Boise Real Estate Market Report for January 2016

January is the slowest month of the year for Boise Real Estate, but this one was better than most.

After an exceptional December to end 2015, the Boise real estate market returned to earth with more typical numbers for January, albeit good ones.  Both sales and prices rose moderately year over year and inventory remains down although based on the slower rate of sales, the months of available inventory actually shot up last month.

There were 489 closed sales in January, up 6.3% from 2015, but down 40% from December’s impressive 814 closed sales.  Pending sales also looked good in January, up 14.7%, an encouraging indicator for sales in coming months.  Inventory continues to fall however.  There were 1807 homes available in Ada County, a drop of 11.5% from January 2015.  However the average days on market actually jumped by 15 days from December to 78,  but this was still 6% fewer days than last year.  Fewer homes sell in the winter and those that do sell take longer to do so.  The rate of sales directly affects the months of available inventory so while robust sales in December meant there was only 2.4 months of inventory available, January’s slower sales jumped us to 3.7 months of inventory despite there actually being about 150 fewer homes available to sell.

Despite sales being up in double digits most of last year and inventories being almost painfully low, the classic recipe for a price bubble, somehow prices have managed to increase only moderately, which is good news! While it is undoubtedly a seller’s market prices have not gone haywire.  The average price per square foot, at $125, was up a healthy 5.9% from a year ago, while the average sale price at $262K was up 6.5%.  And with interest rates still very low there seems to be plenty of demand despite having to pay higher prices.  This scenario will likely continue for at least 6 months as the Fed seems once again timid about tampering with rates given recent world market turmoil and shaky numbers for the US economy.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JANUARY 2016

*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

489

+6.3

100

1807

-11.5

100

$125

+5.9

$262K

+6.5

78

-6.0

3.7

Non Distress

466

+11.8

95.3

1739

-8.6

96.2

$126

+4.1

$266K

+4.3

79

-1.2

3.7

REO

16

-33.3

3.3

19

-60.4

1.1

$99

+4.2

$167K

-4.0

57

-12.3

1.2

Short Sale

5

-73.7

1.0

48

-44.8

2.7

$101

+21.7

$265K

+69.9

73

-62.0

9.6

New Construction

104

-7.1

21.3

892

+5.3

49.4

$139

+1.5

$326K

+2.2

130

+38.3

8.6

 

I hope everyone’s new year is off to a great start.  I have managed to find time to enjoy the great skiing while still staying busy in real estate.  Please feel free to contact me with you questions and comments.  And please 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

 

Facts and Trends

TM

Published February 2016*

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 (Nov. 2014 – Jan. 2016)

>

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jan. 16

Dec. 15

% Change

Jan. 16

Jan. 15

% Change

Nov. 15 to Jan. 16

Nov. 14 to Jan. 15

% Change

2/1/2016 – 2/8/2016

1/1/2016 – 1/8/2016

% Change

For Sale

1807

1949

 

-7.3%

1807

2041

 

-11.5%

5910

6652

 

-11.2%

1723

1746

 

-1.3%

Sold

489

859

 

-43.1%

489

460

 

6.3%

2017

1712

 

17.8%

143

102

 

40.2%

Pended

708

526

 

34.6%

708

617

 

14.7%

1972

1652

 

19.4%

230

160

 

43.8%

 

Average Price per SQFT (Sold) (Nov. 2014 – Jan. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jan. 16

Dec. 15

% Change

Jan. 16

Jan. 15

% Change

Nov. 15 to Jan. 16

Nov. 14 to Jan. 15

% Change

2/1/2016 – 2/8/2016

1/1/2016 – 1/8/2016

% Change

Avg. Sq. Ft. Price (Sold)

125

126

 

-0.8%

125

118

 

5.9%

126.09

120.81

 

4.4%

131

127

 

3.1%

 

Avg CDOM & SP/Orig LP % (Nov. 2014 – Jan. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jan. 16

Dec. 15

% Change

Jan. 16

Jan. 15

% Change

Nov. 15 to Jan. 16

Nov. 14 to Jan. 15

% Change

2/1/2016 – 2/8/2016

1/1/2016 – 1/8/2016

% Change

Avg CDOM

78

64

 

21.9%

78

83

 

-6%

65

76

 

-14.5%

66

61

 

8.2%

Sold/Orig LP Diff. %

97

97

 

0%    

97

97

 

0%    

97

96

 

1%

97

97

 

0%    

 

Average Price of For Sale and Sold (Nov. 2014 – Jan. 2016)

>

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jan. 16

Dec. 15

% Change

Jan. 16

Jan. 15

% Change

Nov. 15 to Jan. 16

Nov. 14 to Jan. 15

% Change

2/1/2016 – 2/8/2016

1/1/2016 – 1/8/2016

% Change

Avg. Active Price

342

338

 

1.2%

342

310

 

10.3%

341

311

 

9.6%

345

341

 

1.2%

Avg. Sold Price

262

262

 

0%    

262

246

 

6.5%

264

251

 

5.2%

273

264

 

3.4%

 

Months of Inventory Based on Closed Sales (Nov. 2014 – Jan. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jan. 16

Dec. 15

% Change

Jan. 16

Jan. 15

% Change

Nov. 15 to Jan. 16

Nov. 14 to Jan. 15

% Change

2/1/2016 – 2/8/2016

1/1/2016 – 1/8/2016

% Change

Months of Inventory (Closed Sales)

3.7

2.3

 

61.7%

3.7

4.4

 

-15.8%

2.9

3.9

 

-25.7%

12

17.1

 

-29.8%

 

 

 

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*All reports are published February 2016, based on data available at the end of January 2016, 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 February 14, 2016 at 4:10 pm
Cam Johnson | Category: Monthly Real Estate Market Reports, Uncategorized | Tagged , , , , , ,

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