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Boise, ID-Boise Real Estate has seen an overall decrease median price  this year–good news for affordability and stability.  Year to date, the median home price in Ada County is down 7% or to $155,000; Just about where we were in 2004 before the big median value run up.

Boise Home are Sales Up

For the same time frame however, our sales are up overall by 7% to 5,367 homes sold.  It’s gonna be a close one to beat 2009 numbers, but we’ll see once those stats show up.

What’s this mean to you?

Buyers:

• Affordability
• Selection could be limited depending upon location
• If you see the one you want, don’t wait, someone will buy it if you don’t.  That’s a guarantee!

Sellers:

• Less* competition in the market
• Pricing stable but remains competitive
• Get your price down to your lowest threshold and hold firm, you’ll get an offer… if not 2 (or more)

Stay tuned for a 2010 end of year report and a look back into a decade of Boise Real Estate home values.

You are entitled to your opinion.  But you are not entitled to your own facts.

– Senator Daniel Patrick Moynihan

Boise Real Estate Statistics

Say what you want about the state of the  Boise Real Estate Market–but, the numbers don’t lie.  Key price ranges have been steadily losing supply and that’s good news for the fragile recovery of our local markets. The fewer homes available for sale limits choices and helps balance the market.

Boise Real Estate Inventory on the Decrease

In November, Intermountain MLS reports that the two most active price ranges ($120k-$160k and $160k-$200k) are seeing the affordability opportunities disappear.  This doesn’t mean that housing is getting less affordable, what it means to you is that you’ll simply have less to choose from and in some cases might be competing for the good Boise Real Estate.

YTD, the $120k-$160k price range has seen a 45% decrease in inventory–currently standing at 709 units down from 1079 at the beginning of the year.

In addition, the $160k-$200k price range has seen the same 45% decrease in inventory from 706 units down to 452.

The important thing to remember is that while markets are local, there are also local factors that can further affect the stability of a market; jobs, interest rates, foreclosures etc.

What this means if you’re buying a home in Boise

Simply put, if this trend continues, you’ll have less to choose from.  On one hand, this may make searching for homes easier, it will also make the playing field more competitive–a good priced home in the right condition could attract many lookers.

If you’re in the market to buy real estate, now’s the time to get educated by someone who understands the local numbers and opportunities.  Now more than ever consumers have access to real time listing information and market news, but also, now more than ever, consumers are more confused about what that news actually means.

What this means if you have a home for sale in Boise

If you’re selling or thinking of selling within this price range, it’s good new especially for you.  If you’re home has the 5 Rights, you’re likely to garner a higher asking price to sales price ratio and will probably be on the market for less time overall.  Don’t get greedy though, we aren’t out of the woods yet–be competitive and go get a great deal on a discounted upgrade home.  By the way, you can start that search here.

If you’d like the entire copy of the November MLS charts and graphs, you can download them here.

Bottom line–decrease in inventory good–increase in inventory bad.

Boise Real Estate Stats weren’t the highlight of the big news yesterday that,” real estate sales were down nationally by 27%”.  For some reason,  people are surprised.  The Tax Credit incentive did nothing more than expedite sales that would have most likely occurred anyhow sometime later in 2010 or early 2011.  A surprise not much different than getting the credit card bill after Christmas.  All we did as a Nation was borrow against future sales, and the May, June,  July stats just happened to be the bill.  Thanks to the MSM for missing the bigger picture though.

Courtesy IMLS

The good news though is that Boise home prices are  holding still.  In Boise, home values are actually going up slightly.

While some of us expected sales to fall, others were obviously surprised at the news.  Perhaps another surprise will be to learn that home values in Boise are holding firm (for now) and has actually increased 9% for the month of July. This marks the 3rd month of moderate increase.  So, hat’s off to the media for only telling us a part of the story…

Do me a favor will ya?  Follow me on Facebook and Checkout my Home Search page!  Share it with all you know who are even thinking about making a move!  Thanks!

Oh, and one more thing;  when you’re in need of Boise Real Estate Stats, don’t go to CNN, MSN or the like, come to me for the real deal…okay?

East Boise Real Estate has long proved to be a wise move.  For years, availability was limited to older homes, mostly outdated.  Recent development in Harris Ranch however is changing the face of the East Boise Real Estate Market.

East Boise Real Estate & New Construction Today

In September of 2009, the completion of the East Parkcenter Bridge broke loose a log jam of pent up East Boise new construction in  Barber Valley.  The Mill District of Harris Ranch has been chugging along with 5 new home sales YTD with a median price of $266k.  Compared to the resale activity of 9 sales YTD  and median price of $267k, that’s a pretty sweet reason to buy new!

In addition to the Mill District activity, the new River Heights Community by Brighton Homes has sold 2 homes and has 5 more pending!  This type of activity has gone on fairly unnoticed since most new construction at this scale hasn’t occurred in East Boise for almost 10 years!

When one considers East Boise as their location to purchase, until now, they’ve only been left with resale/used homes to choose from, many of which in their original style and design.  This hasn’t stopped the East Boise Real Estate market from outperforming its competition though.  Housing values in North East and South East Boise have consistently among the top performing areas to live regardless of how dated some of the homes remain.

River Heights and The Mill District have successfully combined the obvious benefits of new construction with the obvious benefits of East Boise in a manner that makes one wonder why anyone wouldn’t consider East Boise new construction as the best choice for a new home purchase.

When you’re ready for information about the East Boise Real Estate Market as well as the newest updates on The Mill District or River Heights, let me know!

"Look out Beloooow!"

The Boise Real Estate Market saw pending home sales fall 30.64% in May, just after the deadline of the Home Buyer Tax Credit. This shouldn’t come as a surprise to anyone paying attention, even Lawrence Yun, Chief Economist for the National Association of Realtors, said, “In the months immediately following the expiration of the tax credit, we expect measurably lower sales.”

• Oh yeah, follow me on Twitter!
  

Oddly enough this analysis was tucked quietly and tightly between the paragraphs of a May 4th NAR report that mentioned “pending home sales were on an upswing.”

I’m sure NAR copywriters are digging in to find some more news that can me misconstrued in a another attempt to keep consumers sleepwalking.

Perhaps it would be sufficient to be honest and truthful about the conditions of the market. No matter the news, good or bad, people still have to move: Some get relocated for work, some retire, some get married, some get divorced and the list goes on and on.

Boise Real Estate Stats (May 2010)

All stats cover Ada County and are derived directly from Intermountain MLS

• Pending Sales–As previously mentioned, pending sales fell in May by 30.64%
• Sold Homes–Fell 6.8 percent from April to May, but, sold homes are up nearly 43% over the same time one year ago….not bad!
• Median Price–Down 10% YTD, however, it’s up from April and standing at $155,000
• Inventory–Lower than it has been in previous years, but May brought a 4.29% gain and it sits at 3720 homes for sale in Ada County.

If you’d like a FULL set of the May Statistics for Boise & Ada County Real Estate complete the short form and you’ll get access to them INSTANTLY!

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