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

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
 

 

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

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.

 

1703-n-16th-main1

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