Ada and Canyon County Housing Inventory Down for 34 Consecutive Months

At Boise Regional REALTORS® (BRR), we feel like we’ve been talking about low inventory for months… and for good reason.

A few weeks ago, Zillow’s Chief Economist Svenja Gudell posted on Twitter: “Inventory down YoY for 25 consecutive months now. We’re just past 2-years into the #inventorycrisis.” While we never like when the term “crisis” is used to describe the housing market, the sentiment reflects the pressure that many home buyers are feeling caused by the low inventory levels, especially for existing homes.

Gudell’s comments were based on nationwide trends, so what does this look like in the Boise Region?

Based on monthly data, inventory of existing homes in both Ada and Canyon counties has been down year-over-year for 34 consecutive months, starting October 2014. Let’s break this down by inventory (supply) and pending sales (demand)…

Metrics Ada Existing Canyon Existing
Oct-14 Jul-17 % Chg Oct-14 Jul-17 % Chg
Inventory (Supply) 1,702 1,238 -27.3% 886 600 -32.3%
Pending (Demand) 628 1,078 +71.7% 307 537 +76.6%
Months Supply of Inventory 3.2 1.4 -56.3% 3.3 1.5 -54.5%

 

Inventory of existing homes in Ada County was at 1,702 in October 2014 and 1,238 in July 2017, a decrease of 27.3%. In comparison, there were 628 pending sales in October 2014 versus 1,078 in July 2017, an increase of 71.7%. Pending sales are homes under contract that should close within 30-90 days.

Looking at months supply of existing inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 3.2 months in October 2014 in Ada County to 1.4 months in July 2017, a drop of 56.3%. (A balanced market—not favoring buyers or sellers—is typically between 4-6 months supply of inventory.)

In Canyon County, inventory of existing homes was at 886 in October 2014 and 600 in July 2017, a decrease of 32.3%. In comparison, there were 307 pending sales in October 2014 versus 537 in July 2017, an increase of 76.6%. That put months supply of inventory at 3.3 months in October 2014 compared to 1.5 months in June 2017, a drop of 54.5%.

How has the decrease in supply and increase in demand influenced home prices in the Boise Region? The median sales price of existing homes in Ada County increased 34.2% between October 2014 and July 2017, and increased 42.2% in Canyon County during that same period, illustrating BRR’s familiar refrain of how home prices are being driven by demand compared to supply.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the July 2017 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - July 17

CANYON Snapshot - July 17

 

 

 

 

 

 

 

# # #

This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

REALTORS® > Tech

REALTORS greater than Tech slider

Adapted from BRR’s weekly “Broker Bulletin” email series.

Did you catch the Inman article, “3 things real estate agents will always do better than tech disruptors,” written by Anthony Hitt, CEO for Engel & Völkers Americas? If not, I wanted to bring it to your attention.

The key takeaway was this: “Agents who embrace technology as a way to enhance their existing skill sets, understand how to pivot and hone their ability to deliver a superior experience to their customers will be around for a very long time.”

I want to emphasize the idea of using technology to enhance your services.

It’s very easy to see technology as a threat to our industry, but I would argue that’s it’s a threat to (or change agent for) certain tasks of the transaction (search, transaction management, etc.) and to agents who are unable or unwilling to do what Mr. Hitt suggests: pivot and hone their services.

Here are the three areas he says where REALTORS® are greater than tech:

  1. Offering a personalized white glove experience — Great agents know how to create a personalized experience for each of their clients throughout the sales process, which a website or device simply cannot offer.
  1. Understanding the emotional impact — A good agent understands the emotional elements of this process for the buyers and sellers and doesn’t treat it as a simple, formulaic transaction.
  1. Guiding buyers and sellers — Technology can use certain algorithms, follow strict parameters and return search results, but it doesn’t understand why those parameters were given, offer feedback based on experience or market knowledge, or alter search criteria.

While I don’t think you would disagree with any of these things, we never talk about them. We don’t weave these ideas into our business philosophies and practices and review them on a regular basis. Instead, we talk about “how to get more agents using the new technology we implemented,” or “how to get more listings in your pipeline.” Those things are important, but we have to get back why we’re doing what we’re doing (shout out to Simon Sinek’s TED Talk), knowing the value we bring to the transaction, and then tell that story in our marketing, through our interactions with clients, etc. — while also delivering the results.

I don’t disagree that new products and services from tech companies can feel threatening when they’re first launched (and I’m not looking at any one company in particular, nor is this meant to start a debate about any of them). And I’m certainly not going to pretend that changing technology will not affect our business or impact customer preferences and expectations. Especially when there are literally hundreds (thousands?) of tech companies out there looking to change the way real estate is experienced by consumers.

These companies are spending millions and millions of dollars to figure out how to make buying or selling a home more efficient, more streamlined, more, whatever.

But you already do that.

So, use technology to help you do it better, and keep focused on serving clients before, during, and most importantly, after the transaction. You are closer to the consumer experience than any tech company, and you can see desires change and shift in real-time. Meaning, you can more quickly pivot and hone your services than any tech company ever could.

2017 Mid-Year Housing Summit Recap


Thanks to everyone who attended the 2017 Mid-Year Housing Summit from Boise Regional REALTORS®. If you missed the event, don’t worry! A summary of the discussions and links to the various presentations are available here.

Highlights from the Treasure Valley Policy Survey

Vaughn-BRR presentation_image

Dr. Justin Vaughn, Co-Director of the Center for Idaho History & Politics at Boise State University, presented the highlights from the most recent Treasure Valley Policy Survey, which gauged opinions and perceptions of Treasure Valley residents on a variety of topics, such as living and working in the Treasure Valley, economic development, taxes, education, transportation, and housing.

 

Justin Vaughn

The survey was conducted in September 2016, and the key findings were that residents view life in the Treasure Valley very positively, especially the quality of life, citing it as a good place to raise a family and build a career. The top reasons for living here included low crime, low cost of living, and a strong economy. The survey also found that there is concern about the pace of growth, and divided attitudes among Treasure Valley residents about how to fund affordable housing. For more details on the survey’s findings, download Dr. Vaughn’s presentation.

2017 Mid-Year Residential Real Estate Update

Mid-Year Housing Summit 2017 UPDATED 07122017 - shareable_image

Boise Regional REALTORS® CEO Breanna Vanstrom presented the market update.

Market Update

The Mid-Year Summit is an opportunity to take a step back halfway through the year to evaluate how the market has performed, compared to the same time last year. You can view the slides here, watch a video captured via Facebook Live, or read a summary of Breanna’s presentation below…

BRR Market Update presented by BRR CEO Breanna Vanstrom

Posted by Boise Regional Realtors on Thursday, July 20, 2017

Ada County homes sales are on track to surpass the $3 billion-mark for the first time in 2017. Year-to-date through June 2017, the total dollar volume sold was at $1.46 billion, which was 7.4% higher than the same time last year. The total dollar volume sold Canyon County year-to-date through June 2017, was at $ 417.1 million, which was 14.7% higher than through June of 2016.

BRR’s message to members has been consistent this year and last year: “Our housing market is growing from consumer demand vs. supply — not from speculation as was common a decade ago.” In addition, increased sales prices for newly constructed homes have also been pushing up the total dollar volume figures in 2017.

Three things continue to drive demand for housing in the Boise Region: increased economic development, limited housing supply putting pressure on inventory, and a growing population.

Yet while the actual median sales price continues to trend upwards, based on these factors, the rate at which it is increasing has been slowing down. Year-over-year price gains grew consistently through 2012, led by low mortgage rates and more sales at higher price points.

While the actual median sales price for both counties continues to trend upwards, the rate at which it does so has been more balanced since January 2015. It is important to explain that this slowdown in growth does not mean demand is waning. In fact, year-over-year demand is up, and in just the past few months, the number of pending sales have outpaced inventory.

How does this level of demand vs. supply, increasing (but leveling) prices affect affordability?

The National Association of REALTORS® (NAR) Housing Affordability Index (HAI), and an index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced existing home. The higher the number the more affordable homes are in comparison to the median income.

BRR replicated NAR’s formula using local data to calculate HAI for Ada County on an annual basis and compare it to NAR’s index for the country overall. In 2016, Ada County’s HAI was at 174.8, a decrease of 2.8% compared to 2015, but 4.5% higher than the U.S. overall.

Our market is still affordable when compared to the nation as well as the Western and Pacific Northwestern regions. Looking at NAR’s figures, based on metropolitan statistical areas (MSAs), the Boise City-Nampa MSA was more affordable than Salt Lake City, Denver, Portland, and Seattle, in 2016. For markets with similar populations, we were more affordable than Cape Coral, FL, Colorado Springs, CO, and Lakeland, FL, but less affordable than Winston-Salem, NC, Syracuse, NY, and Akron, OH.

Certainly, the local economies, demographics, and other factors of the markets cited affect affordability in each area, but the comparison is a helpful benchmark as Boise’s growing population is a driver of home prices relative to supply.

So what can REALTORS® do to help their clients in these current market conditions? Three things: strategic prospecting, strategic listing terms, and setting expectations.

REALTORS® can look to their prospects and databases to identify property owners who could sell but don’t also need to buy, or buy locally. For example, people relocating for retirement or work, investors looking to cash-out single-family properties; or, “default” landlords — people who retained a home after a move or another purchase because they couldn’t afford to sell it previously (either didn’t have the equity, needed a quick move, etc.) and have been holding that property as a rental.

To help prospective sellers nervous about listing their home and not being able to find a place to move, consider making the acceptance of a purchase offers contingent on the successful purchase of another home or completion of new construction, rent-back agreements, or maybe extended closing periods.

To help keep buyer and seller expectations in line with the market, here are a few tips:

  • REALTORS® can review market comps regularly, talking to sellers about price adjustments or changing terms, based on what has sold, to avoid buyer fatigue or disinterest if the home is on for “too long.”
  • Discuss the differences between offer prices and appraisals, and what to do when there’s a gap.
  • With home inspections, help sellers determine what should be fixed instead of moving on to another buyer who “might not ask them to fix” the repair in question. For buyers, if they ask for too many repairs or concessions, could they lose the house and have to start over?
  • Most importantly, know your market stats specific to your listings — it is not a seller’s market for everyone, so don’t over promise what you can deliver if you know days on market or supply of homes in a particular segment may not generate a quick sale or multiple offers.

Investing in Our Community Panel Discussion

2017 Housing Summit Flyer 7.5.2017 - panel discussion

The last presentation of the summit was a panel discussion featuring Clark Krause, Executive Director of Boise Valley Economic Partnership (BVEP); Georgia Meacham, REALTOR® and housing advocate; Jeff Sayer, Managing Partner at Rectify Horizons; and moderator Chase Craig, REALTOR® and Vice Chair for BRR’s Data Strategies Advisory Group.

The topic of the panel was “Investing in Our Community,” and the discussion focused on developments happening in our region and around the state, as well as resources from the National Association of REALTORS®. The panelists talked housing affordability, innovative ideas for affordable housing, cost of living, quality of education, and wages. They also touched on factors businesses consider when looking to relocate or expand to the Boise region. Two recurring themes in the discussion were talent and infrastructure. We need to invest in, and attract capital for, building infrastructure and educating our workforce, both of which are needed as we continue to grow.

How does this all relate to BRR members? REALTORS® may sell homes, but they also change their communities. Georgia encouraged REALTORS® to get involved at the local, state, and national association level, to participate in the association’s community outreach efforts, and to invest in RPAC (the REALTOR® Political Action Committee) to protect homeownership and the real estate industry.

Panel

Event Photo Gallery

Buyer Demand and New Construction Pricing Drive the Boise Region’s Home Prices to Record Highs

Ada County’s median sales price in June 2017 reached $273,950, an increase of 8.7% over June 2016. The median sales price in Canyon County reached $184,000 last month, an increase of 12.4% compared to last year. Both were record highs.

Three things continue to drive prices up in the Boise Region: consumer demand, lack of inventory, and higher-priced new construction — not market speculation as was common a decade ago.

To measure each of these market drivers, we took a deeper look at activity for pending sales, months supply of inventory, and the median sales price for new construction.

Pending Sales is a key indicator of consumer/homebuyer demand, counting the number of homes under contract that should close within 30-90 days. In June 2017, there were 1,854 pending sales in Ada County, up 7.5% from the previous year. In Canyon County, there were 750 pending sales, up 10.8% from the previous year. In both counties, the year-over-year increase in pending sales was primarily due to new construction as buyers are finding it harder to find existing inventory, especially in the lower price points.

Months Supply of Inventory (sometimes referred to as absorption rate or supply-demand ratio) takes the number of homes for sale divided by the average number of closed sales. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

In June 2017, the months supply of inventory for existing/resale and new construction combined was at 1.7 months in Ada County, down 15.0% from June 2016. Canyon County was at 1.8 months of inventory in June 2017, down 18.2% from the previous year. Here’s how that breaks down by each segment and by price point:

MSI tables 062017

June’s market data is indicating a more balanced new construction market in Canyon County, at 4.4 months of supply, an increase of 4.8% from last year. Also, buyers who prefer an existing home may have more luck in Canyon County, especially if they’re looking to purchase at $300,000 or above.

Ada County’s inventory for both existing and new lags behind demand in all price points, with a few exceptions: existing or new construction homes priced over $700,000, and at least in June 2017, new construction priced $160-$199,999, primarily in Kuna and Garden City.

Median Sales Price is the price at which half the homes sold for more, and half sold for less. Because more newly constructed homes are selling at higher price points, it’s bringing up the overall median price in both counties.

In June 2017, the median sales price for new homes in Ada County was $345,450, up 14.3% over June 2016. Further, 20.3% more new homes sold in June 2017 than June 2016. In Canyon County, the median sales price for new homes was $239,495, up 6.8% compared to last year, and 33.3% more new homes sold year-over-year.

For comparison, existing home sales in Ada County were down 3.5% year-over-year (due to fewer homes being available to purchase), and the median sales price was at $255,000, up 6.3% over June 2016.  In Canyon County, existing home sales were up 8.9% and the median sales price was at $175,350, up 11.9% over June 2016.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the June 2017 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - June 17CANYON Snapshot - Jun 17

 

 

 

 

 

 

 

# # #

This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

 

Clarifications to the Media Coverage of the May 2017 Market Report

You may have read the latest IBR article which led with average home prices in Ada County. We wanted to clarify a few of the points noted, in case you get questions from consumers.

The article was correct in noting that the average sale price for Ada County exceeded $300,000 for the first time, however, BRR does not report on average prices based on the fact that this figure can be skewed up if a few expensive homes sell one month, and not the next. Our market analyses focus on the median sales price, as it’s the midpoint of all home sales and gives a better baseline to track month-over-month and year-over-year. While that explanation is referenced in the article, it’s an important clarification for consumers unsure of the difference between the two metrics.

Canyon County’s median home price in May 2017 was 10.8% higher than May of 2016, however, it was not the record. That said, it was just $410 below the record high median sales price of $179,900 set in April 2017.

And to correct two of the quotes attributed to BRR’s Chief Executive Officer…

We shared that while there is a shortage of inventory overall and in the lower to middle price points, there is more inventory available priced above $500,000, in both existing and new construction. For those homeowners who are interested in able to move up in price point, they likely won’t feel the same supply constraints as buyers in other price points.

We also confirmed that we are seeing an increase of existing inventory month-over-month, which is positive, but more inventory is definitely needed. When asked where that might come from if not from new construction, we talked about homeowners who could sell and don’t need to buy locally, potentially freeing up some additional existing inventory. For instance, people moving out of state for work or other reasons (misquoted to say that “many people are moving out of the Treasure Valley,” which is inaccurate); those who own single-family rentals and no longer want to be landlords; and, again, those who can move up in price point.

If you have any questions about this article, others you’ve read, or market statistics shared by BRR, please don’t hesitate to call.

Now Accepting Applications for 2018 Directors!

 

Thank you to those who applied. Applications for director positions are now closed. Click here to apply for a BRR committee. Open now through October 1, 2017.

Boise Regional REALTORS® (BRR) is the largest local REALTOR® association in Idaho, with over 4,000 members, and two wholly owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS), and the REALTORS® Foundation. The mission of BRR is to provide members with resources to conduct their businesses ethically, professionally, and successfully.

To accomplish this, we rely on the experience and expertise of volunteer leaders (like you!) to serve on our Board of Directors. 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 June 12-22, 2017, the BRR Nominating and Elections Committee will accept online applications for the following leadership positions, with terms beginning in January 2018:

  • Boise Regional REALTORS® Vice President — one (1) open position
  • Boise Regional REALTORS® Treasurer — one (1) open position
  • Boise Regional REALTORS® Director — one (1) open position
  • Idaho REALTORS® State Director from BRR — one to two (1-2) open positions*
  • National Association of REALTORS® National Director from BRR — one (1) open position*
  • Foundation Director, Member-at-Large — one (1) open position**
  • Intermountain MLS Director from BRR — five (5) open positions**

More about the BRR Director, Vice President, and Treasurer openings:

According to BRR Bylaws Section 11.5, all candidates for the BRR Board of Directors 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 Association or Association subsidiary committee or task force. Additionally, candidates for BRR Treasurer and Vice President, shall have served as a member in good standing on BRR’s Board of Directors for at least one (1) year in the three (3) years immediately preceding the election, and, agrees not to serve in an officer position on another REALTOR® Association Board of Directors during their term(s) on the Board of Directors.

Download the full list of positions here, including each positions’ responsibilities, qualifications, terms of service, and related meetings. Thank you for your interest in serving!

* If BRR’s membership is at or above 4,400 REALTOR® members on July 31, 2017, an additional state director seat will be allocated to BRR. If BRR’s REALTOR® membership stays at or above 4,000 by July 31, 2017, a second national director will be allocated to BRR. If not, these additional seats will not be voted on.

** 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.

Not interested or eligible for a Board position but still want to get involved? Click here to apply for a BRR committee. Open now through October 1, 2017.

Sellers Take Note: No Signs of a Slow Down in Summer Home Sales

In May 2017, the average Days on Market (the cumulative number of days between when a property is listed and when it goes pending) for homes in Ada County was at 33 days and Canyon County was at 36 days. Factor in an additional 30-60 days to close and homes listed in the upcoming weeks may sell at some of the highest prices of the year. Based on monthly averages going back to 2004, homes that close in June, July, and August typically fetch the highest prices.

While inventory of existing homes is still tight in both counties compared to last year (down 15.3% in Ada County and down 20.6% in Canyon County compared to May 2016), there have been month-over-month improvements in the number of existing homes for sale, as more sellers hope to secure a summer closing.

  • February to March 2017, existing inventory grew by 8.8% in Ada County and by 23.2% in Canyon County
  • March to April 2017, existing inventory grew by 19.8% in Ada County and by 4.7% in Canyon County
  • April to May 2017, existing inventory grew by 25.3% in Ada County and by 14.2% in Canyon County

These inventory numbers are encouraging but more existing homes — especially priced under $300,000 — are needed to keep up with buyer demand.

The low inventory combined with the rate of pending sales resulted in an 11.8% year-over-year decrease in months supply of existing homes for sale in Ada County, ending at just 1.5 months of inventory. In Canyon County, the months supply of existing inventory was at 1.3 months in May 2017, down 23.5% year-over-year. (A balanced market is typically between 4-6 months of supply.)

Demand for new homes remained strong as this segment saw a 23.8% year-over-year increase in pending sales in Ada County and 20.1% in Canyon County. The months supply of new inventory was at 3.8 months and 4.2 months for Ada and Canyon counties, respectively, as of May 2017.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the May 2017 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - May 17CANYON Snapshot - May 17

 

 

 

 

 

 

 

 

# # #

This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

Pending Sales of Existing Homes Outpace Inventory in the Boise Region

Homes under contract, also called “pending sales,” are properties with an accepted offer that should close within 30-90 days. Because homes don’t typically go pending and close during the same month they’re listed, when inventory is very low, there can be more pending sales than homes available to purchase.

For the past three months in both Ada and Canyon County, pending sales of existing homes have outpaced inventory, as buyer demand continued to be strong throughout the spring market.

Ada County Inventory vs Pending Chart 052017 smaller Canyon County Inventory vs Pending Chart 052017 smaller

Taking a closer look at April 2017 in Ada County, 1,107 existing homes went under contract compared to the 891 existing homes that were available for sale. In Canyon County, 556 existing homes went under contract compared to just 401 existing homes available for sale.

Canyon County experienced this same three-month trend in February, March, and April 2016, but it reversed by May 2016. Ada County pending sales were only higher than inventory in April last year.

Low inventory has also affected closed sales figures for existing homes, with year-over-year declines in both counties. This is not a reflection of buyer demand, as seen by the pending sales figures mentioned, but more simply: buyers can’t buy homes that aren’t for sale.

While the National Association of REALTORS® (NAR) is looking to builders to help solve the inventory shortage nationwide, locally, we need additional existing inventory to come online.

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood, are now available in the April 2017 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - April 17

CANYON Snapshot - April 17

 

 

 

 

 

 

NOTE: Monthly pending sales data is not available prior to 2011, so the instances referenced are the only times we’ve seen this occur in our data set.

# # #

This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 4,000 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. 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). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

2017 REALTORS® Annual Legislative Meetings

 

This post will be updated daily throughout the meetings.

Recap from Day 5 — May 20, 2017

The NAR Legislative Meetings wrapped up with a Board of Directors meeting.

Day 5 collage

Recap from Day 4 — May 19, 2017

Day 4 of the NAR Legislative meetings was busy for BRR leaders and staff. They attended a number of meetings including the Issues Mobilization Grant Workshop and Forum, Government Affairs Director meeting, a financial planning class, and the Region 12 Caucus in which Julie DeLorenzo presided as the Regional Vice President.

Day 4 collage

Recap from Day 3 — May 18, 2017

BRR leaders and staff spent Day 3 of the NAR Legislative Meetings working in NAR committee meetings, taking a tour of the Capital building, and watching Congress in session. Congressman Simpson presided as Chairman of the session, and they were able to watch every member of Congress cast vote from their front row view!

Day 3 collage

 

Recap from Day 2 — May 17, 2017

NAR Senior Vice President of Government Affairs & Chief Lobbyist Jerry Giovaniello lead the discussion with expert panelists on tax reform and flood insurance. Chris Wallace of Fox News spoke on “America Under President Trump.” BRR and IR representatives met with Idaho Congressman Mike Simpson and Senator Jim Risch. BRR Vice President Phil Mount discussed government-sponsored enterprise reform with Senator Mike Crapo during their visit today.

Day 2 collage

 

Recap from Day 1 — May 16, 2017

Dr. Ben Carson spoke at the regulatory issues forum, Roy Wright from FEMA discussed national flood insurance issues, Kit Fitzgerald and Connie Fogle represented Idaho during the NAR Presidents Cup recognition. #NARLegislative #REALTORParty

Day 1 collage

 

2017 REALTORS® Annual Legislative Meetings — May 10, 2017

Next week, leaders and staff from BRR will be attending the National Association of REALTORS® Annual Legislative Meetings in Washington, D.C. The purpose of this important conference is threefold: advocacy, committee service, and networking.

First, for REALTORS® from around the country to share issues important to our industry, communities, and consumers with U.S. Senators and Representatives. Three key issues to be discussed include tax reform, the reauthorization of the national flood insurance program, and ways to protect sustainable homeownership. Talking points for each are available here and will be the basis for meetings that Idaho REALTORS® will be having with Idaho Senators Crapo and Risch, and Representatives Labrador and Simpson while in D.C.

Second, to serve on national committees and workgroups, helping shape policy and initiatives to benefit members. From Idaho, there are 16 REALTORS® who serve on committees, as well as four staff members, including BRR Chief Executive Officer Breanna Vanstrom. You can see a full list of those serving on national committees at NAR.realtor (login required).

And third, to network with dedicated real estate professionals from around the country, sharing best practices and bringing new ideas back to our local association. There are structured networking sessions focused on association management, leadership ideas, and brokerage management, as well as the informal networking that happens between sessions, at educational programs, and during the trade show. The Legislative Meetings are open to all REALTORS®, so if you’re not able to attend this year, please consider it for 2018.

Stay up-to-date on the Legislative Meetings by following the NAR Legislative Live Blog.

Letter to the Editor: REALTOR® Ethics

The following letter was submitted to the Idaho Statesman on Monday, May 1, 2017.

The April 19th “Business Insider” contained a piece in which the author claims a friend told him about a real estate instructor teaching agents to “sneak” items into contracts presumably to benefit the agent.

As leaders of the largest REALTOR® associations in Idaho, we were disappointed to see an unsourced anecdote in the Statesman. This is not representative of what agents are taught, or of real estate professionals overall.

REALTORS® are guided by a Code of Ethics focused on fair dealings with clients, the public, and fellow agents. The overwhelming majority of consumers were happy with their REALTOR®, as cited in one example from the National Association of REALTORS® research: 80% of sellers surveyed would use their agent again or recommend them to others.*

Should a consumer feel something unethical occurred during a transaction, our associations can help. Consumers may file a complaint against a member of Idaho REALTORS® at idahorealtors.com or 800-621-7553. If the agent is not a REALTOR®, contact the Idaho Real Estate Commission at 208-334-3285 or realestatecommission.idaho.gov.

We are proud of the work done by our members and remind consumers a REALTOR® is their best advocate when buying or selling real estate.

— Breanna Vanstrom, CEO, Boise Regional REALTORS® and Isaac Chavez, CEO, Idaho REALTORS®

 

* “First-time Buyers, Single Women Gain Traction in NAR’s 2016 Buyer and Seller Survey,” from the National Association of REALTORS®; www.nar.realtor/news-releases/2016/10/first-time-buyers-single-women-gain-traction-in-nar-s-2016-buyer-and-seller-survey; published October 31, 2016.