Boise Real Estate Market Report for July 2016

Home Sales Slower Than June But Still Ahead Year Over Year

The Boise real estate market had another strong month in July although the number of closed sales slowed significantly from the previous month. There were 1099 closed sales in July which is 1.4% higher than 2015 but 11.2% below the 1238 sales in June.  July’s numbers may be adjusted somewhat because of the way the calendar fell.  Since the end of the month fell on a weekend there may be sales that closed in July but didn’t get reported until August. Regardless there definitely were fewer sales in July than June.  It’s possible that the extremely low inventories we have seen recently finally couldn’t sustain sales at the level we saw in June.  Inventory is still very tight however it did jump slightly to 2354 homes available.  While this is 10.8% below a year ago it was over 100 homes higher than in June and based on the slightly slower rate of sales the months of available inventory actually jumped from 1.9 to 2.1.  Still a very tight market given that 6 months of inventory is considered by most to be a stable market.  From an average days on market standpoint the market shows even more vigor—we are currently at 37 days, which is the lowest I can recall in my 12 years of real estate.  Sellers rejoice.

Prices continue to rise at a steady but sustainable clip despite the lack of inventory.  The average price per square foot rose 6.3% to $135 while the average sales price was $278K (+4.1%).  With a strong local economy and continued low interest rates expect demand and prices to remain strong for the short term.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JULY 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

1099

+1.4

100

2354

-10.8

100

$135

+6.3

$278K

+4.1

37

-22.9

2.1

Non Distress

1082

+2.2

98.5

2300

-9.2

97.7

$135

+5.5

$279K

+3.3

36

-21.7

2.1

REO

10

-16.7

0.9

20

0

0.9

$123

+46.4

$217K

+65.6

60

-14.3

2.0

Short Sale

5

-61.5

0.5

32

-59.0

1.4

$105

+15.4

$202K

+11.0

92

-42.5

6.4

New Construction

192

+9.1

17.5

792

+1.0

33.6

$150

+5.6

$352K

+11.4

76

-18.3

4.1

 

Please feel free to contact me with any questions or comments and thank you as always for your referrals.

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

Property Search and My Listings: http://www.camjohnsonhomes.com

 

 

 

 

Number of Homes For Sale vs. Sold vs. Pended (May. 2015 – Jul. 2016)

>

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 16

Jun. 16

% Change

Jul. 16

Jul. 15

% Change

May. 16 to Jul. 16

May. 15 to Jul. 15

% Change

8/1/2016 – 8/14/2016

7/1/2016 – 7/14/2016

% Change

For Sale

2354

2240

 

5.1%

2354

2638

 

-10.8%

6760

7760

 

-12.9%

2319

2057

 

12.7%

Sold

1099

1238

 

-11.2%

1099

1084

 

1.4%

3450

3160

 

9.2%

362

443

 

-18.3%

Pended

1088

1139

 

-4.5%

1088

969

 

12.3%

3508

3008

 

16.6%

499

470

 

6.2%

 

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

>

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 16

Jun. 16

% Change

Jul. 16

Jul. 15

% Change

May. 16 to Jul. 16

May. 15 to Jul. 15

% Change

8/1/2016 – 8/14/2016

7/1/2016 – 7/14/2016

% Change

Avg. Sq. Ft. Price (Sold)

135

133

 

1.5%

135

127

 

6.3%

133.31

125.78

 

6%

137

134

 

2.2%

 

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

>

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 16

Jun. 16

% Change

Jul. 16

Jul. 15

% Change

May. 16 to Jul. 16

May. 15 to Jul. 15

% Change

8/1/2016 – 8/14/2016

7/1/2016 – 7/14/2016

% Change

Avg CDOM

37

42

 

-11.9%

37

48

 

-22.9%

41

50

 

-18%

42

38

 

10.5%

Sold/Orig LP Diff. %

99

99

 

0%    

99

97

 

2.1%

99

98

 

1%

98

99

 

-1%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 16

Jun. 16

% Change

Jul. 16

Jul. 15

% Change

May. 16 to Jul. 16

May. 15 to Jul. 15

% Change

8/1/2016 – 8/14/2016

7/1/2016 – 7/14/2016

% Change

Avg. Active Price

352

362

 

-2.8%

352

335

 

5.1%

359

332

 

8.1%

356

365

 

-2.5%

Avg. Sold Price

278

283

 

-1.8%

278

267

 

4.1%

278

263

 

5.7%

285

287

 

-0.7%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 16

Jun. 16

% Change

Jul. 16

Jul. 15

% Change

May. 16 to Jul. 16

May. 15 to Jul. 15

% Change

8/1/2016 – 8/14/2016

7/1/2016 – 7/14/2016

% Change

Months of Inventory (Closed Sales)

2.1

1.8

 

16.6%

2.1

2.4

 

-12.3%

2

2.5

 

-20.4%

6.4

4.6

 

38.8%

 

 

 

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*All reports are published August 2016, based on data available at the end of July 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 August 15, 2016 at 11:29 am
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , ,

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