Boise Real Estate Market Report for May 2017

Low Inventory Continues to Hurt Sales Volume and Boost Prices

For the second month in a row closed sales were down in Ada County in May primarily due to inventories that continue to dwindle even as demand remains very high. 1076 homes sold in May, 3.3% below last year’s total, while year to date sales are down 1%. Inventories keep dropping however—in May there were 14.8% fewer homes available than last May while year to date inventory is down 16.5%.  Based on the current rate of sales there is only 1.7 months of available inventory.  Remember 6 months of inventory is considered a stable market and anything 3 or lower is a strong seller’s market.  Suffice it to say at 1.7 months we are in a very strong seller’s market.  And what inventory does exist is selling faster than ever.  Average days on market dropped to 37 (-15.9%), with 60 days being the norm.

Needless to say the combination of low inventory and high demand caused prices to surge in May.  While we have been in a fairly similar market situation for over a year now for the most part price increases have been relatively moderate, in 5-8% range annually.  In May prices took things up a notch.  The average price per square foot at $144, was up 9.1%, while the average sales price jumped 10.3% to $299,000.  While these numbers will certainly catch the attention of the “bubble hawks”, I don’t think there is reason to panic at this point.  However it does bear watching as the concern is that if homes increases are far out pacing earnings growth then the market becomes imbalanced.   Barring a major macroeconomic shift (ie: worldwide recession, war, etc.) I think the continuing job growth and in-migration to the Boise area will keep demand relatively strong even as some buyers are forced out of the market by rising prices and interest rates.  I believe the foundation of the market is strong enough to allow for a gentler slow down in the market than we saw 10 years ago.  One concern I do have is that first time buyers, who drive the market by allowing many current owners the opportunity to move up when they sell, are the most likely to be forced out of the market due to price and interest rate increases.  This is already a problem in some of our larger, higher priced neighboring cities.  In migration from wealthier markets to Boise can mask this somewhat, but the market needs first time home buyers to stay healthy in the long run.

Some builders it seems are reworking their floor plans and price points to be more accessible to first time and millennial buyers and as a result prices increases for new construction have recently lagged behind resale.  While the average price point for new construction is still significantly higher than  for resale the gap has narrowed slightly in recent months.  And while the average price per square foot for resale jumped 10.9% in May, for new construction it only rose 2.8%. Similarly, while the average sales price for resale increased 12%, new construction prices were up only 3.4%.  This of course only reflects production builders and spec homes and doesn’t take into account the custom build jobs that aren’t reported in the MLS.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR MAY 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 1076 -3.3 100 1846 -14.8 100 $144 +9.1 $299K +10.3 37 -15.9 1.7
Non Distress 1062 -2.1 98.7 1832 -13.5 99.2 $144 +9.1 $300K +9.9 37 -14.0 1.7
REO 6 -57.1 0.6 6 -64.7 0.3 $98 -3.0 $212K +20.5 51 +104.0 1.0
Short Sale 2 -81.8 0.2 8 -71.4 0.8 $95 +5.6 $245K +26.3 23 -89.2 4.0
New Construction 217 +1.9 20.2 793 -6.3 43.0 $149 +2.8 $339K +3.4 91 -13.3 3.7

 

Canyon County 469 +14.7 100 749 -4.0 100 $111 +12.1 $200K +11.1 35 -31.4 1.6

While it is impossible to accurately predict when the market will peak and how dramatically it will adjust itself, one thing is for certain, real estate has and likely always will be cyclical and local.  So while the Boise market may not be in lock step with surrounding areas or the country as a whole we will go through up and down cycles just like everywhere else. We have been on a pretty strong run for the last six years, so I wouldn’t be surprised to see the market here in Boise start to shift in the next 6-9 months.  A gradual drop in prices and surge of inventory could actually be a good thing in the long run. Please feel free, as always, to contact me with your questions and comments and enjoy your summer once it finally really gets here!

 

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

 

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 2017, based on data available at the end of May 2017, 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 15, 2017 at 12:42 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , ,

Boise Real Estate Market Report for August 2016

AUGUST WAS HOT FOR BOTH SALES AND PRICES!

After a slight hiccup in July the Boise real estate market sizzled in August with strong increases in both the number of closed sales and prices.  After being up only 1.4% year over year in July, the 1066 closed sales in August were 18.2% ahead of August 2015. Pending sales were also up strongly indicating that September and possibly October should also notch strong sales. All in spite of continued very low inventory.  There were 2332 homes listed in August, down 10.7% from a year ago and at the current rate of sales there is only 2.2 months of available inventory, an indication of a strong seller’s market.  The average days on market was 39, which is 17% lower than a year ago and while it was up slightly from July’s 37 days, it is still a strong indication of a seller’s market.

As one would expect prices are continuing to rise as demand remains strong and inventory is low.  The average price per square foot at $135, while unchanged from July was up 8.9% vs last year. Meanwhile the average sales price jumped $5,000 from July to $283,000.  This was a 9.3% increase over 2015.  The only segment of the market that didn’t see prices increase in August was new construction where the average sales price of $339,000 was 2.6% below 2015. Average new home prices are still over $50,000 higher than re-sales and there may be some adjustment by builders to alter their product mix to a slightly lower price point to keep buyers interested.  Volume of new construction surged in August.  220 new homes that were listed in Ada County sold which is an 81.8% increase over August 2015.  New home sales were particularly low for some reason last August so the 81.8% increase is somewhat misleading.  I would estimate a more realistic figure would be 20-25%, which is still impressive.  And inventory of listed new homes is also relatively low at 3.5 months.  Suffice it to say that between the listed new homes and all the build jobs that never make in the MLS, there is a lot of building going on in the Treasure Valley.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR AUGUST 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

1066

+18.2

100

2332

-10.7

100

$135

+8.9

$283K

+9.3

39

-17.0

2.2

Non Distress

1053

+20.5

98.8

2287

-8.8

98.1

$136

+8.8

$284K

+8.8

39

-15.2

2.2

REO

7

-65.0

0.7

20

-13.0

0.9

$101

+8.6

$190K

+13.8

50

-2.0

2.9

Short Sale

4

-50.0

0.4

24

-67.1

1.0

$109

+6.9

$372K

+53.1

173

+24.5

6.0

New Construction

220

+81.8

20.6

777

-4.8

33.3

$149

+5.7

$339K

-2.6

67

-21.2

3.5

Nationally many are predicting a gradual slowdown of the market, while some are predicting another crash.  The reports are somewhat conflicting.  For example in late August the Wall Street Journal reported sales of previously owned homes fell 1.6% from 2015.  They went on to say that many of the hot markets around the country are cooling as prices are keeping first time buyers out of the market which prevents trade-up buyers from trading up.  At some point Boise may face the same issues especially if interest rates go up.  However just a few days later the Journal reported on how new construction was booming in many parts of the country (Boise included).  There has also been a lot of media attention to the perceived trend that Millennials are not pursuing home ownership as vigorously as previous generations.  This could be due to many factors including the cost, lingering student debt, prioritizing experiences over things, and other generational values that make owning a home less attractive. Hard to make sense of it all but I feel as if we are due for somewhat of a cool down in our market in the next 6-9 months.  While it is doubtful that rates will rise in September I think there is a better chance the Fed will act in December.  And as crazy as this election is turning out to be I think predictions on how it will affect the Boise real estate market are overstated and in the long run I don’t believe the outcome, whichever way it goes, will have a dramatic effect here.

Thank you all for your comments, questions, and above all, 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

 

 

 

 


 

 

Prepared for you by: Cam Johnson

 

Number of Homes For Sale vs. Sold vs. Pended (Jun. 2015 – Aug. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Aug. 16

Jul. 16

% Change

Aug. 16

Aug. 15

% Change

Jun. 16 to Aug. 16

Jun. 15 to Aug. 15

% Change

9/1/2016 – 9/7/2016

8/1/2016 – 8/7/2016

% Change

For Sale

2332

2354

-0.9%

2332

2610

-10.7%

6926

7884

-12.2%

2169

2257

-3.9%

Sold

1066

1128

-5.5%

1066

902

18.2%

3434

3097

10.9%

151

177

-14.7%

Pended

1105

1045

5.7%

1105

939

17.7%

3282

2895

13.4%

225

266

-15.4%

 

Average Price per SQFT (Sold) (Jun. 2015 – Aug. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Aug. 16

Jul. 16

% Change

Aug. 16

Aug. 15

% Change

Jun. 16 to Aug. 16

Jun. 15 to Aug. 15

% Change

9/1/2016 – 9/7/2016

8/1/2016 – 8/7/2016

% Change

Avg. Sq. Ft. Price (Sold)

135

135

0%    

135

124

8.9%

134.28

126.13

6.5%

136

138

-1.4%

 

Avg CDOM & SP/Orig LP % (Jun. 2015 – Aug. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Aug. 16

Jul. 16

% Change

Aug. 16

Aug. 15

% Change

Jun. 16 to Aug. 16

Jun. 15 to Aug. 15

% Change

9/1/2016 – 9/7/2016

8/1/2016 – 8/7/2016

% Change

Avg CDOM

39

37

5.4%

39

47

-17%

39

47

-17%

46

40

15%

Sold/Orig LP Diff. %

98

99

-1%

98

97

1%

99

97

2.1%

98

98

0%    

 

Average Price of For Sale and Sold (Jun. 2015 – Aug. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Aug. 16

Jul. 16

% Change

Aug. 16

Aug. 15

% Change

Jun. 16 to Aug. 16

Jun. 15 to Aug. 15

% Change

9/1/2016 – 9/7/2016

8/1/2016 – 8/7/2016

% Change

Avg. Active Price

353

352

0.3%

353

334

5.7%

356

334

6.6%

355

355

0%    

Avg. Sold Price

283

278

1.8%

283

259

9.3%

281

264

6.4%

288

287

0.3%

 

Months of Inventory Based on Closed Sales (Jun. 2015 – Aug. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Aug. 16

Jul. 16

% Change

Aug. 16

Aug. 15

% Change

Jun. 16 to Aug. 16

Jun. 15 to Aug. 15

% Change

9/1/2016 – 9/7/2016

8/1/2016 – 8/7/2016

% Change

Months of Inventory (Closed Sales)

2.2

2.1

4.8%

2.2

2.9

-24.2%

2

2.5

-19.6%

14.4

12.8

12.5%

 

 

 

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 September 2016, based on data available at the end of August 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 September 9, 2016 at 2:39 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , ,

Boise Real Estate Market Report for June 2016

Inventory Very Low but the Market Keeps Growing

If there is one predictable thing about real estate, it’s that it is unpredictable.  It’s easy to predict that our market is growing and that a relatively strong economy and insanely low interest rates (3.1%!!) would drive home sales.  It is also easy to predict that this strong demand would lead to the very low inventory levels we are seeing now. What defies prediction is that prices, while rising, are doing so at a moderate and for the most part sustainable pace.  One would expect with an average days on market of only 42 and only 1.9 months of available inventory that we would be witnessing the birth of a gi-normous bubble. I don’t believe that is the case. By all accounts June was another very strong month for the Boise Real Estate Market.  While inventories are very very low for this time of year the number of closed sales grew 6.1% to 1179. Our inventory at 2240 is 15% below a year ago.  The average price per square foot rose to $133, a moderate 4.7% increase while the average sale price reached a new record (not adjusted for inflation) of $284K.  This represents a 6.8% gain from a year ago.  Impressive but not really bubble-esque.  New construction continues to surge to try to meet the demand and sales of listed new homes were up 42.2% to 229 in June.  The one chink in the armor might be that pending sales while still significantly above last year dipped from May’s numbers.  This shift typically happens a little later in the summer but it may be a function of inventory being so tight.  Distressed sales meanwhile have essentially disappeared—they were only 1.3% of closed sales in June.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JUNE 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

1179

+6.1

100

2240

-15.0

100

$133

+4.7

$284K

+6.8

42

-10.6

1.9

Non Distress

1162

+8.1

98.6

2194

-13.0

97.9

$134

+4.7

$286K

+6.3

41

-10.9

1.9

REO

11

-45.0

0.9

14

-53.3

0.6

$104

+13.0

$174K

+3.0

23

-55.8

1.3

Short Sale

5

-64.3

0.4

31

-60.3

1.4

$115

+11.7

$267K

+42.0

266

+87.3

6.2

New Construction

229

+42.2

19.4

829

+2.5

37.0

$145

0.0

$333K

-2.1

98

+1.0

3.6

 

A recent article in the Wall Street Journal* observed a recent national trend that, “Slowing sales of high-end homes increases inventory, giving potential buyers more bargaining power.” It showed that while inventories of lower priced homes have shrunk, the number of high-end homes available has surged and buyers are finding more wiggle room in the prices for these homes.  I took a “snap shot” look to see if the same applies to our market (it seldom does) and found that in this case it does apply, sort of.  While sellers of homes priced at $500K or less got on average 99% of their original list price in the higher end the percentage dropped as low as 95%.  And there are 48.7% more million dollar plus listings than there were a year ago.  But sales have surged regardless of price and the number of sales (8) of million dollar plus listings  was up 100% in June albeit on a small base. And not only are more high end homes selling but the really high-end ones are selling faster as well.  So while there is general agreement with the article I think the more basic idea  that there are more buyers in the lower end of the market and even though there are more homes in that price range demand is such that most sellers are able to find a buyer to pay at or above their asking price. In our market the overwhelming majority of homes selling (67.6%)  are in the lower end of the market—under $300K.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JUNE 2016 BY PRICE

*Does not include manufactured homes

 

Price

# Sold

% +/-

% of Total Sold

# For Sale

% +/-

% of Total For Sale

$/SF

% +/-

Days on Market

% +/-

Months Inventory

Sales Price vs Original List Price %

0-299,999

797

+0.5%

67.6

1248

-20.1

55.7

$122

+7.0

34

-20.9

1.6

  99

300-499,999

302

+19.4

25.6

689

-12.3

30.8

$139

+3.7

51

-3.8

1.9

  99

500-999,999

72

+18.0

6.1

245

-2.0

10.9

$162

-5.3

92

+31.4

3.4

  96

1,000,000+

8

+100.0

0.7

58

+48.7

2.6

$204

+10.3

65

-76.6

7.3

  95

Total

1179

+6.1

100

2240

-15.0

100

$133

+4.7

42

-10.6

1.9

  99

 

Looking forward for the next 6 month it seems interest rates are going to remain low and demand for housing in Boise will remain high due to overall economics and in migration.  While there are some potentially significant layoffs possible at Micron this, while unfortunate for those directly affected, may actually be a good thing for the market if it adds some inventory. Please feel free as always to send me your comments and questions and thank you as always for your referrals.

*Martin, Anya (2016, June 17) More Room For Negotiation, The Wall Street Journal, pp M4

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

 

 

 

Cam Johnson– Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Apr. 2015 – Jun. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jun. 16

May. 16

% Change

Jun. 16

Jun. 15

% Change

Apr. 16 to Jun. 16

Apr. 15 to Jun. 15

% Change

7/1/2016 – 7/9/2016

6/1/2016 – 6/9/2016

% Change

For Sale

3746

3542

5.8%

3746

4654

-19.5%

10628

13339

-20.3%

3781

3415

10.7%

Sold

1812

1703

6.4%

1812

1659

9.2%

5056

4477

12.9%

332

395

-15.9%

Pended

1843

1933

-4.7%

1843

1512

21.9%

5576

4720

18.1%

418

605

-30.9%

 

Average Price per SQFT (Sold) (Apr. 2015 – Jun. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jun. 16

May. 16

% Change

Jun. 16

Jun. 15

% Change

Apr. 16 to Jun. 16

Apr. 15 to Jun. 15

% Change

7/1/2016 – 7/9/2016

6/1/2016 – 6/9/2016

% Change

Avg. Sq. Ft. Price (Sold)

120

116

3.4%

120

111

8.1%

117.43

108.81

7.9%

122

119

2.5%

 

Avg CDOM & SP/Orig LP % (Apr. 2015 – Jun. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jun. 16

May. 16

% Change

Jun. 16

Jun. 15

% Change

Apr. 16 to Jun. 16

Apr. 15 to Jun. 15

% Change

7/1/2016 – 7/9/2016

6/1/2016 – 6/9/2016

% Change

Avg CDOM

48

55

-12.7%

48

58

-17.2%

53

63

-15.9%

50

53

-5.7%

Sold/Orig LP Diff. %

99

99

0%    

99

97

2.1%

99

98

1%

98

99

-1%

 

Average Price of For Sale and Sold (Apr. 2015 – Jun. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jun. 16

May. 16

% Change

Jun. 16

Jun. 15

% Change

Apr. 16 to Jun. 16

Apr. 15 to Jun. 15

% Change

7/1/2016 – 7/9/2016

6/1/2016 – 6/9/2016

% Change

Avg. Active Price

281

281

0%    

281

251

12%

278

249

11.6%

280

285

-1.8%

Avg. Sold Price

237

228

3.9%

237

220

7.7%

229

211

8.5%

247

243

1.6%

 

Months of Inventory Based on Closed Sales (Apr. 2015 – Jun. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jun. 16

May. 16

% Change

Jun. 16

Jun. 15

% Change

Apr. 16 to Jun. 16

Apr. 15 to Jun. 15

% Change

7/1/2016 – 7/9/2016

6/1/2016 – 6/9/2016

% Change

Months of Inventory (Closed Sales)

2.1

2.1

0%    

2.1

2.8

-25%

2.1

3

-30.2%

11.4

8.6

32.4%

 

 

 

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 2016, based on data available at the end of June 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 July 13, 2016 at 12:58 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , ,

Boise Real Estate Market Report for April 2016

Inventory Down To 2.1 Months And Sales And Prices Still Rising

 

As the Boise Real Estate market ramps up for the summer selling season inventories continue to be unusually low and with demand high, prices are rising.

There were 1972 homes for sale on April 30 which is over 100 more than were available a month ago but is 15% lower than a year ago.  As a result based on the current rate of sales in the last quarter we only have 2.1 months of inventory.  6 months is considered a stable market while anything lower than 3 is a strong Seller’s market, which is what we are currently experiencing. By comparison, in the same quarter 10 years ago, in 2006, widely considered to be the year the market peaked, we had 3.9 months of inventory. The average days on market  (# of days from listing date to pended date, not closing date) is 50 indicating homes are selling  relatively quickly with many selling in a couple of days or less in the more desired areas.  And lower priced homes are selling the fastest as I pointed out in last month’s report. The low inventory is being driven both by strong demand and some sellers who are waiting to list because prices are rising and they want to maximize their return.

 

Sales increased 6.5% in April  versus a year ago to 947, while sales in new construction shot up 52% to 187. We have experienced several years of consistent sales gains and in fact  we had a 16.7% higher number of closed sales  in the most recent quarter when compared to the peak year 10 years ago, but 30.4% less inventory than in 2006. So while the market is actually more active than at the peak buyers have way less houses to choose from.  As a result prices continue to rise.

 

The average sales price at $267K is 9.0% above 2015, while the average price per square is 6.5% ahead of last year at $131. Comparing the most recent quarter to 10 years ago it appears that prices have returned to at or just below the peak.  The average sales price for the quarter is flat versus 10 years ago while if you look at the 12 month period from May 2015 to April 2016 versus the same months from 2006-7 (9 years ago) the average $/sf  is still 5.7% lower. I have always considered that the summer of 2006 was the absolute peak so being this close to those numbers  would suggest that if prices continue to rise for the next few months we should eclipse the 2006 peak.  If you look at the average sales price we are even closer.  For the most recent quarter vs 2006 the average sales price is actually 4.7% higher but in the same 12 month periods used above we are still off by 1.5%.  We’ve come a long way Baby!

 

But where do we go from here? There has been plenty of discussion on the differences between the current market and the previous peak centered around the vast changes to lending practices and increased accountability by all players in the transaction.  In theory these will prevent a similar bubble from forming, and although current price trends bear watching, so far at least in our market I feel we have avoided that. Interest rates remain low and demand in our market both organic and due to in-migration remains strong.  There is always a cycle to real estate though so I think it would be naïve to think that things will just keep going strong, but I think it will take a major macro-economic or political event to trigger a massive slow down in the Boise market.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR APRIL 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

947

+6.5

100

1972

-15.0

100

$131

+6.5

$267K

+9.0

50

-10.7

2.1

Non Distress

915

+7.9

96.6

1924

-13.3

97.6

$132

+6.5

$270K

+9.3

48

-11.1

2.1

REO

21

-27.6

2.2

13

-48.0

0.7

$105

+4.0

$188K

-13.0

67

-1.5

0.6

Short Sale

9

0.0

1.0

33

-54.2

1.7

$102

0.0

$182K

+5.8

245

+39.2

3.7

New Construction

187

+52.0

19.8

803

+3.9

40.7

$143

+9.2

$331K

+13.4

120

-1.6

4.3

 

 

Please feel free to contact me with your comments and questions, and feel free to share this report with anyone you think might be interested.  And don’t forget those referrals—they are the lifeblood of my business and are very much 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

 

 

 

 

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

Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Feb. 2015 – Apr. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Apr. 16

Mar. 16

% Change

Apr. 16

Apr. 15

% Change

Feb. 16 to Apr. 16

Feb. 15 to Apr. 15

% Change

5/1/2016 – 5/9/2016

4/1/2016 – 4/9/2016

% Change

For Sale

1972

1868

5.6%

1972

2321

-15%

5651

6546

-13.7%

1949

1765

10.4%

Sold

947

846

11.9%

947

889

6.5%

2420

2209

9.6%

222

235

-5.5%

Pended

1238

1041

18.9%

1238

1117

10.8%

3131

2818

11.1%

400

343

16.6%

 

Average Price per SQFT (Sold) (Feb. 2015 – Apr. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Apr. 16

Mar. 16

% Change

Apr. 16

Apr. 15

% Change

Feb. 16 to Apr. 16

Feb. 15 to Apr. 15

% Change

5/1/2016 – 5/9/2016

4/1/2016 – 4/9/2016

% Change

Avg. Sq. Ft. Price (Sold)

131

128

2.3%

131

123

6.5%

129.43

121.74

6.3%

131

132

-0.8%

 

Avg CDOM & SP/Orig LP % (Feb. 2015 – Apr. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Apr. 16

Mar. 16

% Change

Apr. 16

Apr. 15

% Change

Feb. 16 to Apr. 16

Feb. 15 to Apr. 15

% Change

5/1/2016 – 5/9/2016

4/1/2016 – 4/9/2016

% Change

Avg CDOM

50

68

-26.5%

50

56

-10.7%

61

68

-10.3%

56

53

5.7%

Sold/Orig LP Diff. %

99

99

0%    

99

98

1%

99

97

2.1%

99

99

0%    

 

Average Price of For Sale and Sold (Feb. 2015 – Apr. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Apr. 16

Mar. 16

% Change

Apr. 16

Apr. 15

% Change

Feb. 16 to Apr. 16

Feb. 15 to Apr. 15

% Change

5/1/2016 – 5/9/2016

4/1/2016 – 4/9/2016

% Change

Avg. Active Price

363

359

1.1%

363

336

8%

359

330

8.8%

366

363

0.8%

Avg. Sold Price

267

265

0.8%

267

245

9%

265

249

6.4%

259

260

-0.4%

 

Months of Inventory Based on Closed Sales (Feb. 2015 – Apr. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Apr. 16

Mar. 16

% Change

Apr. 16

Apr. 15

% Change

Feb. 16 to Apr. 16

Feb. 15 to Apr. 15

% Change

5/1/2016 – 5/9/2016

4/1/2016 – 4/9/2016

% Change

Months of Inventory (Closed Sales)

2.1

2.2

-4.5%

2.1

2.6

-19.2%

2.3

3

-23.6%

8.8

7.5

17.3%

 

 

 

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 May 2016, based on data available at the end of April 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 May 10, 2016 at 2:41 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , ,

Boise Real Estate Market Report for March 2016

Inventory Still Low But 1st Quarter was Strong for Boise Real Estate Market

The Boise (Ada County) real estate market had another strong month in March and finished what turned out to be a very strong first quarter. Closed sales at 827 in March, were up 8.1% from 2015 while sales for the whole quarter were up 9.5%. Pended sales are also way up indicate that the market should remain strong at least in the short term. For March pended sales were up 14.8% while for the quarter they were 13.1% ahead of last year. Low inventory continues to be the main factor preventing even stronger gains in sales.  There were 1868 homes available on March 31 which is -13.2%, while for the quarter the number of available properties fell 12.4%.  This translated into 2.3 months of inventory based on the rate of sales in March, while for the quarter we averaged 2.8 months of inventory which was a drop of 19.9% from 2015. 6 months of inventory is considered a stable market while anything below 3 months is a strong Seller’s market. Days on market have also been dropping and averaged 68 days in March which is 9.3% below a year ago, while for the quarter DOM dropped 9.0%. Bottom line is not only are there fewer homes for sale, they are also selling faster.

So while inventory is really low  and homes are moving quickly we continue to see only moderate increases in home prices.  While this seems to defy logic, it is great news. Prices in February appeared poised to take off and were very close to the level at which I consider the gains unsustainable  (+10%) and likely to result in a bubble.  But in March they backed off and while still positive, were much less indicative of a market that is overheating.  The average price per square foot in March was $129 which was flat versus February and up 4.9% from March 2015. For the quarter the average $/sf was up 6.5%.  The average sales price at $266K was up 3.5% for March and 5.6% for the quarter. Incidentally, the average sales price was 99% of the Seller’s initial asking price, a further indication of a strong  Seller’s market.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR MARCH 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

827

+8.1

100

1868

-13.2

100

$129

+4.9

$266K

+3.5

68

-9.3

2.3

Non Distress

809

+12.7

97.8

1807

-11.5

96.7

$129

+3.2

$268K

+1.9

68

-8.1

2.2

REO

12

-57.1

1.5

16

-56.8

0.9

$110

+17.0

$168K

+1.2

28

-50.9

1.3

Short Sale

5

-73.7

0.6

40

-41.2

2.1

$97

+10.2

$161K

-2.4

177

+13.5

8.0

New Construction

189

+30.3

22.9

779

+2.9

41.7

$138

-2.1

$315K

-1.9

127

-2.3

4.1

A client asked if I could break down the inventory we do have by price level to see where the real pressure points lie in the market.  Not surprisingly, the lower the price the quicker it sells and the less inventory there is. What is interesting is that the months of available inventory stays pretty firmly in Seller’s market territory (4 months or less) all the way up to the $600-700K level.  Here is how it broke down:

Average Days on Market and Months of Inventory by Price

 

<150K

150-200

200-250

250-300

300-350

350-400

400-500

500-600

600-700

700-800

> 800K

Average Days on Market

36

51

64

79

74

120

84

98

110

97

28*

Months of Inventory

0.8

1.1

2.1

2.5

3.6

3.4

3.0

3.7

6.4

10.0

14.0

*2015 figure was 109 days

So while the market clearly favors Sellers especially at the low end of the market, buyers should not despair.  There may be less choices out there than they would like but it is still a pretty good time to buy as lending standards are easing slightly and interest rates remain very low—still around 4% or less.  There are signs nationally that the market may stagnate somewhat due to the lack of inventory and rising prices but in Boise for now, that doesn’t seem to be the case.  For one new construction has kicked into overdrive with lots of building going on both east and west of the city and the downtown condo market active again.  New construction sales, which had recently been lagging behind the re-sale market are leading the way now.  Sales of new (listed) homes surged 30.3% in March after a similar gain in February.  My guess is the number of build jobs/custom builds is on a similar trajectory.

Please feel free to contact me with your questions and comments.  They are very much appreciated as are your referrals. Thanks!

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

 

 

Please consider the environment before printing this e-mail.

 

 

 

 

 

 

Cam Johnson    

  –                          Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Jan. 2015 – Mar. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Mar. 16

Feb. 16

% Change

Mar. 16

Mar. 15

% Change

Jan. 16 to Mar. 16

Jan. 15 to Mar. 15

% Change

4/1/2016 – 4/7/2016

3/1/2016 – 3/7/2016

% Change

For Sale

1868

1811

3.1%

1868

2151

-13.2%

5486

6266

-12.4%

1755

1778

-1.3%

Sold

827

626

32.1%

827

765

8.1%

1949

1780

9.5%

138

165

-16.4%

Pended

1088

860

26.5%

1088

948

14.8%

2622

2318

13.1%

279

246

13.4%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Mar. 16

Feb. 16

% Change

Mar. 16

Mar. 15

% Change

Jan. 16 to Mar. 16

Jan. 15 to Mar. 15

% Change

4/1/2016 – 4/7/2016

3/1/2016 – 3/7/2016

% Change

Avg. Sq. Ft. Price (Sold)

129

129

0%    

129

123

4.9%

127.98

120.15

6.5%

132

125

5.6%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Mar. 16

Feb. 16

% Change

Mar. 16

Mar. 15

% Change

Jan. 16 to Mar. 16

Jan. 15 to Mar. 15

% Change

4/1/2016 – 4/7/2016

3/1/2016 – 3/7/2016

% Change

Avg CDOM

68

70

-2.9%

68

75

-9.3%

71

78

-9%

61

74

-17.6%

Sold/Orig LP Diff. %

99

98

1%

99

97

2.1%

98

97

1%

99

98

1%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Mar. 16

Feb. 16

% Change

Mar. 16

Mar. 15

% Change

Jan. 16 to Mar. 16

Jan. 15 to Mar. 15

% Change

4/1/2016 – 4/7/2016

3/1/2016 – 3/7/2016

% Change

Avg. Active Price

359

354

1.4%

359

334

7.5%

352

321

9.7%

363

355

2.3%

Avg. Sold Price

266

262

1.5%

266

257

3.5%

264

250

5.6%

265

264

0.4%

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Mar. 16

Feb. 16

% Change

Mar. 16

Mar. 15

% Change

Jan. 16 to Mar. 16

Jan. 15 to Mar. 15

% Change

4/1/2016 – 4/7/2016

3/1/2016 – 3/7/2016

% Change

Months of Inventory (Closed Sales)

2.3

2.9

-20.7%

2.3

2.8

-17.8%

2.8

3.5

-19.9%

12.7

10.8

17.6%

 

 

 

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 April 2016, based on data available at the end of March 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 April 12, 2016 at 4:33 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , ,

Boise Real Estate Market Report for February 2016

Great Start to 2016 Continues in the Boise Real Estate Market

 

The weather wasn’t the only thing that warmed up in Boise in February. The strong showing in the Boise real estate market in January pales in comparison to February, albeit there was one extra “leap day” this year. Closed sales in Ada County at 618 were up 11.4% over 2015 and 26.4% ahead of January 2016. Sales of non-distressed properties surged 17.5% to 604 and were 97.7% of the sales total.  Meaning that short sales and bank owned properties now make up less than 3% of all sales.  Remember 2010-11 anyone? Seems like ancient history when 50+% of the market was distressed. New construction also had very strong month with sales of 139, +25.2% vs. 2015 and +33.7 vs. January 2016.  Roughly 1 in 4 homes sold last month was new construction.

After reading the above it comes as no surprise that prices were also up in February.  The average price per square foot was $129, up 9.3% while the average sales price was $263K or +7.8%. While prices compared to a year ago were up in the 5-6% range in January, in February it was more like 8-9%. Still sustainable given the market, but a little less “comfortable” than in January.  I will start to be concerned if we go 2 or more months in a row with increases of 10% or more.  When we were showing 15-18% price increases a couple years ago there was much talk of another bubble forming. The difference is prices were recovering from the hit they took 2008-11.  Now that we are back at or above the peak prices of 2006 further increases  of more than 10% on a monthly basis may signal the market really is overheating, which given that demand remains high and inventories are low makes sense.

Speaking of inventory, it is low…really low, especially for this time of year. Inventory traditionally starts to ramp up as early as February and March in anticipation of the spring selling season. There were 1811 active listings in Ada County, only 4 more than there were in January. That is 12.7% below last February and represents only 2.9 months of inventory at the current rate of sales.  You may recall from my previous reports that most experts consider 6 months of inventory to be a stable healthy market.  3-6 months typically indicates a “Seller’s Market” while under 3 would for lack of a better word be a strong “Seller’s Market”. While the average days on market stands at 70, which seems like a perfectly reasonable number, this is -9.1% from 2015.  Bottom line is homes are selling faster and for higher prices than we have seen in almost 10 years.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR FEBRUARY 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

618

+11.4

100

1811

-12.7

100

$129

+9.3

$263K

+7.8

70

-9.1

2.9

Non Distress

604

+17.5

97.7

1744

-10.7

96.3

$130

+8.3

$265K

+6.4

70

-6.7

2.9

REO

5

-80.0

0.8

17

-57.5

0.9

$101

+7.4

$203K

+12.2

78

+50.0

3.4

Short Sale

7

-56.2

1.1

46

-40.3

2.5

$92

+1.1

$152

-19.1

139

-23.6

6.6

New Construction

139

+25.2

22.5

855

+9.3

47.2

$142

+8.4

$322K

+3.2

110

-8.3

6.2

 

Looking ahead interest rates look to remain low for at least the next 6 months and demand both organic and due to in-migration continues strong. Financing guidelines while still fairly tight show signs of cautiously loosening up a bit.  Also I expect more and more people who went through a short sale, foreclosure, or bankruptcy during the recession to try and reenter the housing market as the time limits preventing them from obtaining a mortgage expire. If you are looking to buy things may appear bleak due to the lack of inventory.  Good houses in good locations do come on the market so you need to be prepared to act quickly as they don’t last long and multiple offers in the first day or so of listing are happening frequently when a desirable property that is not overpriced comes up.

I welcome your comments and questions and thank you, as always, for keeping the 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

 

 

 

 

Prepared by: Cam Johnson- Windermere Access Realty

 

 

Number of Homes For Sale vs. Sold vs. Pended (Dec. 2014 – Feb. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Feb. 16

Jan. 16

% Change

Feb. 16

Feb. 15

% Change

Dec. 15 to Feb. 16

Dec. 14 to Feb. 15

% Change

3/1/2016 – 3/9/2016

2/1/2016 – 2/9/2016

% Change

For Sale

1811

1807

0.2%

1811

2074

-12.7%

5567

6245

-10.9%

1719

1689

1.8%

Sold

618

496

24.6%

618

555

11.4%

1976

1674

18%

189

175

8%

Pended

898

680

32.1%

898

753

19.3%

2102

1843

14.1%

347

238

45.8%

 

Average Price per SQFT (Sold) (Dec. 2014 – Feb. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Feb. 16

Jan. 16

% Change

Feb. 16

Feb. 15

% Change

Dec. 15 to Feb. 16

Dec. 14 to Feb. 15

% Change

3/1/2016 – 3/9/2016

2/1/2016 – 2/9/2016

% Change

Avg. Sq. Ft. Price (Sold)

129

125

3.2%

129

118

9.3%

126.69

118.39

7%

126

129

-2.3%

 

Avg CDOM & SP/Orig LP % (Dec. 2014 – Feb. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Feb. 16

Jan. 16

% Change

Feb. 16

Feb. 15

% Change

Dec. 15 to Feb. 16

Dec. 14 to Feb. 15

% Change

3/1/2016 – 3/9/2016

2/1/2016 – 2/9/2016

% Change

Avg CDOM

70

78

-10.3%

70

77

-9.1%

69

79

-12.7%

86

73

17.8%

Sold/Orig LP Diff. %

98

97

1%

98

97

1%

97

97

0%    

98

97

1%

 

Average Price of For Sale and Sold (Dec. 2014 – Feb. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Feb. 16

Jan. 16

% Change

Feb. 16

Feb. 15

% Change

Dec. 15 to Feb. 16

Dec. 14 to Feb. 15

% Change

3/1/2016 – 3/9/2016

2/1/2016 – 2/9/2016

% Change

Avg. Active Price

354

342

3.5%

354

319

11%

345

314

9.9%

357

347

2.9%

Avg. Sold Price

263

262

0.4%

263

244

7.8%

262

248

5.6%

259

263

-1.5%

 

Months of Inventory Based on Closed Sales (Dec. 2014 – Feb. 2016)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Feb. 16

Jan. 16

% Change

Feb. 16

Feb. 15

% Change

Dec. 15 to Feb. 16

Dec. 14 to Feb. 15

% Change

3/1/2016 – 3/9/2016

2/1/2016 – 2/9/2016

% Change

Months of Inventory (Closed Sales)

2.9

3.6

-19.2%

2.9

3.7

-21.4%

2.8

3.7

-24.1%

9.1

9.7

-6.2%

 

 

 

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 March 2016, based on data available at the end of February 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 March 10, 2016 at 6:46 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , ,

Monthly Real Estate Market Report For November 2015

Sales Up, Inventory Down, But No Bubble For Now.

November was another very solid month for the Boise real estate market. While closed sales at 654 were down over 20% from October, consistent with the normal seasonal decline, they were up 10.3% from a year ago. Inventory on the other hand continues to decline.  There were 2154 homes for sale in November down 13.1% from 2479 in October and also down 11.6% from November 2014.  This represents 3.3 months of inventory at the current rate of sales, which, while low, is actually an improvement over recent months where we have been struggling to reach 3 months of inventory.  The average days on market also increased from 49 days in October to 58 in November, but I believe this can be attributed to the regular seasonal slowdown as we approach the Holidays.

 Many are concerned that this continuing combination of increased demand but declining inventory will lead to a price bubble, and ultimately a price correction.  I have been monitoring prices carefully since this trend started early this year and so far I believe prices are rising at a sustainable pace. November’s numbers would seem to confirm that. The average price per square foot ($127) was unchanged from October and up only 1.6% from a year ago.  Meanwhile the average sales price at $269K was barely up  from October and up 5.9% from November 2014. However in October’s report I expressed some mild concern that things were getting a little bit frothy since the average $/sf was +5.9% and the average sales price was +9.5%. November’s results would seem to, at least for the short term, put those fears to rest.

 There is also some speculation that as prices do continue to rise, albeit moderately, more and more buyers, especially first time buyers, will be priced out of the market.  This would be especially likely if interest rates do go up, as the Fed has signaled they will.  Their December meeting is next week so the future should be clearer then. In our market there may be enough demand through in-migration to offset the buyers who can no longer afford to buy. Nationally, however, economists are concerned.  The Wall Street Journal reported in late November that, “younger and middle income buyers had struggled to get into the market” and that, “more children are living with their parents than during the 2007-09 recession…despite substantial improvement in the economy.”* The fear is that the combination of low inventory and lack of affordability will “choke” the market. The article goes on to say that home sales in the West have declined 8.7% year over year while prices have shot up 8%.  Here in Boise, sales are up not down and prices have risen but more moderately than reported for the West as a whole.  This is a good example of the old saying that Real Estate is always local.  National, or in this case regional statistics are often irrelevant in any given market at any given time.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR NOVEMBER 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

654

+10.3

100

2154

-13.2

100

$127

+1.6

$269K

+5.9

58

-13.4

3.3

Non Distress

630

+12.7

96.3

2066

-11.1

95.9

$128

+1.6

$272K

+4.6

57

-14.9

3.3

REO

12

-52.0

1.8

20

-63.6

0.9

$101

+2.0

$203K

+38.1

71

+16.4

1.7

Short Sale

9

+28.6

1.4

65

-34.3

3.0

$85

-13.3

$174K

-6.5

116

+2.7

7.2

New Construction

143

+37.5

21.9

879

-3.2

40.8

$147

+12.2

$359K

+18.5

79

-15.1

6.1

                                 

 

So overall as we head into the end of 2015 the Boise market continues to be solid with growth in both volume and prices.  If interest rates do go up it will certainly have some effect on the market, but perhaps less so than in many markets due to our generally strong local economy, low unemployment, job growth (recently cited as the best in the nation), and in-migration from other states.  As the Holidays approach I want to thank all of you for making 2015 another great year for me personally in real estate and wish all of you and your families a fantastic Holiday Season and a healthy, happy, and prosperous New Year in 2016.

I look forward to continuing to provide this information every month and welcome your comments, questions and referrals.

  * Kusisto, Laura and Sussman, Anna Louie, “Lofty Prices Denting Home Sales”, WSJ, 11-24-2015, p.2

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

 

 

Posted on December 19, 2015 at 12:30 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , , ,

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.

 

 

 

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 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 , , , , , , , , , , ,

Boise Real Estate Market Report for September 2015

Market Remains Strong, Prices Rising

In September the Boise real estate market continued to show strong growth. There were 884 closed sales an increase of 19.4% from 2014.  Of those 143 were new construction (+9.2%). Inventory remains below 3 months and we are finally starting to see the predicted consequence of a prolonged period of tight inventory—rapidly rising prices.  For several months despite having a shortage of homes for sale prices rose only moderately, in the 3-6% range.  In September the average price per square foot ($126) was up 7.2% while the average sale price ($255K) was up 10.9%.  The median sales price, at $225K, saw an increase of 15.4%.  These are compared to what were already pretty healthy number in the second half of 2014. While it definitely too early to declare that a bubble is forming, this change in the curve of prices does bear watching.  Thankfully as sales drop off during the fall and winter months typically the months of inventory available increases, even though the actual number of homes available may actually decrease.  This increase in relative inventory may bring some relief to sales prices at least for the short term.

The other likely factor that could put a lid on rising home prices is a change in interest rates.  The Fed continues to do a dance around their goal of slowly raising rates but so far has been unable to pull the trigger. For now rates remain around 4%. A significant rise could nudge some buyers out of the market.  On the flip side, in migration by buyers flush with cash from selling homes in higher priced west coast markets and elsewhere could continue to drive market growth here. The fact that pending sales were up 23.1% in September would lead me to believe that sales will stay relatively strong in the coming months.

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR SEPTEMBER 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

884

+19.6

100

2572

-14.3

100

$126

+7.2

$255K

+10.9

52

-14.8

2.9

Non Distress

852

+22.4

96.4

2469

-12.6

96.0

$127

+6.7

$258K

+10.3

49

-16.9

2.9

REO

18

-41.9

2.0

24

-61.9

0.9

$95

+10.7

$152K

-4.4

63

-6.0

1.3

Short Sale

14

+16.7

1.6

72

-33.3

2.8

$86

-13.1

$201K

+4.7

219

+61.0

5.1

New Construction

143

+9.2

16.2

805

-7.2

31.3

$142

+7.9

$334K

+17.2

71

-21.1

5.6

 

I’m keeping it short and sweet this month.  Please feel free to contact me with your questions and comments an 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

 

 

 

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

For Sale

2572

2610

-1.5%

2572

3002

-14.3%

7820

9161

-14.6%

2383

2495

-4.5%

Sold

884

900

-1.8%

884

739

19.6%

2868

2448

17.2%

172

183

-6%

Pended

890

949

-6.2%

890

723

23.1%

2808

2277

23.3%

251

220

14.1%

 

Average Price per SQFT (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Avg. Sq. Ft. Price

125.5

124.2

1%

125.5

117.1

7.2%

125.8

119.6

5.2%

127

126

0.8%

 

Avg CDOM & SP/Orig LP % (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Avg CDOM

52

47

10.6%

52

61

-14.8%

49

58

-15.5%

45

50

-10%

Sold/Orig LP Diff. %

97

97

0%    

97

97

0%    

97

97

0%    

97

97

0%    

 

Avg Prices & Median Price (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Median

225

225

0%    

225

195

15.4%

226

206

9.7%

223

229

-2.6%

Avg. Active Price

340

334

1.8%

340

311

9.3%

336

310

8.4%

347

337

3%

Avg. Sold Price

255

258

-1.2%

255

230

10.9%

260

241

7.9%

265

255

3.9%

 

Months of Inventory Based on Closed Sales (Jul. 2014 – Sep. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Sep. 15

Aug. 15

% Change

Sep. 15

Sep. 14

% Change

Jul. 15 to Sep. 15

Jul. 14 to Sep. 14

% Change

10/1/2015 – 10/8/2015

9/1/2015 – 9/8/2015

% Change

Months of Inventory (Closed Sales)

2.9

2.9

0%    

2.9

4.1

-29.5%

2.7

3.7

-26.7%

13.9

13.6

2.2%

 

 

 

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 October 2015, based on data available at the end of September 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 October 10, 2015 at 11:29 am
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , ,

Boise Real Estate Market Report for July 2015

BOISE REAL ESTATE MARKET STAYS HEALTHY BUT RATE RISE LOOMS

 

An article last week in the Idaho Statesman painted a pretty gloomy picture of the Boise Real Estate Market and predicted a drop in the market starting… now.  I guess that sells papers, but from my vantage point the reality is quite a bit different and the outlook considerably more positive. First of all, right now the market here is very healthy.  Sales are up and while inventory is tight, prices are rising consistently but not recklessly. For the umpteenth time in the last 4 years the consensus is that interest rates are going to rise but no one really knows how soon or how much.  That simmering volcano known as the Federal Reserve has recently shown signs, albeit erratic, of rumbling to life and causing rates to rise and that definitely will affect the market when it happens.  In the long term, depending on how far rates go, some buyers will get priced out of the market by higher payments.  Sales will drop as a result which will eventually cause downward pressure on prices. However in the short term rising rates, or a least the credible threat of such, may actually stimulate the market as Buyers scramble to get in before their purchasing power begins to evaporate.  Sellers on the other hand, convinced the market is peaking and headed for collapse will rush to list now. Either way, for the short term at least, the market looks to remain robust.  And in the long term the loss of some portion of the buyer pool to higher rates may be more than offset in our market by the continued strong in-migration of Buyers, many flush with cash from selling property in more expensive places like California and Washington.

 

Here’s a rundown of the July numbers. Closed sales at 1030 were up 14.2% from a year ago.  While this is smaller than the 25% gain we saw in June, Pending sales were up 28.4% in July indicating we should have strong closings in August and September.  Inventory continues to be low with only 2.6 months available at the current rate of sale. The average days on market also is low at 49 days (-5.8%), indicating homes are selling quickly.

 

Given this scenario of strong demand and very low inventory prices should surging, raising fears of a bubble.  So far in 2015 that has not been the case.  In July the average price per square foot was $126, a 4% increase from a year ago.  The average sales price meanwhile was up 9.5% to $266,000.  While that 9.5% rise is approaching what I would consider un-sustainable appreciation, year to date the average sales price has risen a much more reasonable 5.6%.  One other interesting wrinkle in the price data is in new construction.  The average sales price ($316K) actually fell 3.7% while the average price per square foot rose 4.3% to $142.  This would suggest that builders are building smaller homes in response to tepid sales. New construction has lost 3 or 4 percentage points of market share in the last year and in July had a share of 16.8% of all houses sold while new home inventory was almost 30% of the homes available. Distressed sales meanwhile represented only 2.5% of all sales, the lowest since before the last market peak in 2006. Only 3.8% of the available homes are considered distressed, also a post 2006 low.

 

SUMMARY BOISE (ADA COUNTY) MARKET STATS FOR JULY 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

1030

+14.2

100

2638

-13.3

100

$126

+4.0

$266K

+9.5

49

-5.8

2.6

Non Distress

1005

+18.1

97.6

2534

-11.3

96.1

$127

+3.4

$268K

+7.6

47

-7.8

2.5

REO

12

-64.7

1.2

20

-69.2

0.8

$84

-6.1

$130K

-6.5

70

+20.7

1.7

Short Sale

13

-7.1

1.3

78

-30.4

3.0

$91

-6.7

$182K

+9.6

160

+8.1

6.0

New Construction

173

+3.6

16.8

784

-2.4

29.7

$142

+4.3

$316K

-3.7

93

+27.4

4.5

 

So while interest rates and global economic factors always bear watching I continue to see a strong market here in Boise at least in the short.  It is a sellers market for sure but buyers should also not hesitate because their buying power may be reduced if rates do go up soon.  Please feel free to contact me with your questions, comments and 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

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

Current Boise Real Estate Market Data

 

View my profile on LinkedIn

http://imls.fnismls.com/Paragon/DynamicImages/Realtor.jpg

P Please consider the environment before printing this e-mail.

 

 

 

 

Prepared for you by: Cam Johnson-Windermere Access Realty

 

Number of Homes For Sale vs. Sold vs. Pended (May. 2014 – Jul. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 15

Jun. 15

% Change

Jul. 15

Jul. 14

% Change

May. 15 to Jul. 15

May. 14 to Jul. 14

% Change

8/1/2015 – 8/6/2015

7/1/2015 – 7/6/2015

% Change

For Sale

2638

2636

0.1%

2638

3042

-13.3%

2587

2936

-11.9%

2474

2501

-1.1%

Sold

1030

1112

-7.4%

1030

902

14.2%

1036

875

18.4%

82

156

-47.4%

Pended

1021

999

2.2%

1021

793

28.8%

1024

842

21.6%

185

161

14.9%

July 2015 is a Seller's market**

Home For Sale in July 2015 is 2638 units. It is up 0.1% compared to the last month and down 13.3% compared to the last year.
Home Closed in July 2015 is 1030 units. It is down 7.4% compared to the last month and up 14.2% compared to the last year.
Home Placed under Contract in July 2015 is 1021 units. It is up 2.2% compared to the last month and up 28.8% 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 (May. 2014 – Jul. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 15

Jun. 15

% Change

Jul. 15

Jul. 14

% Change

May. 15 to Jul. 15

May. 14 to Jul. 14

% Change

8/1/2015 – 8/6/2015

7/1/2015 – 7/6/2015

% Change

Avg. Sq. Ft. Price

126.1

127

-0.7%

126.1

121.3

4%

125.4

120.5

4.1%

130

125

4%

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

Average Sold Price per Square Footage in July 2015 is $126. It is down 0.7% compared to the last month and up 4% compared to the last year.

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

 

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

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 15

Jun. 15

% Change

Jul. 15

Jul. 14

% Change

May. 15 to Jul. 15

May. 14 to Jul. 14

% Change

8/1/2015 – 8/6/2015

7/1/2015 – 7/6/2015

% Change

Avg CDOM

49

47

4.3%

49

52

-5.8%

50

53

-5.7%

36

48

-25%

Sold/Orig LP Diff. %

98

98

0%    

98

97

1%

98

97

1%

98

98

0%    

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

Continuous Days on Market in July 2015 is 49. It is up 4.3% compared to the last month and down 5.8% compared to the last year.

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

Sold/Original List Price % in July 2015 is 98%. 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 (May. 2014 – Jul. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 15

Jun. 15

% Change

Jul. 15

Jul. 14

% Change

May. 15 to Jul. 15

May. 14 to Jul. 14

% Change

8/1/2015 – 8/6/2015

7/1/2015 – 7/6/2015

% Change

Avg. Active Price

335

332

0.9%

335

310

8.1%

332

314

5.7%

338

334

1.2%

Avg. Sold Price

266

265

0.4%

266

243

9.5%

262

244

7.4%

265

267

-0.7%

July 2015 Average For Sale Price is Appreciating**

Average For Sale Price (in thousand) in July 2015 is $335. It is up 0.9% compared to the last month and up 8.1% compared to the last year.

July 2015 Average Sold Price is Appreciating**

Average Sold Price (in thousand) in July 2015 is $266. It is up 0.4% 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 (May. 2014 – Jul. 2015)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

  

TODAY STATS

 

Jul. 15

Jun. 15

% Change

Jul. 15

Jul. 14

% Change

May. 15 to Jul. 15

May. 14 to Jul. 14

% Change

8/1/2015 – 8/6/2015

7/1/2015 – 7/6/2015

% Change

Months of Inventory (Closed Sales)

2.6

2.4

8.4%

2.6

3.4

-23.7%

2.5

3.4

-26.8%

30.2

16

88.6%

July 2015 is a Seller's market**

Months of Inventory based on Closed Sales in July 2015 is 2.6. It is up 8.4% compared to the last month and down 23.7% 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.

 

 

 

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 August 2015, based on data available at the end of July 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 August 13, 2015 at 1:31 pm
Cam Johnson | Category: Monthly Real Estate Market Reports | Tagged , , , , , , , , , , ,