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.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

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.

images

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.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

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.

imgres

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter