CATCH and Windermere Team Up to Help End Homelessness in Boise

Our brokerage has partnered with CATCH in several ways over the last few years to help them in their mission to end homelessness.  It is our shared belief that every family and every person deserves a home.  Here is a short video that illustrates Windermere’s commitment to helping others: Windermere Community Service Day 2018

 

Posted on August 29, 2018 at 2:32 pm
Cam Johnson | Category: Uncategorized | Tagged , ,

The Gardner Report Q3 2017–Insights into the Idaho Housing Market

Matthew Gardner, Windermere’s chief economist share his insights on the Idaho Housing Market.  A good read!  See the full report Here.

Posted on November 7, 2017 at 3:54 pm
Cam Johnson | Category: Uncategorized | Tagged , , , ,

Windermere–Your Home is Here

We are the people of Windermere and we love it here. Whether you are buying or selling we can help.  Please take a look at this short video to learn more about us.

 

Posted on November 7, 2017 at 3:44 pm
Cam Johnson | Category: Uncategorized | Tagged , ,

Boise Real Estate Market Report for August 2017

Market Stays Hot—Sales Up, Prices Up, Inventory Still Down

The Boise real estate market  continued to barrel forward in August and surprisingly despite continued very tight inventory closed sales were also up significantly for the month.  There were 1198 closed sales in Ada County in August a 9.3% increase from a year ago and a 6.9% jump from July.  Meanwhile inventory continued to drop from already seriously low levels.  There were 2051 homes available, a 12% drop from 2016 and based on the current rate of sales we have only 1.7 months of inventory, a slight drop from July’s 1.8 months.  Not surprisingly what inventory there is continues to sell quickly although the average days on market did increase slightly to 35 vs. 31 in July.  A very tight market no matter how you slice it.

Prices continue to respond to the pressure of low inventory and have been at or near all time levels for the last three months.  The average price per square foot at $147  (+8.9% vs 2016) is tied for the record set in July, while the average sales price of $309K (+9.2% vs 2016) is one tick below the record $310K recorded in June.   Look for these trends to continue locally for the short term.  There was actually a very good article in The Idaho Statesman this week looking at the current real estate market and specifically some of the reasons for low inventory such high building costs limiting new construction, and a nationwide tendency for people to stay in their current homes longer than before.  http://www.idahostatesman.com/news/business/article173140886.html

I would add to that list by saying I think there are some owners that are ready to sell but are trying to time the market peak.  As discussed in my report last month this is tricky business because almost by definition you won’t know when the peak is until it has passed. Once those sellers sense it has in fact come and list their homes the sudden surge of inventory can actually contribute to prices dropping further.  For now though, the combination of continued low interest rates, job growth and in-migration seem to be enough to keep the Boise market on track.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR AUGUST 2017

*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` 1198 +9.3 100 2051 -12.0 100 $147 +8.9 $309K +9.2 35 -10.3 1.7
Non Distress 1192 +10.2 99.5 2040 -10.8 99.5 $147 +8.1 $309K +9.2 34 -10.5 1.7
REO 3 -62.5 0.3 4 -80.0 0.2 $77 -23.8 $197K +4.8 41 -22.6 1.3
Short Sale 2 -50.0 0.3 5 -79.2 0.2 $94 -13.8 $344K -7.5 303 +75.1 2.5
New Construction 250 +12.1 20.9 752 -3.2 36.7 $160 +7.4 $362K +6.8 69 +4.5 3.0

 

Canyon County 477 +9.4 100 951 -5.7 100 $115 +13.9 $211K +12.8 33 -10.8 2.0

 

Nationally the Wall Street  Journal recently reported as far as the multi-family housing market is concerned, “the pace of improvement is slowing and cracks are starting to appear.”  They cite rapidly rising rents that caused overbuilding of apartments in some areas but also pushed some families back towards home ownership which has led to rising vacancies, stabilizing rents, and a drop in multifamily construction. It seems like that cycle has not yet played out in Boise.  Rents keep rising and apartments still seem to be going up everywhere.  The same factors that continue to drive the single family market in Boise, as noted above, are likely in play locally for rental properties as well.

I also wanted to let you know that I will be giving a very brief presentation on Housing Trends in the Treasure Valley at the Boise Neighborhood Interactive, a day of speakers and breakout sessions focused on community topics most important to you and your neighborhood. The event is being held at the Grove Hotel on Saturday, October 14.  More info: http://energize.cityofboise.org/news/pressrelease/2017/10/boise-neighborhood-interactive/

Please feel free to contact me with your comments, questions and referrals.  

Cam Johnson

Realtor®

Windermere Real Estate/Boise Valley

1412 W Idaho St.

Suite 120

Boise, ID 83702

208-258-2222 Office

208-283-3664 Cell

208-258-2230 Fax

camjohnson@windermere.com

Posted on September 15, 2017 at 10:22 am
Cam Johnson | Category: Uncategorized | Tagged , , , , , , , , ,

The Gardner Report–Idaho Real Estate Report for 2nd Quarter 2017

Windermere economist Matthew Gardner recently released a very informative report on the Idaho real estate market.  While it confirms what most of us already know–that inventory is tight and prices are rising, it contains some surprising nuggets as well.  Concise and easy to read it is well worth a look.  Here is a link to the complete report: The Gardner Report-Idaho

Or you can print or download as a PDF file:The Gardner Report-Idaho PDF

 

Posted on August 8, 2017 at 2:30 pm
Cam Johnson | Category: Uncategorized | Tagged , , ,

Boise Real Estate Market Report for February 2017

Market Taps the Brakes Due to Severe Winter Weather

 

As expected the severe winter weather we all experienced in December and January had a negative impact on closings in February and will probably have an impact on March sales as well.  After being up 18.8% in January versus 2016 there were 549 closed sales in February a 12.4% drop from a year ago and an 8.4% drop from January. Typically January is the slowest month of the year for closings so the fact that February had fewer closings is significant but I believe was almost entirely due to weather.  The fact that 2016 was a leap year may have had a minor effect on the sales totals as well. Other market indicators remain strong and I expect by April trends will rebound on the sales front.  If you compare the most recent quarter  with the same quarter last year the market trends smooth out and we are actually still about 1% ahead of last year in closings.

 

Lack of inventory continues to be a problem especially in the lower end of the market.  There were 1444 homes available in  a 20.3% year over year drop. This has been pretty consistent  for the last several months.  The average days on market did go up from 55 days in January to 65 in February, again weather related.  Because of the lower rate of sales in February the months of available inventory ticked slightly higher to 2.6 months.  Remember however that anything below 3 months of inventory is still considered a strong seller’s market. It is also interesting to see that for the second straight month nearly 60% of all the available inventory was new construction (either built or to be built and listed in the MLS).  That number is more typically in the 35-45% range.

 

The weather related drop in sales did not negatively impact prices in February. In fact quite the opposite.  The average price per square foot ($139) was up 7.8% from a year ago and 4.5% over January.  The average sales price rose 10.7% year over year to $290K.  This is borderline bubble territory but may be a blip rather than a trend as the average sales price in January was only up 1.9%.  Even new construction prices were up a robust 8.1% in February.  While the average price point for new construction is generally 15-20% higher than for resale, the price increase trend line for new construction has generally lagged behind that for resale properties.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR FEBRUARY 2017

*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 549 -12.4 100 1444 -20.3 100 $139 +7.8 $290K +10.7 65 -7.1 2.6
Non Distress 537 -12.4 97.8 1422 -18.5 98.5 $140 +7.7 $291K +10.2 65 -5.8 2.6
REO 8 +60.0 1.5 13 -23.5 0.9 $111 +9.9 $224K +10.3 23 -70.5 1.6
Short Sale 3 -57.1 0.5 8 -82.6 0.6 $112 +21.7 $283K +86.2 273 +96.4 2.7
New Construction 162 +15.7 29.5 828 -3.2 57.3 $150 +5.6 $347K +8.1 95 -13.6 5.1

 

 

I believe we will shake the weather caused sales drop by April and this spring should prove to be very active in the Boise market.  Continued job growth and in-migration will keep demand high.  The lack of inventory and slowly rising interest rates may provide somewhat of a counterbalance but in general the forecast at least for the remainder of this year is for the strong seller’s market to continue. Please feel free to contact me with your questions and comments and I love those referrals!

 

 

 

Cam Johnson

Realtor®

Windermere Real Estate/Boise Valley

1412 W Idaho St.

Suite 120

Boise, ID 83702

208-258-2222 Office

208-283-3664 Cell

208-258-2230 Fax

camjohnson@windermere.com

 

 

 

Posted on March 18, 2017 at 1:52 pm
Cam Johnson | Category: Monthly Real Estate Market Reports, Uncategorized | Tagged , , , , , , , , ,

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%

 

 

 

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 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 , , , , , ,

Boise Real Estate Market Report for May 2015

STRONG TRENDS CONTINUE IN MAY FOR BOISE REAL ESTATE MARKET

May was another strong month for the Boise Real Estate Market.  While unit sales continue to surge (+10.8%) and inventory is tight prices are rising at a simmer not a boil.  All good news given that with demand as high as it is and inventory at only 2.6 months one would expect prices to be ballooning. Many, including myself, see the potential for a bubble to form due to the lack of inventory in relation to demand but so far the market is maintaining pretty good balance.  In fact, the average price per square foot at $123 is up only 2.0% (below the rate of inflation) and the average sales price ($255K) is up 5.4%. In new construction, where prices had been rising faster, the average price per square foot was up 2.1% and average sales price ($316K) was up only 1.3% from a year ago.

The other good news this month was that for the first time in almost 10 years distressed sales made up less than 3% of the market, 2.7% to be exact.  This is an impressive milestone given that just 4 years ago distressed sales were over 50% of the market in Ada County, and over 70% in Canyon County.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR MAY  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

944

+10.8

100

2486

-11.8

100

$123

+2.0

$255K

+5.4

56

-3.1

2.6

Non Distress

918

+15.5

97.2

2369

-9.5

95.3

$124

+1.6

$258K

+4.0

54

+5.9

2.6

REO

14

-56.2

1.5

33

-58.2

1.3

$77

-18.7

$176K

+6.0

72

+28.6

2.4

Short Sale

11

-54.2

1.2

81

-28.9

3.3

$93

-2.2

$194K

+27.6

166

+3.8

7.4

New Construction

153

+7.7

16.2

788

+0.3

31.7

$137

+2.1

$316K

+1.3

122

+18.4

5.2

 

A lot of people are asking how the market compares to the last peak, which I peg as being late summer of 2006.  It will be September before I can truly compare this year to the peak but I am able to look at the last three months (March, April, and  May) and get a pretty good idea of where we stand. Last month I took a broad look at the market and said that volume had recovered and in some cases exceeded that of 2006 but prices were still lagging slightly behind.  It seems that with current trends by the end of the year we could be back at 2006 prices (albeit not adjusted for 9 years of inflation).  This month, thanks to some great questions from Kristi Larson at Thornton-Oliver-Keller,  I took a look at how the market compares at various price points. It is interesting to see that volume in the low and high and of the market is way above 2006 levels but in the heart of the market ($200-400K) we are not back to those levels.  The table below illustrates this.  As far as prices go, looking only at the average price per square foot, we still have some ground to make up across the board.  And given that there has been some inflation overall in the last nine years we definitely are not back to 2006 levels as far as price.  As we get closer to the actual peak months and can compare apples to apples I will continue to keep an eye on where we stand.

ADA COUNTY COMPARISON 2006 VS. 2015 BY PRICE RANGE

 

Price Range

 

0-149,999

150-199,999

200-249,999

250-399,999

400-599,999

600+

ADA COUNTY

2006

2015

%Chg

2006

2015

%Chg

2006

2015

%Chg

2006

2015

%Chg

2006

2015

%Chg

2006

2015

%Chg

# Sold by Quarter

61

121

+98.4

218

245

+12.4

171

166

-2.9

259

248

-4.2

51

64

+25.5

13

21

+61.5

# For Sale by Quarter

98

146

+49.0

425

451

+6.1

675

417

-38.2

1245

833

-33.1

408

295

-27.7

278

178

-36.0

# Pended by Quarter

47

140

+197.9

200

294

+47.0

161

199

+23.6

256

299

+16.8

68

100

+47.1

13

29

+123.1

Average $/SF

120

107

-10.8

123

109

-11.4

123

112

-8.9

127

124

-2.4

153

143

-6.5

193

180

-6.7

 

“Quarters” are the most recent three months (March-May) for each year.

Please feel free to contact me with your questions, comment, and referrals.  Have a great 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. 2014 – May. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 15

Apr. 15

% Change

May. 15

May. 14

% Change

Mar. 15 to May. 15

Mar. 14 to May. 14

% Change

6/1/2015 – 6/7/2015

5/1/2015 – 5/7/2015

% Change

For Sale

2486

2321

7.1%

2486

2818

-11.8%

2319

2575

-9.9%

2439

2200

10.9%

Sold

944

889

6.2%

944

852

10.8%

866

735

17.8%

190

165

15.2%

Pended

1114

1123

-0.8%

1114

859

29.7%

1062

829

28.1%

270

254

6.3%

May 2015 is a Seller's market**

Home For Sale in May 2015 is 2486 units. It is up 7.1% compared to the last month and down 11.8% compared to the last year.
Home Closed in May 2015 is 944 units. It is up 6.2% compared to the last month and up 10.8% compared to the last year.
Home Placed under Contract in May 2015 is 1114 units. It is down 0.8% compared to the last month and up 29.7% 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 (Mar. 2014 – May. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 15

Apr. 15

% Change

May. 15

May. 14

% Change

Mar. 15 to May. 15

Mar. 14 to May. 14

% Change

6/1/2015 – 6/7/2015

5/1/2015 – 5/7/2015

% Change

Avg. Sq. Ft. Price

122.8

122.9

-0.1%

122.8

120.4

2%

123

117.5

4.7%

124

122

1.6%

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

Average Sold Price per Square Footage in May 2015 is $123. It is down 0.1% compared to the last month and up 2% compared to the last year.

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

 

Avg CDOM & SP/Orig LP % (Mar. 2014 – May. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 15

Apr. 15

% Change

May. 15

May. 14

% Change

Mar. 15 to May. 15

Mar. 14 to May. 14

% Change

6/1/2015 – 6/7/2015

5/1/2015 – 5/7/2015

% Change

Avg CDOM

56

56

0%    

56

54

3.7%

62

64

-3.1%

49

66

-25.8%

Sold/Orig LP Diff. %

98

98

0%    

98

98

0%    

98

98

0%    

98

99

-1%

May 2015 Average Continuous Days on Market trend is Falling**

Continuous Days on Market in May 2015 is 56. It is the same as compared to the last month and up 3.7% compared to the last year.

May 2015 Sold/Original List Price Ratio is Rising**

Sold/Original List Price % in May 2015 is 98%. It is the same as compared to the last month and the same as compared to the last year.

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

 

Average Price of For Sale and Sold (Mar. 2014 – May. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 15

Apr. 15

% Change

May. 15

May. 14

% Change

Mar. 15 to May. 15

Mar. 14 to May. 14

% Change

6/1/2015 – 6/7/2015

5/1/2015 – 5/7/2015

% Change

Avg. Active Price

330

335

-1.5%

330

317

4.1%

333

314

6.1%

335

340

-1.5%

Avg. Sold Price

255

245

4.1%

255

242

5.4%

252

236

6.8%

258

246

4.9%

May 2015 Average For Sale Price is Neutral**

Average For Sale Price (in thousand) in May 2015 is $330. It is down 1.5% compared to the last month and up 4.1% compared to the last year.

May 2015 Average Sold Price is Neutral**

Average Sold Price (in thousand) in May 2015 is $255. It is up 4.1% compared to the last month and up 5.4% compared to the last year.

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

 

Months of Inventory Based on Closed Sales (Mar. 2014 – May. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

May. 15

Apr. 15

% Change

May. 15

May. 14

% Change

Mar. 15 to May. 15

Mar. 14 to May. 14

% Change

6/1/2015 – 6/7/2015

5/1/2015 – 5/7/2015

% Change

Months of Inventory (Closed Sales)

2.6

2.6

0%    

2.6

3.3

-21.2%

2.7

3.5

-22.8%

12.8

13.3

-3.8%

May 2015 is a Seller's market**

Months of Inventory based on Closed Sales in May 2015 is 2.6. It is the same as compared to the last month and down 21.2% 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.

 

 

 

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 2015, based on data available at the end of May 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 June 13, 2015 at 9:43 am
Cam Johnson | Category: Monthly Real Estate Market Reports, Uncategorized | Tagged , , , , , , , ,

Boise (Ada County) Real Estate Market Report for January 2015

Inventory is dropping and prices are increasing steadily…the outlook for 2015 is good.

Not to mention that interest rates are back down below 4%!

January 2015 was another solid month for the Boise Real Estate Market with all the major indices headed in the right direction or at least remaining fairly stable within the “healthy” zone.  While sales volume was flat compared to a year ago, pending sales, an indicator of future closings,  were up 24.3%. This may give us some momentum heading into the typically more active Spring selling period. Meanwhile, the average price per square foot was up 3.6% while the average sales price rose 6% to $246,000.  Those numbers are “comforting”.  In the last two years we have seen price trends go from as high as plus 18% year over year, which is unsustainable and scarily reminiscent of the pre-collapse bubble 10 years ago, to flat just a couple months ago. The second straight month of price increases of 6-8% compared to a year ago is reassuring especially when inventory is also slowly dropping.

There were 2041 active listings in January, a 5.3% drop from 2014 and at the current rate of sales this translates to 4.5 months of inventory (compared to 4.8 months last year at this time). We typically see a surge of homes listed in April and May but current inventories should be low enough to absorb that with little impact to the market especially as sales ramp up into the summer months as well. Given the near record low interest rates and a state unemployment rate that has dropped to 3.7% (the lowest since 2005) there is  good reason to believe the market will continue to grow for at least the first half of 2015.  The long term consensus on interest rates seems to be that there isn’t one.  Many are saying that the long predicted rise in rates to 6% or above will finally come this year, while at least one economist who spoke in Boise recently predicts they will stay in the 4% range. It’s hard to have a ton of confidence that rates will rise since the predictions have been so consistently wrong the last few years. Bottom line is it is still a great time to buy while there is cheap money out there for qualified buyers.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JANUARY 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

449

0.0

100

2041

-5.3

100

$119

+3.6

$246K

+6.0

82

+5.1

4.5

Non Distress

406

+1.5

90.4

1902

-1.3

93.2

$122

+4.5

$255K

+8.1

78

+8.3

4.7

REO

24

-27.3

5.3

48

-23.8

2.4

$95

+8.4

$173K

+6.8

65

-17.7

2.0

Short Sale

19

+18.8

4.2

87

-46.3

4.3

$83

-33.9

$155K

-43.0

192

-7.2

4.6

New Construction

109

-0.9

24.3

847

+6.1

41.5

$137

+3.9

$320K

+12.3

89

-14.4

7.8

New construction continues to be an area of concern as sales have been dropping, albeit only 1.9% in January, and prices continue to shoot up at twice the rate of the market as a whole (12.3% vs 6.0%).  Also of concern is the disproportionate percentage of inventory that are new homes versus the percentage of new homes sold.  There were 847 new homes listed in January which is 41.5% of all homes listed while 109 sold—24.3% of the total. There are 7.8 months of inventory at this rate of sale compared to 4.5 months for the overall market.  There seems to be a disconnect between the price point of what  the most able and willing buyers are willing to spend and the price point of the typical new home being built.  As an example the average new home price of $320K is about $100K higher than the average resale price.  Looking at median prices the difference is even more striking.  The median resale price in January was $190K while the median price of a new home was $309K a difference of almost $120K or 63%.  I think the bigger builders are sensing this and I am seeing more discounting going on as they shuffle their plans to start building a slightly lower price point home.  We’ll have to see how this plays out in the coming months, but I hope we can move towards a more stable healthy new home market.

Please feel free to contact me with your comments and questions, and your referral are always greatly appreciated.

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 2015*

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. 2013 – Jan. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jan. 15

Dec. 14

% Change

Jan. 15

Jan. 14

% Change

Nov. 14 to Jan. 15

Nov. 13 to Jan. 14

% Change

For Sale

2041

2130

-4.2%

2041

2155

-5.3%

2217

2282

-2.8%

Sold

449

655

-31.5%

449

449

0%    

566

557

1.6%

Pended

654

473

38.3%

654

526

24.3%

563

528

6.6%

 

Average Price per SQFT (Nov. 2013 – Jan. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jan. 15

Dec. 14

% Change

Jan. 15

Jan. 14

% Change

Nov. 14 to Jan. 15

Nov. 13 to Jan. 14

% Change

Avg. Sq. Ft. Price

118.8

119.5

-0.6%

118.8

114.7

3.6%

121.2

114.6

5.8%

 

Avg CDOM & SP/Orig LP % (Nov. 2013 – Jan. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jan. 15

Dec. 14

% Change

Jan. 15

Jan. 14

% Change

Nov. 14 to Jan. 15

Nov. 13 to Jan. 14

% Change

Avg CDOM

82

78

5.1%

82

78

5.1%

75

68

10.3%

Sold/Orig LP Diff. %

97

96

1%

97

96

1%

96

96

0%    

 

Average Price of For Sale and Sold (Nov. 2013 – Jan. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jan. 15

Dec. 14

% Change

Jan. 15

Jan. 14

% Change

Nov. 14 to Jan. 15

Nov. 13 to Jan. 14

% Change

Avg. Active Price

310

312

-0.6%

310

293

5.8%

310

289

7.3%

Avg. Sold Price

246

253

-2.8%

246

232

6%

251

234

7.3%

 

Months of Inventory Based on Closed Sales (Nov. 2013 – Jan. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jan. 15

Dec. 14

% Change

Jan. 15

Jan. 14

% Change

Nov. 14 to Jan. 15

Nov. 13 to Jan. 14

% Change

Months of Inventory (Closed Sales)

4.5

3.3

36.9%

4.5

4.8

-6.3%

3.9

4.1

-4.9%

 

 

 

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 February 2015, based on data available at the end of January 2015. 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 11, 2015 at 3:43 pm
Cam Johnson | Category: Monthly Real Estate Market Reports, Uncategorized | Tagged , , , , , , , ,

Cam Johnson’s Boise (Ada County) Real Estate Market Report for June 2014

In many ways the Boise Real Estate market in June was much like it was in May: the number of homes sold dropped while prices and inventory continue to rise. The good news is that I see this as a continuation of the trend towards a more “normal” market, something we haven’t really seen for basically a decade.  While the rollercoaster we have all been on was both exhilarating and at times heartbreaking, a period of “normal” has a certain appeal.

The drop in sales in June wasn’t as dramatic as in the past few months however.  Overall closed sales in June were 859, off 2.5% from 2013, compared to around -8% each of the previous 2 months. Sales of non-distressed homes actually rose 2.2% while short sales dropped 69.6% based on only 17 sales and REO’s dropped 5.1% on 37 sales.  Distressed sales were only 6.3% of the market and 6.5% of inventory although the number of bank owned properties out there continues to rise stealthily albeit on a small base.  There were 68 REO’s for sale in June (+25.9). New construction sales numbers continue soft (-11.3%) even as prices for new construction soar (+16.8%).  Therein lies the problem—high prices are forcing buyers out of new construction into re-sale.

Prices overall continue to rise but at a much slower, and more sustainable, pace than last year.  The average overall sold price was $247,000 (+4.7%) and the average price per square foot was up 8.3% to $120/sf.  Price increases in the 5-8% range are both healthy and sustainable in my opinion especially given that inventories, while rising substantially, are also still well within what is considered the “healthy” range.  There were 2948 homes for sale in June, up 34% from a year ago.  That statistic taken alone might be cause for alarm until one sees that there is only 3.4 months of available inventory and the average days on market actually has dropped 8.8% from a year ago to 52 days.  Both those numbers look mighty solid.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR June 2014

*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

859

-2.5

100

2948

+34.0

100

$120

+8.3

$247K

+4.7

52

-8.8

3.4

Non Distress

803

+2.2

93.5

2748

+44.3

93.2

$122

+7.0

$252K

+3.3

50

0.0

3.4

REO

37

-5.1

4.3

68

+25.9

2.3

$93

+9.3

$159K

-11.2

65

+32.7

1.8

Short Sale

17

-69.6

2.0

124

-47.9

4.2

$99

+14.4

$222K

+37.0

106

-35.0

7.3

New Construction

157

-11.3

18.3

790

+45.8

26.8

$134

+13.1

$326K

+16.8

92

-7.1

5.0

 

What’s hot and what’s not.  Looking at both sales and prices by area within the county some interesting things pop up.  While overall average sales prices were up 4.7% in some areas prices dropped in June versus a year ago notably the Bench (-4.7%) and West Boise/Garden City (-1.6). sales volume however, rose in both areas, particularly the Bench (+50%).   Both these are typically the lowest priced parts of the county, while prices in traditionally more expensive areas went up significantly.  For example the average sales price in NE Boise was up 12.4% while sales actually dropped 8.6%.  This may reflect the large amount of new construction happening in the Harris Ranch area since we noted earlier that prices for new construction in general are way up but sales volume is very soft. Sales in other traditionally expensive areas like Eagle (5.4%) and the North End (5.9%) also showed solid price increases.  I also found it interesting that  both Meridian(-24.2%) and South Boise(-21.7%) had sharp drops in sales volume but increases in prices of 8.0% and 3.5% respectively.

Comparison of Sales and Price Trends by Area- Ada County June 2014 vs 2013

AREA

Change in # of Homes Sold

Change in Average Sales Price

North Boise

13.7

5.9

NE Boise

-8.6

12.4

SE Boise

37.1

3.9

Boise Bench

50.0

-4.7

South Boise

-21.7

3.5

West Boise/Garden City

7.1

-1.6

NW Boise

3.9

4.2

Eagle

5.7

5.4

Star

-5.6

5.4

Meridian

-24.2

8.0

Kuna

19.4

4.5

 

 

 

 

 

 

 

 

 

 

 

 

Overall the outlook for the Boise real estate market continues to look good.  Interest rates remain low for qualified buyers and inventory is improving while prices are rising but not overheating the market. Sales while down slightly from a year ago are still much stronger than during the bust years. So like I suggested at the beginning of this report, maybe we are finally settling into what is a normal market.  I welcome your questions, comments, and as always your referrals.

Have a great 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

Check out my listings here: http://www.camjohnsonhomes.com

Current Boise Real Estate Market Data

Facts and Trends

TM

Published July 2014*

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 (Apr. 2013 – Jun. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jun. 14

May. 14

% Change

Jun. 14

Jun. 13

% Change

Apr. 14 to Jun. 14

Apr. 13 to Jun. 13

% Change

For Sale

2948

2818

4.6%

2948

2200

34%

2769

2020

37.1%

Sold

859

853

0.7%

859

881

-2.5%

812

855

-5%

Pended

904

864

4.6%

904

858

5.4%

869

911

-4.6%

June 2014 is a Neutral market**

Home For Sale in June 2014 is 2948 units. It is up 4.6% compared to the last month and up 34% compared to the last year.
Home Closed in June 2014 is 859 units. It is up 0.7% compared to the last month and down 2.5% compared to the last year.
Home Placed under Contract in June 2014 is 904 units. It is up 4.6% compared to the last month and up 5.4% 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 (Apr. 2013 – Jun. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jun. 14

May. 14

% Change

Jun. 14

Jun. 13

% Change

Apr. 14 to Jun. 14

Apr. 13 to Jun. 13

% Change

Avg. Sq. Ft. Price

120.1

120.4

-0.2%

120.1

110.9

8.3%

119.2

109.7

8.7%

June 2014 Average Sold Price per Square Footage is Neutral**

Average Sold Price per Square Footage in June 2014 is $120. It is down 0.2% compared to the last month and up 8.3% compared to the last year.

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

 

Avg CDOM & SP/Orig LP % (Apr. 2013 – Jun. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jun. 14

May. 14

% Change

Jun. 14

Jun. 13

% Change

Apr. 14 to Jun. 14

Apr. 13 to Jun. 13

% Change

Avg CDOM

52

54

-3.7%

52

57

-8.8%

57

58

-1.7%

Sold/Orig LP Diff. %

97

98

-1%

97

99

-2%

98

98

0%    

June 2014 Average Continuous Days on Market trend is Falling**

Continuous Days on Market in June 2014 is 52. It is down 3.7% compared to the last month and down 8.8% compared to the last year.

June 2014 Sold/Original List Price Ratio Remains Steady**

Sold/Original List Price % in June 2014 is 97%. It is down 1% compared to the last month and down 2% compared to the last year.

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

 

Average Price of For Sale and Sold (Apr. 2013 – Jun. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jun. 14

May. 14

% Change

Jun. 14

Jun. 13

% Change

Apr. 14 to Jun. 14

Apr. 13 to Jun. 13

% Change

Avg. Active Price

316

317

-0.3%

316

314

0.6%

317

316

0.3%

Avg. Sold Price

247

242

2.1%

247

236

4.7%

241

227

6.2%

June 2014 Average For Sale Price is Neutral**

Average For Sale Price (in thousand) in June 2014 is $316. It is down 0.3% compared to the last month and up 0.6% compared to the last year.

June 2014 Average Sold Price is Appreciating**

Average Sold Price (in thousand) in June 2014 is $247. It is up 2.1% compared to the last month and up 4.7% compared to the last year.

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

 

Months of Inventory Based on Closed Sales (Apr. 2013 – Jun. 2014)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Jun. 14

May. 14

% Change

Jun. 14

Jun. 13

% Change

Apr. 14 to Jun. 14

Apr. 13 to Jun. 13

% Change

Months of Inventory (Closed Sales)

3.4

3.3

3%

3.4

2.5

36%

3.4

2.4

42.3%

June 2014 is a Neutral market**

Months of Inventory based on Closed Sales in June 2014 is 3.4. It is up 3% compared to the last month and up 36% 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.

 

 

 

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 July 2014, based on data available at the end of June 2014. 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 July 10, 2014 at 3:52 pm
Cam Johnson | Category: Monthly Real Estate Market Reports, Uncategorized