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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