale and Sold (Aug. 2014 – Oct. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Oct. 15

Sep. 15

% Change

Oct. 15

Oct. 14

% Change

Aug. 15 to Oct. 15

Aug. 14 to Oct. 14

% Change

11/1/2015 – 11/8/2015

10/1/2015 – 10/8/2015

% Change

Avg. Active Price

341

340

0.3%

341

316

7.9%

338

312

8.3%

343

347

-1.2%

Avg. Sold Price

265

256

3.5%

265

242

9.5%

260

240

8.3%

299

265

12.8%

October 2015 Average For Sale Price is Appreciating**

Average For Sale Price (in thousand) in October 2015 is $341. It is up 0.3% compared to the last month and up 7.9% compared to the last year.

October 2015 Average Sold Price is Neutral**

Average Sold Price (in thousand) in October 2015 is $265. It is up 3.5% compared to the last month and up 9.5% compared to the last year.

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

 

Months of Inventory Based on Closed Sales (Aug. 2014 – Oct. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Oct. 15

Sep. 15

% Change

Oct. 15

Oct. 14

% Change

Aug. 15 to Oct. 15

Aug. 14 to Oct. 14

% Change

11/1/2015 – 11/8/2015

10/1/2015 – 10/8/2015

% Change

Months of Inventory (Closed Sales)

3

2.8

7.1%

3

3.8

-21%

2.9

3.9

-25.6%

21.8

13.9

57%

October 2015 is a Seller's market**

Months of Inventory based on Closed Sales in October 2015 is 3. It is up 7.1% compared to the last month and down 21% 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 2015, based on data available at the end of October 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 November 9, 2015 at 5:46 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , ,

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