Market Statistics from Sue Dahlgren and Group One – February 2016

 

January 2016 Market Report by Sue Dahlgren at Group One Real Estate

FAST START

At the end of 2015 we wondered if the good news market could continue.

Well, January news was oddly good. It was a successful start to the year because sales were 12% higher than last January. It was odd because all of the improvement in sales was in resale properties; new home sales this January were identical to sales last January.

The future appears even brighter. Pendings were up 12% for resale homes and up 63% for new homes over last January.

Inventory in resale homes is down to only 36 days while new home inventory is balanced at 5.9 months. We desperately need more resale inventory. There are many more buyers than there are properties to buy.

Editorial Comment:  If you’ve been thinking about selling your home, this could be the perfect time. Don’t wait for spring. More homes will hit the market as soon as the grass turns green. Group One recommends LISTING your home. Fully listing your home means including it in the Multiple Listing Service. This allows your home to gain exposure to all buyers and agents, resulting in an offer based on full market exposure. Don’t leave potential money on the table by opting for a “Coming Soon” sign.

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.

 Ada County Area Map
 Canyon County Area Map

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

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A Little Bit Slower – October Market Statistics

Based on the limited data available so far in the fourth quarter, the torrid pace set in the first three quarters appears to be slowing. October’s closings were down 3% and pending sales down 4% from October 2012.

Several things are happening to create this slowdown:

(1) The institutional investors are pretty much gone from the market, decreasing the demand for residential income property. (2) Although interest rates remain at very affordable levels, they have risen approximately 1.5% this year, eroding buying power by about 15%. (3) The inventory of distressed property has decreased significantly. Only 6% of listings and 9% of sales were distressed properties in October. (4) Average prices have risen 17% in the last year, again decreasing the affordability of owning a home.

However, there are many signs our market will continue to be healthy for the next year. (1) Although average prices have risen, the average price of a home now is still 20% lower than six years ago when the market turned down. (2) Even though interest rates have increased recently, they are still near all-time lows, making real estate ownership look like a great, affordable deal. (3) While inventory levels have risen by 50% over the low point this year, we still have only 3.7 months of residential property on the market. (4) Ada County is creating jobs. And finally (5) we have found that, as California prices rise, Californians are able to sell their homes and come to Idaho.

Buyers: Prices are still competitive and interest rates are still low. Fall is often a more relaxed time to buy before the expected surge next spring. The main obstacle you may have to deal with is finding just the right property because of limited availability. It’s a good idea to have a trusted relationship with an agent who can get in touch with you right away when they find something new has come on the market.

Sellers: The good news is that, with inventories still lean, you are in a position to have success. Buyers who are in the market now are generally quite serious. Bringing your property onto the market now may enable you to beat the more competitive market in the spring.

Be sure to stay in touch so I can keep you updated on market conditions.

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How’s the market?

I guess you could ask 100 Realtors this question and get 100 different answers. Even agents in the same geographic area will have varying responses. Here’s what I think based on what I have been experiencing.
In the Treasure Valley, the market is improving.  That is not to say that we don’t have our fair share of distressed properties. We do. It also doesn’t mean that home prices are soaring, but in some areas prices appear to be stabilizing and even rising slightly. The market is interesting to say the least.  According to January numbers from the Intermountain MLS for the last three years, the percentage of Active Properties (listed for sale) vs. Pending Properties (under contract and waiting to close) has significantly improved.  Also, notice that the inventory is very low. This means that quality homes that are priced right are selling more quickly.
New Construction Numbers:
Active          Pending
01/2010     1582             200           13% pending
01/2011     1298              145            11% pending
01/2012     1014             198             20% pending
Existing Home Numbers:
Active            Pending
01/2010      8362              1285          15%  pending
01/2011       7228              1190          16%  pending
01/2012      4885               1470         30% pending
The biggest complaint I hear from agents these days is about lack of inventory.  The buyers are out there, and why not? Prices are good and interest rates low.  The problem is that there isn’t much to buy.  Well qualified buyers are waiting for “the house” to come on the market. It seems sellers are holding tight. Perhaps they think that prices will increase, or maybe they are just afraid to find out what their home is worth.
As a Realtor, all I can do is spread the word that buyers are waiting – perhaps for your home! It would be nice if we could get sellers back into the game.
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Smaller Homes Make Big Sense

According to The Idaho Statesman, McMansions are on their way out. To this I say, “Good riddance!” For some reason, the keeping-up-with-the-Joneses mentality seems to have overridden common sense in the recent past with respect to home size. People believed they hadn’t made it unless they lived in 4000 square foot homes with vaulted ceilings. Whether the economy or greener values or a combination of the two have been responsible for the shift, the good news is that we are seeing a change.

Huge homes mean added expense. Upkeep runs much higher, as do utility bills. These too large homes are big polluters as well as space wasters.  More people are realizing that they can be happy in much less space in part thanks to books like The Not So Big House by Sarah Susanka. This series of books helps people learn how to utilize fully the space they have. We don’t need bigger; we need better planning.

Locally, we still have a long way to go in embracing this smaller-can-be-better lifestyle choice. Although builders are building smaller homes in some price ranges, it is still nearly impossible to find small higher end homes. Builders will eventually realize that even people with the money for high end upgrades don’t necessarily want a bunch of extra space.  Currently in Boise, anyone looking for a high-end, smaller home option is relegated to condo living or a custom build job.  Hopefully, more people will get on the not-too-big bandwagon and options will expand to include reasonable sized, higher end single family houses.

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Save Some Green

Everyone knows some ways to add energy savings to their home. Insulation, Energy Star appliances, upgraded windows and switching to compact fluorescent bulbs might save you some money, but how much?  Instead of throwing money at updates that may or may not help you save energy, why not have an energy audit?

An energy audit will help you determine what the big energy offenders are at your house. Along with the auditor, you can formulate a plan and a budget to handle your energy saving updates. The auditor can tell you how much you will save and how long it will take a particular item will take to pay for itself.  You might be surprised at what really makes the biggest difference.

When looking for a new home, why not have an energy audit as part of your inspection? A list of items not usually checked will give you negotiating power. You can even ask the sellers to make repairs that will help keep your expenses down.

If you are interested in having an audit done on your current home or if you are planning a move, give me a call. I can get you set up with a professional energy auditor.

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Changing Values, Changing Venues (Part II – Renovating)

In part one of this blog I spoke about the exodus from the suburbs and the current thinking that makes living close to where you work and play so desirable.  Commuting adds a big expense to the monthly budget as well as adding to ones carbon footprint.

 

If you want to live close to downtown Boise, there is a good chance you’ll end up in an older home in one of Boise’s established core neighborhoods.  Many of the close-in neighborhoods (North End, East End, Northwest and the Bench) consist largely of homes dating from the mid 1900’s back to the turn of the century.  These homes have character that many find pleasing, but they often lack some modern conveniences that homeowners have come to expect.  This is why many people choose to remodel these older gems.

 

With society’s increasing emphasis on sustainability and our awareness of more eco-friendly materials, these remodels can accomplish several things.  First, they can make an older home function in a way that works for modern life.  A good remodel can increase the appeal and value of a home while, at the same time, it can make it a more efficient and healthier place to live.  Your remodel can save you money as well as help you stay healthy. 

 

Naturally, there are costs involved with every remodel decision you make. However, you might be surprised at how many of the choices you make can be eco-friendly for about the same price as less sustainable choices.  Energy Star appliances, low-flow faucets, sustainable floor coverings and more are priced competitively with less eco-friendly choices.  Plus, when you factor in the usage savings plus any tax benefits, I’m sure you’ll find that they are a true value.

 

Here are a few examples based on a 2500 sq. ft. home.

 

Payback
Time in
Years:

Added
Cost:

Annual
SAVINGS

10 Year
SAVINGS

 

Programmable Thermostat

0.6

$115

$180

$1,800

Compact Fluorescent Lighting

0.8

$60

$80

$800

Shower Heads

0.9

$180

$300

$3,000

Water Efficient Toilets

2.0

$50

$25

$250

Windows

2.3

$700

$300

$3,000

Whole House Fans  

3.6

$450

$125

$1,250

 

Info courtesy of http://www.greenandsave.com  Find complete list here

 

During the current economic situation, home prices in these core neighborhoods have remained more stable than those in communities further from the downtown area. If you are thinking of moving to one of these neighborhoods, or if you are lucky enough to already own a home in one of them, remodeling might make sense for you. Let me know if I can help by referring you to a trusted contractor or vendor who is well qualified to help you achieve your dream.

 

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