August 2019 Market Report

ADA COUNTY HOME PRICES REACH NEW BUT EXPECTED HIGH POINT IN AUGUST

Key Takeaways:

  • The median sales price was at $355,000 in August 2019, up 6.6% over the same month last year.
  • We’ve seen a new record high median sales prices for Ada County every August since 2016 — driven by higher list prices and faster market times in the summer.
  • The existing housing supply is being outpaced by demand, which increases in the summer months, driving prices up. The increased share of new construction sales is also a factor in the higher overall median sales price.

Analysis:

Home prices were up 6.6% from last year in Ada County, hitting a record median sales price of $355,000 in August 2019. This high point continues the trend we’ve seen since 2016 with new record highs each August.

It typically takes one to two months for a home to close after it goes under contract, so many of the homes that closed in August likely went under contract at the end of June, July, or even early August. Analyzing market data going back to 2016 shows that homes are listed at the highest prices of the year during these months, and have some of the fastest market times, resulting in the highest sales prices of the year.

It’s not a surprise the list prices build through the summer, considering the warmer weather makes it easier for homeowners to prep their property to sell, and many buyers are hoping to get into a new home prior to school starting. Then this year, that seasonal cycle was compounded by another year-over-year decline in the supply of home compared to the increase in demand, resulting in another August with a record high median sales price.

The overall median sales price was also pushed up by a high number of new home sales — which accounted for 30.1% of all home sales in August 2019, up 14.4% year-over-year. New home prices are typically higher due to the cost of land, materials, and labor, so a higher share of new home sales has a big impact on the overall median sales price each month.

Thinking about purchasing a home? Whether prices remain high or dip down, REALTORS® are the best-equipped partner to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Home sales activity was up in Elmore County in August with 50 closed home sales and 69 homes going under contract, or “pending” — increases of 6.4% and 16.9% respectively, from the year before. However, inventory levels dropped again, marking 55 consecutive months of year-over-year declines. There were 76 homes available for purchase at the end of the month, down nearly 25% from August 2018.

The median sales price reached $179,975 — an increase of 17.6% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven by home buyer demand and persistently low inventory.

To better understand the impact of demand and supply, we use the Months Supply of Inventory (MSI) metric. This compares pending sales (or homes under contract) which measures buyer demand and inventory (or homes for sale) which measures supply. In August 2018, there were  1.7 months of supply available. A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply.

Whether you’re interested in buying or selling in Elmore County, it’s important to do your homework and find trusted partners to work with. REALTORS® are best-equipped to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 GEM COUNTY HOUSING MARKET UPDATE

There were 34 homes sales in Gem County in August, down 20.9% from August 2018, but up 61.9% from last month. Pending sales were also down, with 50 homes pending in August, down 5.7% from a year ago. This left 52 homes available for sale at the end of the month, down 27.8% year-over-year.

The median sales price for Gem County reached $231,885, an increase of 19.1% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low supply versus demand.

Speaking of supply versus demand, the Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). In August 2019, there were 1.7 months supply of inventory in Gem County, down 10.5% from August 2018. A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

When it comes to rising home prices in Gem County, the function of supply and demand is truly the biggest factor. If you’re considering selling, now would be a great time to talk to your REALTOR® about your options.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Aug 19Canyon Snapshot - Aug 19 (Check your email)-01Elmore Snapshot - Aug 19Gem Snapshot - Aug 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

Call for 2020 Directors

Apply for a director position today!

The deadline for BRR, IR, and NAR director applications has passed. We will be accepting Foundation Director and IMLS Director applications through Friday, October 11, 2019.

Foundation Director Application

IMLS Director from BRR Application

Boise Regional REALTORS® (BRR) is the largest local REALTOR® association in Idaho and has two wholly-owned subsidiaries — the Intermountain Multiple Listing Service (IMLS) and the REALTORS® Community Foundation.

The mission of BRR is to bring resources to REALTORS® with the ultimate goal of helping them find success through ethics, professionalism, and connections. To accomplish this, we rely on the experience and expertise of volunteer leaders (like you!) to serve on our Board of Directors, and the boards of the IMLS, REALTORS® Community Foundation, and state and national associations of REALTORS®. In doing so, you will make decisions on professional standards, education, community engagement, public affairs issues, and more, on behalf of all members.

Through your volunteer service, you will gain valuable industry insights, improved leadership skills, and build professional relationships with other leaders — locally, nationally, and across the state — that, in turn, helps you in your own business and other volunteer commitments.

From August 19 to September 6, we are accepting applications for the following leadership positions, with terms beginning in January 2020: 

  • Boise Regional REALTORS® Director — four (4) open positions
  • Boise Regional REALTORS® Vice President — one (1) open position
  • Boise Regional REALTORS® Treasurer — one (1) open position
  • Idaho REALTORS® Director from BRR — four (4) open positions
  • National Association of REALTORS® Director from BRR — one (1) open position
  • Intermountain MLS Director from BRR — two (2) open positions**
  • REALTORS® Community Foundation Director, Member-at-Large — two (2) open positions**

Download the full list of positions here, including each positions’ responsibilities, qualifications, terms of service, and related meetings.

More about the BRR Director and Vice President openings:

According to BRR Bylaws Section 11.5, all candidates shall have been an active REALTOR® Member of BRR for the two (2) years immediately preceding the election and shall have served on at least one (1) Association or Association subsidiary committee or task force. Additionally, candidates for an Officer Position shall have the following requirements: Will have served as a member in good standing on the Board of Directors for at least one (1) year in the three (3) years immediately preceding the election, and, Will agree not to serve in an officer position on another REALTOR® Association Board of Directors, or as an officer for IMLS or the Foundation, during their term(s) on the Board of Directors.

 

Not interested or not yet eligible for a Board position but still want to get involved? Click here to learn about BRR committees. (Call for committee members will open in the fall of 2019.)

** Foundation and IMLS Directors are not voted on by the membership. Foundation applications will be forwarded to the Foundation Board of Directors for selection and appointment, and IMLS applications will be vetted by BRR’s Nominating and Elections Committee, and then appointed by the BRR Board of Directors.

IREC Audit Stumbling Blocks: How to Avoid the Most Common Citations

During a recent First Friday Legal Forum, Gayle Brixey and MiChell Bird from the Idaho Real Estate Commission (IREC) stopped by to share some common issues they see while performing audits. As you prepare for your next IREC audit, keep these tips in mind to (hopefully) help you avoid citations.

Trust Accounts and Ledger Cards
Brokers are often cited for either not having an accurate ledger card or not creating one at all.

Even if your brokerage no longer has its own trust account, Idaho statue Section 54-2044(2) says that ledger cards are required as it assumes the brokerage will “touch” the earnest money, even if it will be delivered directly to and held by a title company. Article 8 of NAR’s Code of Ethics also refers to this, as it requires REALTORS® to keep “special account” of client funds and earnest money.

The best way to avoid a problem is to track everything; either by creating a ledger card when the broker takes physical possession of any earnest money, or, upon assumption of responsibility for earnest money when the purchase and sales agreement is accepted. The purchase and sales agreement should state how the earnest money will be handled (for example, if the buyer, agent, admin, courier, etc., will deliver it to a title company).

Don’t have a ledger card built? Check out this example from IREC.

Earnest Money Handling and Receipts
Earnest money is another common area for citations, resulting both from handling errors and a lack of receipts.

When deciding who should handle the earnest money, keep in mind that while it may seem easier not to take possession of earnest money, consider whether your buyer will have the same level of urgency as you would to deliver everything on time and as outlined in the purchase and sale agreement. The buyer’s failure to comply with the earnest money deposit terms in the contract may result in cancellation of the contract, loss of earnest money, etc., creating more issues than you were trying to avoid in the first place.

Regardless of who handles the earnest money, you should always get a receipt from the title company (or whichever entity is holding the earnest money) that shows:

  • The date the earnest money was delivered/received;
  • Who delivered the earnest money;
  • Who received the earnest money and their signature;
  • The property the earnest money relates to; and,
  • The amount and type of earnest money received (cash, check, etc.).

If no receipt is provided or made available, an email confirming delivery and receipt might be acceptable (but not always) and should specify the elements noted above. You can never be too cautious when it comes to earnest money — record everything.

And remember, if the listing agent requests a copy of your buyer’s earnest money check or receipt, redact any bank account or routing numbers before sharing to protect your client’s personal information.

Purchase and Sale Agreement Elements
Brokers are also regularly cited for not having in writing all the elements in the purchase and sale agreement as required by statute, specifically Section 54-2051(4) and Section 54-2048(d), or, not having rejected offers marked and dated as such in their transaction files.

To prevent a citation and violation of Article 9 of NAR’s Code of Ethics, ensure all appropriate signatures and the dates of such signatures are completed, and that any change to the agreement is initialed and dated by the parties to the transaction. Especially when an agreement, amendment, or addendum is drafted digitally, any additional information that is added by hand should also be initialed and dated by the parties since it is not known if that information was added at a later date. For example, let’s say you prepare a purchase and sale agreement for your buyer, filling out all the information except the offer price and closing date. You then handwrite those elements in once your buyer decides, and then scan the paperwork in for digital signatures. Be sure to include initials and dates next to those handwritten price and date elements.

Any handwritten information on a Purchase and Sales agreement, regardless of whether it was added before it was presented to the other party, should be considered a ‘change’ to the agreement, and therefore INITIALED and dated for proper recordkeeping and audit purposes.” – Gayle Brixey

Other commonly missed elements in purchase and sales agreements:

  • If the form of earnest money delivered is different than what was noted in the agreement, an addendum is required which must be signed and dated by all parties. For example, the buyer says they’ll provide the earnest money with a personal check but then delivers it as cash.
  • Regarding the legal description, if the purchase and sale agreement says something like, “See Exhibit A,” the exhibit showing the full legal description must be acknowledged by buyer and seller, with signatures or initials and dates, and then be included as part of the contract.
  • Regarding rejected offers, the statute states that these must be “clearly marked and dated as rejected,” however it does not specify “who” should mark and date it. It is recommended that brokerages create a policy to follow consistently about who and how rejected offers will be marked and retained in transaction files, so it’s done so consistently.

Agency Representation Confirmation
Agency representation is another area where citations are common. Brokers are often cited for not selecting the correct form of representation, for marking multiple forms of representation on the purchase and sale agreement and for not completing the “Price” section of the seller representation agreement in their transaction files. Idaho statutes Section 54-2051(4)(d) and Section 54-2085(4) require brokers to accurately and fully complete these sections. Article 1 of the Code of Ethics also touches on these responsibilities.

When completing these sections of the purchase and sale agreement, keep in mind:

  • If this seller is a FSBO or if the seller or buyer is not party to a contractual representation agreement (RE-16, RE-14, or similar), the “Representation Confirmation” section on the purchase and sale agreement must still be completed by marking the “NONAGENT” option(s).
  • If the seller (bank-owned, builder, commercial, upon the advice of separate legal counsel, etc.), will not include the “Representation Confirmation” section in or attached to the purchase and sale agreement, the broker should keep documentation in the transaction file showing attempts to get the Representation Confirmation incorporated into the contract.
  • The “Price” section of the seller representation agreement (RE-16 or similar) must be completed. If there are multiple properties or lots associated with this agreement (a new development, for example) an addendum should be added to the agreement, signed and dated by all parties, listing each property and the respective prices.

Advertising
IREC may cite brokers and their affiliated salespersons for common advertising violations that they see or that are reported to them. Some recent issues have included:

  • Not clearly specifying an administrative assistant or other person as unlicensed when shown alongside licensed real estate agents on a brokerage’s website, maybe as part of the office roster, directory, team rosters, etc.
  • Not removing agents who are no longer affiliated with the brokerage from the brokerage’s website, office roster, directory, marketing, photos, team rosters, etc.
  • Not consistently representing your current brokerage across all online and offline marketing. For example, a licensed salesperson’s website, flyers, and Facebook business page all show Brokerage ABC, but their LinkedIn profile shows Brokerage XYZ.

Brokers should make it an office policy to regularly check the advertising for each agent to ensure they are in line with Section 54-2053 of the Idaho Code and Article 12 of the REALTOR® Code of Ethics.

For more information on proper use of the REALTOR® trademark, click here or check out the Five Things You Need to Know About the REALTOR® Trademarks.

If you have additional questions about the audit process, or if you are interested in learning more about common citations, please contact IREC directly or seek advice from your own legal counsel. They can be reached at 208-334-3285.

 

This content was summarized from the discussion at a recent First Friday Legal Forum, offered exclusively to designated and managing broker members of BRR. It is provided here for educational and informational purposes only. It is not intended to be nor, should it be used as a substitute for legal advice regarding any specific circumstance; including but not limited to IREC audits of transaction files and advertising. Every fact and situation is different and you should consult with your personal attorney before acting upon the matters discussed during these forums and in this post.

 

July 2019 Market Report

MEDIAN SALES PRICE OF ADA COUNTY HOMES DROPS (SLIGHTLY) IN JULY

Key Takeaways:

  • The median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.
  • One reason we’re seeing month-to-month price fluctuations is changes to the “mix” of existing home sales by price range.
  • The year-over-year price gains continue to be driven by more demand than supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Analysis:

In July, there were 1,136 closed home sales and 1,741 homes that went under contract, or “pending”. Both closed sales and pending metrics were up compared to July of 2018, 2.4% and 2.5% year-over-year, respectively. Despite an uptick in sales activity, the median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.

Why the fluctuations in price? One reason is that as the share of existing sales by price range changes on a month by month basis, it results in a new “mix” of existing home sales and impacts the overall median sales price.

Share of Existing Sales by Price Range in Ada County, 2019 YTD

From June to July, the share of home sales in the $160,000 – 199,999 price range increased slightly from 2.1% – 2.5%, and the share of existing home sales in the $500,000-699,999 price range decreased from 11.4%- 10.0%. Also, during this time period, the share of existing home sales in the $1,000,000 or more price range dropped from 1.3% to 0.5%. While the number of higher-dollar home sales is usually low compared to the total number of homes sold, the impact these higher priced sales have on the overall median sales price can be significant.

The current “mix” of home sales is only made possible by the inventory that is available for purchase. We’ve seen increased inventory levels each month since April, with 1,755 homes available for sale at the end of July 2019, an increase of 9.2% from July of 2018. This additional inventory was welcome news as the metro area continues to experience persistently low inventory compared to demand.

While this helps explain the month-to-month decrease, the year-over-year price gains continue to be driven by more demand than supply. One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Despite the increase, July’s MSI is still well below the 4-6 month range that would indicate balanced market. As long as inventory remains far below demand from home buyers, we expect that prices will stay elevated with some month-to-month fluctuations based on the mix of sales and individual prices.


JULY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Elmore County home sales that closed in July flew off the market at record speed, spending only an average of 13 days on the market before going under contract. This was 45.8% faster than in July 2018 when the average days on market was 24.

The median sales price also set a record at $178,225; an increase of 16.5% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Sales activity was also up in Elmore County in July with 59 closed home sales and 69 homes going under contract, or “pending” — increases of 31.1% and 21.1% respectively, from the year before.

There was a slight uptick in the number of homes available for purchase at the end of the month, 74 in July compared to 69 in June. Despite this increase, July marked 54 months of consecutive year-over-year declines in inventory. Months Supply of Inventory in Elmore County was at 1.8 months — down 28.0% from the same month last year.

The Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.


JULY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of July 2019, the median sales price for Gem County was at $222,125, an increase of 15.5% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 21 homes sales in July, down 34.4% from July 2018, and but up 16.7% from last month. Pending sales were also up, with 66 homes pending in July, up 1.5% from a year ago. This left 56 homes available for sale at the end of the month, down 26.3% year-over-year but up 12.0% from June 2019.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.1 months in July 2019, down from 2.9 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Sellers are enjoying record high prices in Gem County. If you’re considering a move, talk to your REALTOR® to learn more about the options available to you.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

July 2019 Ada County SnapshotEmail cassie@boirealtors.com for Canyon County Market StatsJuly 2019 Elmore County SnapshotJuly 2019 Gem County Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

The Use of Criminal History Checks in Rental Agreements

Consider the following tips when implementing criminal background checks as part of your rental screening policies or agreements to reduce liability risks related to housing discrimination.

1. Do not create blanket prohibitions.

Refusal to rent based on an arrest or criminal history alone can be discriminatory. Avoid including blanket restrictions when creating your criminal history policy, such as, but not limited to, refusing to rent to anyone who was convicted of drug use or denying occupancy to someone arrested for disorderly conduct.

The do's and Don'ts of criminal background checks

2. Establish a written policy that aligns with HUD rules.

Include a breakdown of the types of crimes you might encounter (certain felonies, crimes against children, sex crimes, or specific misdemeanors such as theft or property damage), outline the definitions of each, layout how far back in time your background check will go, and explain your decision based on the crime and time elapsed. Be as specific and clear in your definitions and explanations as possible. Your policy and subsequent background check cannot consider arrest records but may only look at convictions.

Also keep in mind that you are responsible for knowing if your rental property would not be suitable for someone on the sex offender registry, due to its proximity to prohibited locations. It may be incumbent upon you, the landlord, leasing agent, or property owner, to check the registry for applicants, even though it’s the applicant’s responsibility to disclose their status. Always double-check.

3. Allow for individual assessments in your policy.

Every case is different so build in other considerations to your written policy such as time of conviction, tenant history since conviction, evidence of rehabilitation, age when the crime was committed, etc., to allow yourself the ability to make decisions on a case-by-case basis. This will also allow you to avoid creating a blanket policy.

4. Apply your policy consistently and fairly regardless of race, gender, or age.

Applying your policy unfairly based on race or gender is a violation of HUD policies and could result in legal ramifications. Once your policy is created and in place, you must apply it equally to each applicant.

5. Don’t run a criminal background check until you’ve done all other checks that may be part of your review process.

Why go through the trouble of a background check if their financials aren’t verified and approved in the first place? Save the criminal background check for last and don’t go digging for information when you don’t need to.

Criminal background checks serve a valuable function in rental agreements but can create issues if not done properly. Remember to create these policies fairly and implement them equally, reviewing them periodically to ensure you are in line with HUD guidelines.

For more information on criminal background checks, visit the resources listed below:

HUD Guidance on Application of Fair Housing Act Standards, The U.S. Department of Housing and Urban Development

Window to the Law: Learn about New HUD Guidance, National Association of REALTORS®

Fair Housing Act: Criminal History-Based Practices and Policies, National Association of REALTORS®

Voice for Real Estate 44: Criminal Records, Reverse Mortgage, National Association of REALTORS®

4 Issues to Watch for Property Managers, REALTOR® Magazine

Tuesday Tip: HUD Rules – Arrest Vs. Conviction, Navigate Affordable Housing Partners

Fair Housing Act: Criminal History-Based Practices and Policies, Chicago Association of REALTORS®

HUD’s Guidance for Criminal Background Screening and What it Means for SmartMove Users, SmartMove

This content was summarized from the discussion at a recent First Friday Legal Forum, offered exclusively to designated and managing broker members of BRR. It is provided here for educational and informational purposes only. It is not intended to be nor, should it be used as a substitute for legal advice regarding any specific circumstance. Every fact and situation is different and you should consult with your personal attorney before acting upon the matters discussed during these forums and in this post.

June 2019 Market Report

RECORD ADA COUNTY HOME PRICES TEMPERED BY LOW MORTGAGE RATES

Key Takeaways:

  • The median sales price for Ada County reached a new record of $354,405 in June 2019. This was up 10.0% over the same month last year.
  • Ada County home prices continue to be driven by a decreasing supply of lower-priced existing homes compared to demand, new homes selling at overall higher prices due to rising construction costs, as well as increased purchasing power due to low mortgage rates.

Analysis:

Home prices have continued to climb in Ada County, reaching a record median sales price of $354,405 in June 2019. This was up 10.0% over the same month last year. The median sales price for both existing and new homes were also at record highs in June, at $339,945, and $419,040 respectively. While we can’t point to any one factor for the hike in prices, we have identified three reasons we’re seeing these types of numbers in Ada County.

There continues to be a shortage of housing, particularly in the lower price points. This has caused the share of higher-priced home sales to continue to rise, further driving up the median sales price for the existing segment, as well as the market overall. The uptick in existing inventory of 13.2% year-over-year in June was no match for the fact that we’ve seen demand consistently outpace supply for the last several years, as indicated by the fact that the Months Supply of Inventory (or MSI) was 1.1 months in the existing segment. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

As we’ve noted previously, the rise in new construction home prices is due to the increasing costs of land, materials, shortage of skilled labor, as well as consumer preferences. A recent report from the National Association of REALTORS® (NAR) says that, “Job openings in construction in May 2019 outpaced the number of workers looking for construction jobs.” This shortage of workers has hampered housing starts nationwide and has an impact on the type of product and at what price point builders are able to build.

Yes, prices are up, but low mortgage rates are helpful for buyers and may also be influencing what homes buyers purchase and at what price point. Since lower rates equates to lower monthly payments, buyers may be selecting a more expensive home that still fits their budget. Low mortgage rates also fuel demand for housing, as those who have been waiting for rates to drop to start shopping for homes.

FRED Mortgage Rates

We’ll be taking an in-depth look at these trends and additional data for Ada County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics, challenges, and a comparison of today’s market and our previous peak in 2007.

 

JUNE 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for homes in Elmore County reached $169,744; an increase of 10.9% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Speaking of low inventory, June marked 53 months of consecutive year-over-year declines in inventory — leaving 69 homes on the market at the end of the month, down 17.9% from June 2018. The Months Supply of Inventory (or MSI) in Elmore County dropped to 1.3 months — down 23.5% from the same month last year.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

There were 51 closed sales in Elmore County last month — up 27.5% from the same month last year. Homes that closed in June spent an average of 47 days on the market before going under contract, 62.1% slower than in June 2018 when the average days on market was 29.

We’ll be taking an in-depth look at these trends and additional data for Elmore County in our forthcoming mid-year market report. It will also touch on buyer and seller demographics and the unique circumstances of the area’s housing market.

 

JUNE 2019 GEM COUNTY HOUSING MARKET UPDATE

As of June 2019, the median sales price for Gem County was at $214,000, an increase of 11.3% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 18 homes sales in June, down 18.2% from June 2018, and down 52.6% from last month. However, there were 56 pending sales, up 7.7% from a year ago, so we’ll likely see those sales close in the next month or two. This left 50 homes available for sale at the end of the month, down 31.5% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.3 months in June 2019, down from 2.3 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Although home sales were down a bit, the homes that are selling are selling fast. The homes that sold in June spent an average of 18 days on the market before going under contract, so buyers need to be prepared to move quickly when shopping for home in Gem County.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - June 19Canyon County Members Only

Elmore Snapshot - Jun 19Gem Snapshot - June 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

 

May 2019 Market Report

SUPPLY AND DEMAND DYNAMICS CONTINUE TO
DRIVE HOME PRICES UP IN ADA COUNTY

Key Takeaways:

  • The existing home median sales price reached a new high at $329,000, up 14.7% from May 2018. Local home prices are being driven by the persistently low inventory of existing homes compared to demand.
  • Due to the lack of inventory of homes for sale at the lower price points, the share of higher-priced home sales continued to rise, further driving up the median price for the segment, as well as the market overall.
  • The median sales price for Ada County reached a new record of $342,990 in May 2019, for existing and new homes combined. This was up 12.5% over the same month last year.

Analysis:

The median sales price of existing/resale homes in Ada County reached a new high of $329,000 in May 2019, up 14.7% from May 2018. As noted in previous market reports, local home prices are being driven by the persistently low inventory of existing homes compared to demand.

One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. In May 2019, the Months Supply of Inventory metric for Ada County was at just 1.5 months for all price points combined, and for existing homes priced below $300,000 MSI was at one month.

Our market needs additional inventory, especially existing homes below the $300,000 price point. Homeowners may have more equity than ever as home prices have risen, and those who have considered a move should to contact a REALTOR® to understand their options for selling and buying.

Ada County Existing MSI Chart

Because there are fewer homes available at the lower price points, the share of home sales above $300,000 continued to rise – at 61.3% of all existing homes sales in May 2019. As a result, as more existing homes sell at higher price points, it further drives up the median price for the segment, as well as the market overall.

To that point, the median sales price in Ada County, for existing and new homes combined, reached a new record of $342,990 in May 2019, up 12.5% year-over-year.

For those looking to purchase a home in Ada County, don’t lose hope. We’re still at the beginning of the summer selling season so there will be more homes coming online soon. Get your financing in order and work with your REALTOR® to write a competitive offer so that you’re ready when you find your next home.

 

MAY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for homes in Elmore County reached $168,900; an increase of 11.5% compared to the same time last year and a new record high. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

The number of closed sales in Elmore County also increased to 47 last month — up 67.9% from April, but still down 4.1% from the same month last year.

The Months Supply of Inventory (or MSI) in Elmore County increased to 1.8 months — up 20.0% from the same month last year. However, despite the increase in MSI, there were only 68 homes still on the market in Elmore County at the end of May, down 19.0% from May 2018.

The MSI metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

The increase in median home price and closed sales is encouraging news for those looking to sell their home in Elmore County. Work with your REALTOR® to take advantage of the current market and get the most out of your current property. And for those looking to buy a home, keep an eye out! Conditions like this could lead to more homes becoming available in your market.

 

MAY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of May 2019, the median sales price for Gem County was at $213,750, an increase of 11.1% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

There were 38 homes sales in May, up 15.2% from May 2018, and up 40.7% from last month. This left 51 homes available for sale at the end of the month, down 12.1% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.4 months in May 2019.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Prices will most likely continue to grow and homes will continue to sell quickly, making this market more competitive. Working with a REALTOR® is the best way to find a home you like and gives you your best chance at securing it in markets like this.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - May 19Canyon County Members Only

Elmore Snapshot - May 19Gem Snapshot - May 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

 

April 2019 Market Report

MORE INVENTORY IN ADA COUNTY HELPED MODERATE HOME PRICES IN APRIL; PLUS, WHY NEW HOMES ARE COMPARATIVELY LESS EXPENSIVE TODAY THAN IN 2007

Key Takeaways:

  • An increase in total inventory and a slight decrease in the share of new home sales last month helped hold home prices steady between March and April.
  • Comparisons to 2007 are typical when median prices go above $300,000, but in doing so, one must adjust prices for inflation.
  • Adjusting for inflation, new homes today are comparatively less expensive than in 2007 when prices were driven by speculation. Current new home prices are impacted by land, labor, and material costs, as well as the low number of “move-in ready” options,  compared to demand.

Analysis:

 The median sales price of existing homes in Ada County was at $308,450 in April 2019, up 12.2% over April 2018 but down slightly from March 2019. The median sales price for new construction was at $369,000, nearly even with last year but down 2.3% from March 2019.

This put the overall median sales price at $331,990 (for existing and new construction activity combined) an increase of 12.5% year-over-year and down just 1.0% from the previous month.

As we’ve reported previously, new construction sales have been gaining more and more of the total market share in Ada County. “Since new homes generally sell for more than existing homes, this segment continues to have a greater impact on the overall median sales price,” said Phil Mount, 2019 President of Boise Regional REALTORS®.

But while the share of new home sales remained high (36.3% of all sales in April) it was just below the share of new home sales in March, which helped moderate the new and overall median prices a bit.

In addition, an increase in total inventory helped hold prices steady month-over-month across all segments. There were 1,525 homes listed as “active” in the multiple listing service, up 22.9% year-over-year and up 12.8% from the previous month. 756 of those listings were new homes ― 269 were move-in ready, 417 were under construction, and 70 were listed as “to be built.”

When median prices go above the $300,000-mark, we’re often asked to compare our current situation with 2007, when the market peaked before the recession. However, when looking at prices that are more than a decade old, we must adjust for inflation.

For example, the median sales price of existing homes previously peaked in 2007 at $227,900. Looking at actual dollars, the median sales price in April 2019 was 35.3% higher than that previous peak. However, adjusting for inflation, that 2007 price would be equivalent to $280,885 in today’s dollars for a comparative increase of 9.8%.

The median sales price of new homes previously peaked in 2007 at $312,575. Looking at actual dollars, the median sales price in April 2019 was 18.1% higher than the 2007 peak. However, adjusting for inflation, that 2007 price would be equivalent to $385,247 in today’s dollars for a comparative decrease of 4.2%.

The theory of supply-and-demand would suggest that the adjusted price decrease for new homes since 2007 should have been caused by more inventory, but that was not the case.

At the 2007 peak, there were 1,355 new homes for sale compared to 756 in April 2019. Instead of prices being based on supply-and-demand, they were being driven by speculation.

Today, new home prices are being driven mostly by higher land, labor, and material costs, as well as a low level of move-in ready inventory,  compared to demand.

Over the next few months, we will be updating our research on affordability, population, wages, inventory, in-migration trends, and more, to provide additional context on our current housing market and how it compares to past market cycles. Please watch for our Mid-Year Market Report in early Q3-2019.

 NOTE: Adjusted prices calculated online at www.usinflationcalculator.com using Consumer Price Index (CPI) and inflation data from the U.S. Labor Department’s Bureau of Labor Statistics.


AVAILABLE INVENTORY INCREASES IN ELMORE COUNTY

In April 2019, the Months Supply of Inventory in Elmore County increased to 1.4 months — up 7.7% from the same month last year — ending 6 consecutive months of decline in inventory in the area.

The Months Supply of Inventory metric (or MSI) measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

The median sales price for homes in Elmore County reached $168,500 in April 2019, an increase of 11.2% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

Although inventory and home prices increased in April, there were only 28 closed sales in Elmore County, down 37.8% from April 2018.

This month’s increase in inventory is encouraging news for those looking to buy in Elmore County. Work with your REALTOR® to take advantage of the increase in options and see if something new has become available that is right for you.

 

MEDIAN HOME PRICES RISE IN GEM COUNTY

As of April 2019, the median sales price for Gem County was $211,500, an increase of 10.0% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

Twenty-seven homes sold in Gem County in April 2019, up 12.5% from March 2019, but down 27.0% from April of last year. This left 37 new and existing/resale homes available for sale at the end of the month, down 15.9% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.2 months in April 2019.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

With buyer demand this high, prices will most likely continue to grow and homes will continue to sell quickly. In competitive markets such as this one, it becomes critical to work with your REALTOR® to find the right home and be prepared to make an offer as soon as you find a home you like.

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

April 2019 Ada County Market SnapshotApril 2019 Elmore County Market SnapshotApril 2019 Gem County Market Snapshot

 

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Annie Exline, Communications Specialist for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

March 2019 Market Report

 NEW CONSTRUCTION HOME SALES AND MEDIAN HOME PRICES CONTINUE TO CLIMB IN ADA COUNTY

Key Takeaways:

  •  New construction sales are gaining more and more of the market share and continuing to influence the overall median sales price.
  • In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points.
  • An increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

New Construction’s Impact on the Overall Market
As reported last month, new construction sales are gaining more and more of the total market share in Ada County. Since new homes generally sell for more than existing homes, new home sales continue to have a greater impact on the overall median sales price. In February 2019, new construction sales made up 38.7% of all home sales in Ada County. In March 2019, that share increased to 39.8% resulting in an overall median sales price of $335,000, an increase of 8.4% year-over-year and a record high for Ada County.

Existing Home Prices Up Due to Lack of Lower-Priced Inventory
In the existing home segment, the median sales price has been rising due to a persistent lack of supply, especially in the lower price points. This pushed the median sales price for existing homes in Ada County to $309,900 in March 2019, an increase of 6.9% year-over-year and a record high for the county.

While we have seen gains in the number of existing homes for sale over the past few months, the additional inventory and resulting sales have primarily been in the upper-end of the market:

Change in Sales Price vs Number of Closed Sales

As with new construction’s impact on the overall market, the increased share of higher-priced existing homes has contributed to the higher median sales price reported for the existing home segment.

Where do Condo and Townhomes Fit In?
Traditionally BRR has not reported on the condo/townhome segment, due to the very small market share it represents (less than 10% of the sales and inventory). However, the smaller footprint and shared land costs provide an average list price that’s about 8-9% less than that of single-family homes. While there are not as many condos or townhomes to look at, and there may be costs beyond the purchase price, such as homeowners’ association fees, these could be an option for some buyers.

We’re seeing some shifting dynamics in our local market with the increase in new construction sales and higher-priced existing home sales. However, this doesn’t mean that there still are not affordable options for those who are looking. Now is the time to talk to your REALTOR® about your options.

 

HOME SALES AND PRICES CONTINUE TO RISE IN ELMORE COUNTY

The median sales price for homes in Elmore County reached $167,500 in March 2019, an increase of 13.9% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price, to get a better idea of the overall trends.

This price increase was due in part to more homes being sold at overall higher price points. In March, there were 45 closed sales in Elmore County, up 15.4% from March 2018.

Additionally, buyer demand has continued to outpace supply, putting even more pressure on home prices. In March 2019, the Months Supply of Inventory in Elmore County was at just 0.8 months —  down 60.0% from the same month last year.

The Months Supply of Inventory metric (or MSI) measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

We will continue to monitor how the new construction segment impacts the median sales price, but for those looking to buy or sell, talking to a REALTOR® is the best way to get information about market trends specific to your situation.

 

HOME SALES AND PRICES UP IN GEM COUNTY

In March 2019, 24 homes sold in Gem County, up 33.0% from March 2018. This left 39 new and existing/resale homes available for sale at the end of the month, down 4.9% from a year ago.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 1.9 months in March 2019.

A balanced market—not favoring buyers or sellers—is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Gem County has had persistently low existing/resale inventory for the last several years, resulting in buyer demand outpacing supply, as shown through the low MSI calculation. This, in turn, has caused home prices to rise in Gem County.

Based on the rolling median data between March 2018 and March 2019, the median sales price for Gem County was $204,250, an increase of 6.2% over the same period last year. We use a rolling 12-month median sales price, to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.

As buyer demand continues to grow, so too will the price of homes in Gem County. If you are considering a move—whether buying or selling— talk to a REALTOR® as they can help you determine what’s right for you

 

RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada CountyElmore CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Mar 19March 2019 Elmore County SnapshotMarch 2019 Gem County Snapshot

 

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County.

# # #

This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the REALTORS® Community Foundation.

If you have questions about this report, please contact Annie Exline, Communications Specialist for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings).

How to Donate to the REALTORS® Community Foundation

How to Donate

All donations made through BRR’s REALTORS® Community Foundation are tax-deductible and benefit those in need in our community. Ready to donate? There are three ways to make a contribution:

  • Drop by the BRR office to make your donation in person (credit or debit cards, checks, and cash accepted).
  • Call BRR at 208-376-0363 (credit or debit cards accepted over the phone).
  • Donate by credit or debit card online (find instructions and video showing how to donate online below). You must be a BRR member to donate online.

Step-by-step instructions to pay online:

  1. Go to the BRR member login.
  2. Enter your login information and click “Login“. (Note: If you do not know your login information, call BRR at 208-376-0363 or email info@boirealtors.com)
  3. Once you are logged in, click on the “Shop” tab in the top ribbon.
  4. In the center of the screen, you should see a rectangle that says, “Voluntary Foundation Contribution, $5.00“. Click “Add to Cart“.
  5. Then click, “View Cart“.
  6. Donations are in $5.00 increments. Click the + or – button until you reach the desired donation amount.
  7. Then click “Update“. The total should show the updated donation.
  8. Click “Checkout“.
  9. Enter your credit card information and click “Continue“.
  10. Confirm your payment and donation details, then click “Submit Payment“.
  11. A confirmation will display, and an email receipt will be sent to the email address BRR has on file.

If you have questions about donating online, contact BRR’s Director of Membership and Education, Angela Gibson or BRR’s Chief Executive Officer, Breanna Vanstrom.