Boise Real Estate Market Report for May, 2016

Many Predict a Coming Collapse But No Signs Yet in Boise Real Estate Market.

Follow the national media these days and there are no shortage of predictions that the next great real estate collapse is right around the corner.  And while the last 10 years have certainly taught that anything can happen in real estate there are no big red flags in May’s Boise real estate market data.  On the contrary the biggest concern we have in this market currently is lack of supply.  And while one of the fundamental rules of real estate is that it is cyclical (and local), at least in our market we don’t  seem poised to begin the down cycle just yet.

Speaking of supply, there were 1091 closed sales in Ada County in May which is 13.1% ahead of last year and 144 (+15.2) more than in April.  Average days on market dropped to 44 and based on the current rate of sale we have 2 months of inventory. That is a very tight market indeed. There were 2166 homes available on May 31 which is 12.9% below last year, however there were almost 200 more homes available in May as in April.  Look for the trend of low inventory to continue as pended sales were up over 27% from a year ago. June or July is typically the peak month for both sales and inventory so it will be interesting to see if there is enough product available for that to be the case this year.

So with sales up 13.1% and inventory down 12.9% prices should be going through the roof.  Fortunately they are not although it certainly is a strong Seller’s Market. While prices are rising they continue to be doing so at a rate that is not really suggesting, to me anyway, that a big bubble is forming. The average price per square foot at $132 was up 7.3% from 2015 but was unchanged from April.  The average sales price was $272,000 up 6.3% from 2015.  It also rose $5,000 from April (1.8%) but as the graph below suggest the 12 month trend does not support it rising that steeply moving forward.  The average price of new construction ($330K) was up only 4.4% from a year ago and actually dropped $1,000 from April.  Sales of new construction continue to outpace the overall market.  There were 209 listed new homes sold in May a 29% increase from 2015.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR MAY 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

1091

+13.1

100

2166

-12.9

100

$132

+7.3

$272K

+6.3

44

-20.0

2.0

Non Distress

1063

+13.2

97.4

2119

-10.6

97.8

$132

+6.5

$275K

+6.6

43

-18.9

2.0

REO

14

0.0

1.3

17

-48.5

0.8

$101

+31.2

$176K

-0.6

25

-65.3

1.2

Short Sale

11

0.0

1.0

28

-65.4

1.3

$90

-3.2

$194K

-0.5

213

+28.3

2.5

New Construction

209

+29.0

19.2

846

+7.4

39.1

$146

+5.8

$330K

+4.4

105

-10.3

4.0

As the summer heat settles in I believe the current market trends we are seeing will continue.  It is a strong Seller’s Market and some Buyers are having a hard time finding property in the location they desire at a price they can afford, but overall the market is quite healthy.  Barring a mass exodus to Canada starting in mid November I think the 6 month outlook for the Boise real estate market is good.

Please feel free to contact with questions and comments and a special thanks to those of you who have referred clients to me in the last 6 months.  It is much appreciated!  Happy Summer!

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 (Mar. 2015 – May. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 16

Apr. 16

% Change

May. 16

May. 15

% Change

Mar. 16 to May. 16

Mar. 15 to May. 15

% Change

6/1/2016 – 6/8/2016

5/1/2016 – 5/8/2016

% Change

For Sale

2166

1972

9.8%

2166

2486

-12.9%

6006

6958

-13.7%

2052

2025

1.3%

Sold

1091

971

12.4%

1091

965

13.1%

2908

2619

11%

226

180

25.6%

Pended

1344

1169

15%

1344

1052

27.8%

3543

3117

13.7%

349

329

6.1%

 

Average Price per SQFT (Sold) (Mar. 2015 – May. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 16

Apr. 16

% Change

May. 16

May. 15

% Change

Mar. 16 to May. 16

Mar. 15 to May. 15

% Change

6/1/2016 – 6/8/2016

5/1/2016 – 5/8/2016

% Change

Avg. Sq. Ft. Price (Sold)

132

132

0%    

132

123

7.3%

130.84

123

6.4%

132

132

0%    

 

Avg CDOM & SP/Orig LP % (Mar. 2015 – May. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 16

Apr. 16

% Change

May. 16

May. 15

% Change

Mar. 16 to May. 16

Mar. 15 to May. 15

% Change

6/1/2016 – 6/8/2016

5/1/2016 – 5/8/2016

% Change

Avg CDOM

44

50

-12%

44

55

-20%

53

61

-13.1%

39

56

-30.4%

Sold/Orig LP Diff. %

99

99

0%    

99

98

1%

99

98

1%

99

99

0%    

 

Average Price of For Sale and Sold (Mar. 2015 – May. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 16

Apr. 16

% Change

May. 16

May. 15

% Change

Mar. 16 to May. 16

Mar. 15 to May. 15

% Change

6/1/2016 – 6/8/2016

5/1/2016 – 5/8/2016

% Change

Avg. Active Price

364

363

0.3%

364

330

10.3%

362

333

8.7%

366

365

0.3%

Avg. Sold Price

272

267

1.9%

272

256

6.3%

268

253

5.9%

278

264

5.3%

 

Months of Inventory Based on Closed Sales (Mar. 2015 – May. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 16

Apr. 16

% Change

May. 16

May. 15

% Change

Mar. 16 to May. 16

Mar. 15 to May. 15

% Change

6/1/2016 – 6/8/2016

5/1/2016 – 5/8/2016

% Change

Months of Inventory (Closed Sales)

2

2

0%    

2

2.6

-23.3%

2.1

2.7

-22.6%

9.1

11.3

-19.6%

 

 

 

If your email program is not displaying the chart graphs properly, please click on the following link which will take you to a web page that contains the graphs: Show Chart

*All reports are published June 2016, based on data available at the end of May 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 June 10, 2016 at 4:16 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , ,

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