July Market Statistics

Returning to a Normal Market

We appear to be very close to completing the swing back to a non-distressed market in Ada County. This year to date, only 17% of total units and 12% of total volume sold were financially distressed properties (short sales, bank-owned or HUD foreclosures) compared to 35% of units and 25% of total volume last year, cutting the distressed market roughly in half. This July, only 11% of units and 7% of volume were distressed properties compared to 24% of units and 16% of total volume in July 2012, accentuating this trend.

This market behavior has encouraged sellers to bring more properties on the market as our inventory has increased by 26% over the last four months and our supply has increased from a low of 3 months to 3.4 months (a 6-month supply is considered to be a normal market, balanced between buyers and sellers). Sellers have evidently seen the opportunity this market gives them and are taking advantage of it to make a move.

New construction is leading the way. This year to date, the number of new homes sold has increased by 32% over last year, the average price has increased 16% and the total volume of new home sales has increased by 53%

Canyon County is also recovering and heading to a normal market but seems to be about a year behind the Ada County market in its recovery. From January through July, distressed sales in Canyon County decreased to 30% from 58% for the same period last year. Moreover, this July’s distressed sales were only 19% compared to 46% last July.

New construction in Canyon County is also strong. Year-to-date new home sales have increased by 43% in units, 18% in average price and 67% in total volume.

Sellers, the market has turned. This is a great time to put your properties on the market before the new construction machine can provide more competition.

Buyers, interest rates have increased and are likely to increase in the months ahead and prices are still below the highs of 2007. Now is a great time to purchase the home you have been thinking about.

Market Statistics Click on the links below to download the latest Market Statistics.

Market Statistics
Click on the links below to download the latest Market Statistics.
Legend

Market – These include homes of all ages and new construction.
Existing – This includes all homes older than 1 year and excludes new construction data.
New Construction – This includes new, to be built, and under construction homes.

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April 2013 – Spring Forward!

Spring Forward!

April Closings in Ada County were 8% higher than they were last April and Pending sales were 22% higher. Inventory is 6% lower than it was at the end of last April and stands at 3 months of supply based on average monthly demand over the past twelve months.

Ada County’s average price increased by 18% over the most recent twelve months compared to the prior twelve months. The more accurate picture, however, is that the average price of both distressed and non-distressed properties increased by 8%. The main reason for the higher total increase is that sales of distressed properties decreased from 46% of sales in the twelve months ending April 30, 2012 compared to 24% of sales during the most recent period. The average price of distressed properties, which accounted for only 16% of total volume in the last year, was $138,250 compared to an average price of $223,384 for non-distressed properties.

Comparing those two time frames, short sales decreased 15%, HUD-owned sales decreased by 23% and bank-owned properties decreased by 70%. Banks are getting better at processing short sales and generally prefer that route to foreclosing and taking the property into inventory.

New construction increased 52% in units and 11% in average price during the past twelve months. Vacant developed lots are half of what they were four years ago and there appears to be a limited supply of “A” lots in the near future.

As long as the Fed continues to buy mortgage-backed securities, keeping interest rates artificially low, demand should continue to be strong and prices should continue to rise.

Please let me know if you’d like me to send you the statistics for your area of town.

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Make a First-Time Home Buyer Happy!

I feel like I’m repeating myself, but I’m not sure the message is getting through. Here are some numbers that I hope will convince you how seriously we are lacking inventory.

In ALL of Ada County, there are only 1400 active single family homes currently listed on the IMLS. That number goes up by 100 if you count condos and townhouses. On average, we see around 3,000 active homes on the market. At the height (in 2008) we had over 5,000 homes for sale.

There are currently 1,131 pending single family homes (under contract & scheduled to close). This number also increases by 100 when townhouses and condos are added to the equation.  Of these, 747 are under $250,000, 346 are between 251,000 and $500,000 and 38 are over $500,000.

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Do we have buyers for these homes? Yes we do! For these and more. The prices (especially of homes under $200,000) are rising quickly due to lack of inventory. Investors are back and paying cash. So, what’s the problem? Well, for me it is finding homes for three first-time home buyer clients. Although they are all well-qualified, they can’t compete with cash offers from investors. Homes in the $130,000 price range are becoming scarce, and when they do hit the market they receive multiple offers.

If you’ve been waiting to list your home, now is the time. We have half of our normal inventory and are in dire need of more. If you are thinking about a move up, you can probably get more for your current home than you think. Chances are it will sell quickly and you could make a first-time home buyer’s dream a reality.

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Where is the inventory?

Boise real estate agents are really feeling it. If we have buyers, we are struggling to find homes that fit their wish lists. When we locate the right home, we are confronted with multiple offer situations as everyone fights to make the best offer. It’s tough out there!

I decided to take a look at one area of town to see what the numbers are like. I chose the Boise Bench because it has a wide variety of home styles and prices. Currently, there are only 48 active single family homes for sale in that area. Only 48! Those homes range in price from $73,900 to $875,000. They have been on the market from new today up to 462 days, but most have been for sale less than a month. In the last month, 35 sold (closed) and only 20 new listings have come on market. At this rate, the inventory is going to get even tighter.

What does this mean for Boise buyers and sellers? It means buyers must be pre-qualified with a lender and working with an agent who is searching diligently for them. It means they need to be able to make quick decisions – not easy when considering such a large purchase – and it means they need to act fast.

Sellers in Boise that price their homes correctly and prepare them for a great showing will find that their homes sell quickly and they may receive multiple offers. They also may be able to sell their homes for more than they thought. I’d love to tell you what your home is worth.

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January 2013 Market Statistics

Where is the Inventory?

January’s closing were down 9% in Ada County from last January, the first decline in same-month sales in recent memory. And yet inventory also declined 4% from the start of January and 13% for the trailing twelve months, leaving us with only 2.7 months of supply.

Canyon County’s closings were also down, 12%, from last January while inventory also fell by 1% during the month and by 11% during the year, leaving us with 3.2 months of properties.

It appears that our lack of inventory is causing a slowdown in the market!  This should create upward pressure on prices and more multiple offers on properties. But we definitely need more residential properties on the market for the amount of demand we are experiencing.

It appears that distressed properties are gradually disappearing and will be a less significant source of inventory in the future.  As prices continue to rise, more inventory can come from the resale market, but the biggest source of near-term supply is going to come from new construction.

If you are a buyer and you find a property that appeals to you, act quickly.  If you delay, you may lose an opportunity to buy now and get a better price than you will be able to in the future. If you are thinking of selling, put your property on the market You may be surprised by the price you can get. And then take advantage of the low interest rates to own the home of your dreams.

Market Statistics
Click on the links below to download the latest Market Statistics.

Legend

Market – These include homes of all ages and new construction.
Existing - This includes all homes older than 1 year and excludes new construction data.
New Construction - This includes new, to be built, and under construction homes.

Ada County Area Map
Canyon County Area Map

  Market Existing New Const
Ada County PDF PDF PDF
North Boise, 100 PDF PDF PDF
Northeast Boise, 200 PDF PDF PDF
Southeast Boise, 300 PDF PDF PDF
Boise Bench, 400 PDF PDF PDF
Southwest Boise, 500 PDF PDF PDF
SW Boise/Meridian, 550 PDF PDF PDF
West Boise, 600 PDF PDF PDF
West Boise/Meridian, 650 PDF PDF PDF
Garden City, 700 PDF PDF PDF
NW Boise/Garden City, 800 PDF PDF PDF
Eagle, 900 PDF PDF PDF
Star/Meridian, 950 PDF PDF PDF
Southeast Meridian, 1000 PDF PDF PDF
Southwest Meridian, 1010 PDF PDF PDF
Northeast Meridian, 1020 PDF PDF PDF
Northwest Meridian, 1030 PDF PDF PDF
Kuna, 1100 PDF PDF PDF
       
  Market Existing New Const
Canyon County PDF PDF PDF
Nampa (83687), 1250 PDF PDF PDF
Nampa (83686), 1260 PDF PDF PDF
Melba, 1265 PDF PDF PDF
Nampa (83651), 1270 PDF PDF PDF
NW Freeway, 1275 PDF PDF PDF
SW Freeway, 1280 PDF PDF PDF
Middleton, 1285 PDF PDF PDF
Canyon Other, 1290 PDF PDF PDF
Parma, 1292 PDF PDF PDF
Wilder, 1293 PDF PDF PDF
Greenleaf, 1294 PDF PDF PDF
 

 

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New Website

After years of dealing with a website that just didn’t do what I wanted, I’ve finally had a new one designed and launched! Please check it out. I’d love to get your feedback on the information provided, the calculators and the MLS search feature. I hope you’ll like it as much as I do.

www.SueDahlgren.com

 

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December 2012 Market Statistics

The Pulse Quickens! The residential market came alive in 2012. Nine percent more properties sold in Ada County in 2012 than in 2011 and they were sold for a 14% higher average price.  The table below shows that while the average price for distressed and non-distressed properties each increased by 5%, the mixchanged: 50% of all properties sold in Ada County in 2011 were distressed compared to 30% in 2012.  Since the average price of distressed properties was lower than the average price of non-distressed properties, the change in the mix caused the average price over all properties to increase by 14%.


                    Distressed Property Sales
Ada County
Distressed Non-Distressed Total
2011 $132,677 $210,318 $171,967
50% 50% 100%
2012 $138,694 $220,261 $195,841
30% 70% 100%
% change 5% 5% 14%

The supply of housing also decreased.  Every price range under $600,000 in Ada County has less than a 6-month supply of inventory (a 6-month supply is generally regarded as a “balanced” market). The overall market is down to a 2.8-month supply, creating interesting opportunities. If you’re a buyer and you find something you like, decide quickly! If you have been thinking of selling your property, you may be surprised about what the market will bring. Give me a call.

Be sure to look for the Group One 2012 Annual Report in the Idaho Statesman

 

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Staging. Just Do It!

As an agent, it is much easier to tell a seller that they have a lovely home, snap a few pictures and put it on the market than it is to have the sometimes difficult conversation about staging. If you are interviewing listing agents who don’t suggest staging, beware. The same holds true of agents that can “take their own photos”. With very few exceptions, this is not what we do best.

Today’s buyers can see pictures of your home on any number of websites, and the decision about whether to actually go to your home is based primarily on what they see. What buyer decides that this is their dream home?

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Obviously a lovely doll collection, but a turn off to many people. This is a case where pre-packing can really help you get moved. Any large collections should be put away before photos are taken and your home hits the market. Your hunting skills should definitely remain a well-kept secret while trying to sell your house.

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These examples may seem over-the-top, but believe me, these are real MLS photos and real people are trying to sell their real houses with these pictures.

So, your house looks great in comparison, right? But we shouldn’t be trying to sell a home the same way we live in it. We all get used to little idiosyncrasies. We get used to things looking a certain way and they become invisible to us. A professional stager walks in with a buyer’s eyes and can transform a nice room into a room that will sell a house.

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This could be a beautiful room with some staging. The arched doorway and wood floors disappear because we can only see the too large entertainment center.

Some people immediately discount staging because they believe it will be too expensive. It is not as costly as you might think. It also helps to sell a home more quickly and for more money. All in all, staging will make you more money.

Be sure to have the conversation with your agent.

 

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Buying a home in an historic district

As a Realtor© who works regularly in the historic districts, I have an understanding about possible restrictions facing my buyer clients. When prospective buyers speak with agents about adding a porch or replacing a worn roof with a different material, an agent should know enough to question whether that is even a possibility.  Energy efficient upgrades like dual pane vinyl windows or solar panels may sound like a good idea to buyers, and they may get excited about making additions and changes to existing homes to better accommodate their families and modern lifestyles while living in the area they desire. But will these changes be permitted? It depends.

Some Boiseans are aware that a part of the North End is an historic area, but there are actually nine Historic Preservation Districts in Boise. Four are in the North End, two in the East End, two downtown, and the ninth is Spaulding Ranch on Cole Road. If you choose to buy a home in one of these areas, you are restricted not only by city building codes but also by the regulations of the particular historic preservation district in which your home is located.

Many people love the idea of owning an historic home. These houses have so much character and can make wonderful places to live. Though I currently live in a modern home (circa 1950), I have had the pleasure of living in (and remodeling) a 1900 Bungalow and a 1902 Queen Anne Victorian home in Boise’s North End Historic Preservation District. There are many things you need to know before undertaking a renovation in this or any of the other districts. If your agent is not familiar with these areas and the restrictions they have, please be sure to educate yourself.  A good place to start is The City of Boise website (http://pds.cityofboise.org/planning/hp/). There you will find some residential design guidelines, information on obtaining a Certification of Appropriateness, if needed, as well as times and dates of commission hearings.

So enjoy the many pleasures of owning a treasured piece of Boise’s history, but be sure to make an educated purchase. Know the rules before you buy.

 

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