Boise Idaho Real Estate Blog - Real Estate Market

Rental Market Trends 2015 Q2

In Ada County, rental vacancy rates increased by 1 percent to 3.8 percent in the 2nd quarter of 2015.  In the second quarter of last year vacancies stood at 3.7 percent. Single family properties saw the greatest increase in vacancy rates from the last quarter. It’s important to keep in mind, single family vacancy rates are considerably lower than the 5.4 percent we saw in the second quarter of 2014.

Rental market trends for the first half of 2015 are showing multifamily and single family vacancies continue to increase. Rental rates increased slightly for single family homes, with an average of a $9 increase. There was an overall decrease of $31 in rental rates for multifamily homes. On the average, Ada County showed an $11 increase in rental rates over…

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Real Estate Market Update June 2015

Single family home sales in the Boise real estate market for the month of June totaled 568. This is a 12.5% increase in Boise home prices, versus the 454 homes sold in June of 2014. Median sales price for June was $218,750 which is a 10.76% increase from last year at $203,250. The median price per square foot for a single family home was $128.

Median days on market is still very low at only 13 days however this is an increase from May which only saw 8 days on market. This time last year, average days on market was just 16 days. Right now in Boise we currently have 2.05 months of inventory available. This is a decrease from the 2.43 months we had last month.

New homes sold in Boise totaled 57 units. This was five more units than this time last year…

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Real Estate Market Update May 2015

Here are the latest updates from your Boise Real Estate Center for May 2015. A look at Ada county stats:

• 901 single-family homes sold, up 14.5% year-over-year
• Distressed properties (REOs and short sales) only accounted for 3% of the homes sold, down 50% compared to last year at this time
• The Median Sales Price was $229,000, up 9.6% year-over-year
• Available inventory was at 2.8 months, a decrease of 9.7% year-over-year (again, new construction supply was at 5.9 months, while the supply of existing homes was at 2.2 months)
• Days on market was at 49, which was 2 days longer than last year, due to an increase in new construction market time, at 92 days in May 2015 compared to 76 days in May 2014

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Real Estate Market Update April 2015

In Ada County we had a total of 803 units sold vs 695 in March. Of those 803 units only 5% were distressed sales (bank owned or short sale properties). Average days on market for these properties were 47 days. Days on market for inventory in the $160,000-$200,000 range was just 14 days. This price bracket also had the highest number of total units sold at 199 units.

The median sales price for homes in Ada County in April was $216,200. This number is down from March at $222,500. Inventory is still hovering at 3.1 months overall however for properties priced in the $120,000-$160,000 range was just 1.3 months’ supply.

For new construction, popular price points continue to be in the $250,000-$400,000 range. Currently in Ada County we have 6.6 months’…

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Real Estate Market Update March 2015

Boise real estate price trends keep trending up. This is the best March we have had in Eight years, the latest from our Boise real estate blog. Ada County summary below:

• 694 homes were sold last month. That is an incredible 14 percent increase from March 2014. That is 134 new construction homes and 560 existing homes.
• Days on Market totaled 65. That is slightly lower than what we have been seeing.
• Overall, the median home price is $222,000. $282,402 for new construction and $210,000 for existing homes. In February the Median existing home price was $196,750.
• Total Inventory stands at 3.6 months. Pending sales total 1,208.

Outlook and Summary

Overall, it was a very strong month, Nationally it looked very much the same. All real…

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Real Estate Market Update February 2015

Boise real estate market news for February 2015. Ada County results:

• In February 2015, we saw a total of 507 homes sell in Ada County, up 10.41% from February of last year.
• Days on Market, or home supply, declined by 3 days to 67 from last months 70 days on market.
• In the new construction market we saw 109 sell; an increase of 8.12% from last year.
• Existing homes sold totaled 398; an increase of 11.11% from the previous year.
• In Ada county the median home price is $224,900 up 9.86% from this time last year.
• For existing homes the median is $196,750 up 11.25% from 2014. The new construction median price is $305,000 practically unchanged from 2014.
• Total supply of homes is at 3.8 months.

Market Outlook

It’s unusual to see…

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Real Estate Market Update January 2015

The January market is off to a strong start. Boise housing market conditions continue to improve. Stay up to date with our latest market report for Boise, ID and surrounding areas.

• Home sales in January 2015 totaled 425 in Ada County, up 1.67% from January 2014.
• Total dollar volume for sold homes is up 9% from last year.
• Housing supply – Days on Market finished the month at 70, identical to January of 2014. Last month DOM was 66.
• Broken down by type – In the new construction market 104 homes were sold; up 3% from last year. Existing home sales totaled 321; up 1% from last year.
• Currently there are 867 pending sales. Pending sales are a good predictor of future sales.
• In January the median home price was $223,900, up 8% from this time…

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Year End Boise 2014 Real Estate & Housing Market Stats

In December 2014, single-family home sales totaled 597, an increase of 3.5% from December of last year. For the Boise housing market in 2014, total sales dropped 2.5% from 2013; 7,764 homes were sold compared to the previous year’s 7,964. In 2014, a total of $1.91 billion in real estate was sold, compared to to $1.85 billion in 2013.

Total Days on Market totaled 66 for the month, an increase of 9 days from the previous month. For this same time last year, Days on Market totaled 59.

New construction home sales totaled 129, a decrease of 5% from 2013. Total sales for existing homes were 468, an increase of 6% from December 2013.

Pending sales at the end of December were 712, up 4% compared to December 2013. Pending sales are our best…

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Rental Rates in Boise Increase During Q4 2014

Vacancy rates in and around Boise moved up slightly to 3.0% for the 4th quarter, an increase of from last quarter. The largest increases in vacancy rates from last quarter, were multifamily homes.

Current Rental and Vacancy Rates

In 2013 we saw average rents increase by 7.6%. In 2014 single- family rents alone increased almost 22%. For Q4 of 2014 rental rates increased slightly from last quarter. The increase in rental rates has been in all areas of the rental market, from single family to multifamily.

Although, the rental rate increase was minimal, its very significant. To be able to show an increase in rental rates during the most challenging time of year to rent a home is exceptional. In addition, we have been able to maintain the vacancy…

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