November 2018 Market Report

MORE NEW CONSTRUCTION SALES AND FEWER EXISTING HOMES KEPT
ADA COUNTY PRICES UP IN NOVEMBER

Key Takeaways:

  •  The overall median sales price for Ada County reached $324,250 in November 2018, driven by the persistently low inventory of existing homes, and more new homes selling at overall higher prices, primarily due to rising construction costs.
  • There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.


Analysis:

The median sales price for Ada County in November 2018 was $324,250 for existing and new homes combined. This was up 20.1% over the same month last year, but nearly even with October 2018.

As we’ve shared many times through our market reports, local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

On average, the share of monthly homes sales that are new is typically between 22-23%, meaning the other 77-78% of the sales are of existing homes. When the share of new home sales goes over 24% or 25%, we will see overall home prices (looking at existing and new homes together) increase, on average, between 12-14% year-over-year. As the share of new home sales increases, so does the overall median sales price and the related year-over-year increase.

This is what’s meant when we say the “overall home price is being driven up by more new homes selling.” To further illustrate this, the following table shows the share of new home sales over the past nine months compared to the overall median sales price and year-over-year increase:

November 18 Ada County Share of New Home Sales

However, new home prices are just part of the story.

In November 2018, the median sales price of existing homes in Ada County reached was $295,000, up 18.0% over November 2017. In this segment of the market, price increases are being driven by very low inventory compared to buyer demand.

There were just 661 existing homes available for sale at the end of November 2018, down 24.0% from October — a drop of 209 properties — and down 12.1% from last year. More existing inventory is needed at all prices points to meet the demand from home buyers, which is what will contribute to our market eventually coming back in to balance.

In comparison, the median sales price for new construction was at $390,000 in November 2018, up 13.9% over November 2017, and just below the most recent record high for this segment, which was $393,705 in June 2018.

If our market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months, as we might normally expect as we move into the winter months.

However, those thinking about selling or buying shouldn’t be concerned with ‘timing the market,’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re thinking about making a move, talk to your REALTOR® to explore your options.

 

HOME SALES AND PRICES UP IN GEM COUNTY IN NOVEMBER

In November 2018, 27 homes sold in Gem County, up 17.4% over last year. This left 53 homes available for sale at the end of the month — a decrease of 15.9% year-over-year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last five months.

Looking at sales over the past 12 months, the median price for homes that sold through November 2018 was $196,303 — up 8.1% over the same period last year.

Due to the smaller number of sales in the county, the 12-month average is a helpful way of analyzing area price trends, as it adjusts for any months in which a very high- or low-priced home sold that would otherwise be inconsistent with the general market.

Apparently, the colder temps haven’t deterred buyers in Gem County. Thinking about selling? Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.


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 CountyCanyon CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Nov 18Canyon Snapshot - Nov 18Gem Snapshot - Nov 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon County New Construction, 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 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, available at: intermountainmls.com. 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).

October 2018 Market Report

OCTOBER MARKS FOUR YEARS OF DECLINING INVENTORY,
CONTINUING THE PRESSURE ON ADA COUNTY HOME PRICES

 Key Takeaways:

  • October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County.
  •  This lack of inventory compared to demand is one of the primary reasons that the median sales price continues to rise compared to last year.
  •  The median sales price in October 2018 was $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

 Analysis:

October 2018 marks a full four years of falling inventory, specifically in the number of existing homes for sale in Ada County, when looking at activity by month year-over-year.

There were 870 existing homes for sale in Ada County in October 2018, down 15.0% from October 2017 and down 48.8% from October 2014 when the decline began.

As we’ve outlined in previous reports, there are many reasons the Boise Region is facing a lack of homes for sale. These include the continued population growth, the trend of people choosing to stay in their homes longer than we’ve seen historically, among others.

This persistent lack of existing home inventory is one of the two primary reasons that the area’s overall median sales price continues to rise compared to last year; the second reason, increasing land, labor, and material costs for new homes. For October 2018, this resulted in a median sales price of $321,398, up 0.8% from the previous month and up 19.9% from October 2017.

This nearly 20% increase year-over-year in the overall median sales price for October was primarily due to a higher share of new home sales during the month ― reaching 27.7% of all closed sales, up 10.1% compared to October 2017.

We’ve been talking about the drop in existing inventory literally for years now, but what’s interesting about today’s market is that we’re seeing more and more new construction sales. Whether you’re looking to buy an existing home or a new build, your REALTOR® is going to advocate for you throughout the transaction. And if you’re thinking of selling, these recent numbers indicate that despite the turn in temperature, it’s still a good time to put your home on the market.


HOME SALES AND PRICES UP IN GEM COUNTY

In October 2018, 36 homes sold in Gem County, up 28.6% from October 2017. This left 57 new and existing/resale homes available for sale at the end of the month — down 19.7% from the same month last year. Despite persistently low inventory, Gem County has seen strong sales numbers for the last four months.

The median sales price for homes that sold in October was $199,450, based on activity over the past 12 months — up 11.1% over the same period last year. There are two primary reasons that the median sales price rose compared to last year — the lack of inventory compared to demand, and an increase in the share of new homes sales in October.

Five new homes sold in Gem County in October 2018, the same number as October 2017. However, new home sales made up a larger share of total sales at 11.1% in October, compared to the average of 5-6% we typically see in Gem County. New homes typically sell for higher prices than existing homes due to increased land, labor, and material costs, so when the share of new home sales increases, so does the median sales price.

Apparently, the colder temps haven’t deterred buyers in Gem County. If you’re thinking about selling, now is a great time to put your home on the market. Talk your REALTOR® to find out what your home may be worth and what options are available based on your specific situation.

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 CountyCanyon CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Oct 18

Canyon Snapshot - Oct 18Gem Snapshot - Oct 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon County New Construction, 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 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, available at: intermountainmls.com. 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).

September 2018 Market Report

ADA COUNTY HOUSING MARKET SLOWS ITS PACE … EVER SO SLIGHTLY

Key Takeaways: 

  • Similar to nationwide trends in recent months, existing home sales in Ada County were down 24.0% compared to the same month last year – and down 25.2% from August 2018.
  • The primary factor affecting sales is the lack of existing inventory. Existing inventory has been consistently down year-over-year for 48 months or four years. As of September 2018, inventory of existing homes in Ada County was down 19.2% compared the same month the previous year.
  • Beyond inventory and sales counts, there are three other metrics we’re also watching closely to see which way the market may be moving: days on market, percent of original list price, and months supply of inventory.
  • It’s a complex set of factors that will determine where the market goes in the next few months – and REALTORS® are the best-equipped partner to help sellers correctly price their homes based on real-time data, and help buyers understand where they may have room to negotiation.

 Analysis:

Speculation that the real estate market is turning is a hot topic across the country, as year-over-year existing home sales have been down or remained flat in many states over the past few months.

In Ada County, existing home sales in September 2018 were down 24.0% compared to the same month last year – and down 25.2% from August 2018. This number marks the first double-digit decline in existing home sales since February 2017 which could easily support that “market turn” discussion.

It’s important to keep in mind that there are a variety of factors affecting our sales figures, primarily the number of existing homes that are even available to purchase which has been consistently down year-over-year for 48 months, or four years. As of September 2018, inventory of existing homes in Ada County was down 19.2% compared the same month the previous year.

Beyond inventory and sales counts, there are three other metrics we’re also watching closely to see which way the market may be moving: days on market, percent of original list price, and months supply of inventory.

Days on market measures the time between when a home is listed and when it goes under contract. As of September 2018, it was at 23 days in Ada County for existing homes, up three days from August, and up five days over July. That’s providing a bit of breathing room for buyers, and potentially the opportunity to negotiate a bit on price.

The percent of original list price received measures the difference between the original listing price and the final sold price, noting any price reductions made by the seller or as negotiated with the buyer. In September, the average percent of original list price received on existing homes (with at least one day on the market) was at 98.1% — down from 99.0% in August, and 99.2% in July.

What does this mean for buyers and sellers? Buyers may feel less frantic in their home search, as market times have slowed as we move into fall and winter. And although sellers are enjoying near-record sales prices, it’s becoming increasingly important to work with your REALTOR® to price your home competitively.

That said, home prices should remain higher year-over-year, though, as the months supply of inventory metric (which measures inventory versus demand) was at just one month in September 2018, where a balanced market, not favoring buyers or sellers, is typically between 4-6 months of supply of inventory.

Whether the closed sales decline is truly an early indicator of the market moving back towards balance, there are many factors that are affecting our current housing market, including the persistent low levels of inventory, seasonality, or even affordability and interest rate concerns. It’s a complex set of factors that will determine where the market goes in the next few months – and REALTORS® are the best-equipped partner to help sellers correctly price their homes based on real-time data, and help buyers understand where they may have room to negotiation.


GEM COUNTY HOME PRICES EDGE UP DUE TO LOW INVENTORY, HIGH DEMAND

Continuing what we saw in August, in September the supply of housing was down 13.9% from a year ago and sales were up 24.1% in Gem County. The function of supply and demand drove the median sales price for homes that sold in September to $197,877, based on activity over the past 12 months — up 12% over the same period last year.

Price gains were also felt in the city of Emmett. Based on activity in both existing/resale and new construction homes over the past 12 months, the median sales price for the city of Emmett was at $202,500 in September, a gain of 18.3% over the same period last year.

Looking at the supply-demand ratio of months supply of inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 1.6 months in September 2018, down 30.4% year-over-year. A balanced market— not favoring buyers or sellers — is typically between 4-6 months of supply.

One noticeable difference between the August and September numbers was the Days on Market metric, or DOM, which measures the time between when a home is listed and when it goes under contract. Homes that closed in August spent an average of 22 days on the market before going under contract, and homes that closed in September spent an average of 38 days – not a surprising change as we typically see a seasonal slowdown as we head into the fall and winter months.

It’s normal to see the market slow down a bit as we head into winter. If you’re thinking about buying this fall, you may enjoy a less frantic pace than what we experienced in the summer months, and if you’re considering selling, now is a great time because sellers are still receiving great prices on their homes. Either way, work with your REALTOR® who has access to real-time data and the expertise to help make that move a smart one.


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 CountyCanyon CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Sept 18Canyon Snapshot - Sept 18Gem Snapshot - Sept 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon County New Construction, 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 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, available at: intermountainmls.com. 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).

August 2018 Market Report

MORE NEW CONSTRUCTION SALES DROVE
ADA COUNTY HOMES PRICES HIGHER IN AUGUST

Key Takeaways:

  • The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.
  • Local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.
  • In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory.

Analysis:

The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.

As we’ve shared many times through our market reports, local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

On average, the share of monthly homes sales that are new is typically between 22-23%, meaning the other 77-78% of the sales are of existing homes. When the share of new home sales goes over 24% or 25%, we will see overall home prices (looking at existing and new homes together) increase, on average, between 12-14% year-over-year. As the share of new home sales increases, so does the overall median sales price.

This is what’s meant by “overall home price being driven up by more new homes selling.” To further illustrate this trend, the table below shows the share of new home sales for the five months this year in which we’ve had record high prices:

Month Share of Sales that were New Homes Overall Median Sales Price YOY % Change
Mar 2018 30.7% $308,950 +23.6%
May 2018 28.0% $305,000 +16.4%
Jun 2018 26.7% $324,647 +18.5%
Jul 2018 25.2% $319,000 +18.2%
Aug 2018 26.8% $334,400 +20.3%

 

But new home prices are just half of the story.

In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory. Inventory is needed in all prices points, and that’s eventually what will help our market come back in to balance.

In comparison, the median sales price for new construction was at $386,470 in August 2018, up 8.6% over August 2017, and the most recent record high for the new home segment was $393,705 in June 2018.

If our market conditions of low inventory and high demand continue, there is no guarantee we’ll see prices drop significantly over the next few months.  However, those thinking about selling or buying shouldn’t be concerned with ‘timing the market,’ because the best time to buy or sell is when it fits your needs and circumstances. If you’re thinking about making a move, talk to your REALTOR® to explore your options.


HOUSING INVENTORY DROPS AGAIN IN
GEM COUNTY WHILE DEMAND REMAINS STRONG

In August, we saw the supply of Gem County homes drop 5.3% from the month before. August also marked the 45th month of consecutive year-over-year declines in the overall (existing/resale and new construction combined) supply of housing for Gem County.

However, the lack of inventory didn’t deter sales — or prices. Closings were up with 42 homes sold in Gem County, an increase of 55.6% from August 2017. The median sales price for homes that sold in Gem County was $195,489 in August, based on activity over the past 12 months — up 12.3% over the same period last year.

A persistently low supply of homes is only half of the story, the other factor is demand. Looking at the supply-demand ratio of months supply of inventory — which takes the number of homes for sale divided by the average number of sales by month — there were 1.9 months in August 2018, down 20.8% from August 2017. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Homes that closed in August spend an average of 22 days on the market before going under contract, 24.1% faster than in August 2017, and another indication of strong demand.

Based on activity in both existing/resale and new construction homes over the past 12 months, the median sales price for the city of Emmett was at $189,900 in August, a gain of 1.7% over the same period last year. Home sales were also up with 35 homes sold in August 2018, compared to 22 in August 2017, an increase of 59.1%.

With these market conditions of low inventory and high demand, homes are selling fast. If you’re thinking about making a move, work with your REALTOR® to understand your options and be ready to make an offer quickly when the right home comes on the market.


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 CountyCanyon CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - Aug 18Canyon Snapshot - Aug 18Gem Snapshot - Aug 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon County New Construction, 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 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, available at: intermountainmls.com. 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).

 

July 2018 Market Report

ADA COUNTY EXISTING/RESALE
HOUSING INVENTORY INCHES UP IN JULY

  • July 2018 marked four consecutive months of gains in existing/resale inventory in Ada County when measured month-to-month. More inventory is the key to bring balance back to the residential real estate market.
  • Looking at existing and new construction combined, the median sales price for July 2018 was at $319,000 – down just 1.7% from June 2018, but up 18.2% from July 2017.
  • REALTORS® caution sellers not to assume the market has turned as the supply-demand ratio (tracked through the Months Supply of Inventory metric) for homes priced under $500,000 in the existing/resale segment was still under 1.5 months — 4-6 months of supply is considered a balanced market, not favoring buyers or sellers.

July 2018 marked four consecutive months of gains in existing/resale inventory in Ada County when measured month-to-month. More inventory is the key to bring balance back to the residential real estate market, and while this recent uptick was not enough to stop the nearly four-year trend of year-over-year decreases, we’ll certainly take it.

Ada County’s new construction inventory has now been up month-over-month for two consecutive months – but we’ll need to see at least four to six months of consistent month-over-month increases before we can identify any overarching trends in the segment and the market overall.

The additional inventory – and the annual shift in buyer demand (as we move from the spring/early summer market into the late summer/fall market) held prices for existing/resale homes nearly even with June 2018, while new construction prices dipped 3.5%.

Looking at existing and new construction combined, the median sales price for July 2018 was at $319,000 – down just 1.7% from June 2018, but up 18.2% from July 2017.

This is a nice illustration of how more supply – even a little bit – can affect home prices. But sellers should not assume this means the market has turned. Existing homes only spent an average of 18 days on market before going under contract in July, a near-historic low, and 10.0% faster than in July 2017. And while buyer demand may be starting its typical seasonal slowdown, the supply-demand ratio (tracked through the Months Supply of Inventory metric) for homes priced under $500,000 in the existing/resale segment was under 1.5 months. We’re still a far cry from the 4-6 months of supply we need to see the market come totally back into balance.


GEM COUNTY HOMES SALES WERE STRONG
AS INVENTORY INCREASES IN JULY

In July 2018, 31 homes sold in Gem County, up 14.8% from July 2017. This left 76 new and existing/resale homes available for sale at the end of the month — down 8.4% from the same month last year, but up 4.1% from the previous month (June 2018).

Although inventory is down year-over-year, July 2018 marked four consecutive months of gains in inventory in Gem County when measured month-to-month. More inventory is the key to bring balance back to the residential real estate market. 4-6 months of supply is considered a balanced market, and in July the supply-demand ratio (tracked through the Months Supply of Inventory metric) was 3.0 months of supply in Gem County. However, this doesn’t mean that buyer demand has diminished — pending sales were up 22.6% in July 2018 compared to the year before.

The median sales price for existing/resale homes in Gem County was $194,675 as of July 2018, based on activity over the past 12 months — an increase of 13.7% over the same period last year. For new homes, the median sales price was $208,347 as of July, also based on activity over the past 12 months. This was up 3.9% over the same period in the previous year.

In the city of Emmett, closings were up 8.0% year-over-year, as 27 homes sold in July 2018 compared to 25 in July 2017, for existing/resale and new construction combined. Based on activity in both segments over the past 12 months, the median sales price for Emmett was at $225,829 in July, a gain of 23.1% over the same period last year.

In the last few months, we’ve seen more inventory come onto the market in Gem County, which is needed to bring the market back in balance. If you’re considering selling, speak to a REALTOR® to learn more about your options, and if you’re interested in buying, you may find that there are more homes available in this area that we’ve seen in the last year or so.

 

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 CountyCanyon CountyGem County, and City Data Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.

ADA Snapshot - July 18Canyon Snapshot - July 18

 

Gem Snapshot - July 18

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon CountyCanyon County Existing/ResaleCanyon County New Construction, 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 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, available at intermountainmls.com. 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).

June 2018 Market Report

ADA COUNTY HOMES SOLD FASTER,
AND FOR MORE, IN JUNE 2018
 

  • The combination of more new homes selling at higher prices pushed Ada County’s overall median sales price up to $324,647 in June 2018 — another record, but one that was expected as we typically see the highest prices of the year in June or July.
  • Further reflecting the competitive nature of the market, due to lack of inventory, the market time for existing homes fell to just 16 days in June 2018 – the fastest reported based on data going back to 2004 — down 27.3% compared to the same month last year.
  • REALTORS® encourage home buyers to educate themselves on the various offer strategies that will work for them and understand which will not, to avoid going over budget or giving away important protections just “to win” in this fast-moving market.

 The combination of more new homes selling at higher prices pushed Ada County’s overall median sales price up to $324,647 in June 2018 — another record, but one that was expected.

We typically see the highest prices of the year recorded in June or July, and as new homes sales have increased — and are selling at much higher prices than existing homes due to rising construction costs — it’s not surprising that the data is reflecting an even bigger bump this June.

The median sales price for new homes in Ada County reached $393,705 in June 2018, while existing homes landed at a median sales price of $299,900. Both were records for their respective segments.

The overall median sales price (for new and existing home sales combined) has been pulled up much faster than in previous years due to an increase in the number of new home sales and an average difference of $90,000 between new and existing home prices, over the past year.

The persistent lack of existing inventory compared to buyer demand contributed to the increase in the existing median home price (which in turn, impacts the overall median sales price), as well as the historically fast pace of sales.

In June 2018, the market time for existing homes fell to just 16 days – the fastest reported based on data going back to 2004 — and down 27.3% compared to the same month last year.

While just three days faster than last month, those extra days matter to buyers when making decisions and drafting offers in this fast-moving market. But REALTORS® caution buyers to stay objective, despite the faster market times, and especially when facing a multiple offer situation.

There are a lot of articles with tips to make your offer more attractive – higher purchase price, fewer contingencies, delayed move-in dates, and so on – but your REALTOR® can help you determine which are best for you and which are not. Be sure you understand everything you’re including so you don’t go over budget or give away important protections “just to win.”

Home buyers should discuss these strategies with their REALTOR® and lender well before they are ready to make an offer – maybe even before they look at their first home.

What will it take for market times and price increases to level out? More inventory. As long as buyer demand remains strong, homes will continue to go under contract quickly. It’s essential that homebuyers work with a REALTOR® to find a home that fits their needs, lifestyle, and most importantly, their budget, while navigating this fast-moving market.


GEM COUNTY HOME PRICES UP IN JUNE 2018

In June 2018, 22 homes sold in Gem County, leaving 73 new and existing homes available for sale at the end of the month — down 6.4% from the same month last year, but up 25.9% from May 2018.

The median sales price for existing homes in Gem County was $193,500 as of June 2018, based on activity over the past 12 months — an increase of 14.6% over the same period last year. For new homes, the median sales price was $211,349 as of June, also based on activity over the past 12 months. This was up 5.4% over the same period in the previous year.

Specifically, in the city of Emmett, closings were down 44.7% year-over-year, as 21 homes sold in June 2018 compared to 38 in June 2017, for existing and new construction combined. Based on activity in both segments over the past 12 months, the median sales price for Emmett was at $185,806 in June 2018, a gain of 6.0% over the same period last year.

Due to the smaller number of homes listed and sold in Gem County — compared to Ada or Canyon County, for example — we look at a longer timeframe to identify trends in home prices, specifically a rolling 12-month median. This helps to smooth out variations in price that may show up in monthly comparisons if there is a very high- or low-priced sale one month and not the next. While this is helpful to understand macro market trends, a consumer who is thinking about buying or selling a home should speak to a REALTOR® to understand the micro trends specific to their specific situation.


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 CountyCanyon CountyGem County, and City Data Market Reports. Each include an explanation of the metrics and notes on data sources and methodology.

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionCanyon County Existing/Resale, Canyon CountyCanyon County New Construction, 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 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, available at intermountainmls.com. 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 2018 Market Report

ADA COUNTY HOME SALES REACHED RECORD $404 MILLION IN MAY;
DRIVEN BY INCREASE IN NEW CONSTRUCTION CLOSINGS

Key Takeaways:

  • The total sales dollar volume of all residential real estate sold in Ada County in May 2018 exceeded $400 million for the first time ever in a month, based on data going back to 2005. The previous high point was $371 million in June 2017.
  • This jump in dollar volume was driven by a 60% increase in the number of newly constructed homes that sold compared to May 2017, along with an 8.7% bump in the median sales price — reflecting increasing costs of land, labor, and construction materials.
  • Existing home sales were up just 2% from last year, but persistently low inventory pushed existing home prices up 16.1%, which further contributed to the record sales volume.

Analysis:

The total sales dollar volume of all residential real estate sold in Ada County last month was at the highest level ever in a month (based on data going back to 2005), reaching $404.4 million, an increase of 30.5% over May 2017. The previous high point was in June 2017 at $371.1 million.

May’s jump in volume was driven by a 60.1% increase in the number of new homes that sold compared to May 2017, along with an 8.7% year-over-year bump in the median sales price.

Existing home sales were up just 2% from last year, but persistently low inventory and high buyer demand pushed existing home prices up 16.4%, which further contributed to the record sales volume.

Here’s a closer look at the numbers in total and by market segment:

 

May 18 Ada County Volume Overall

May 18 Ada County Volume New Construction

May 18 Ada County Volume Existing

The monthly volume of home sales exceeded $400 million for the first time in May, due to more newly constructed homes selling at an overall higher price point. This higher price point reflects the increasing costs of land, labor, and construction materials, but as the supply of existing homes stays well below demand, we will see some buyers shift to new construction for more options, even as prices rise.


GEM COUNTY HOME PRICES UP IN MAY 2018

In May 2018, 33 homes sold in Gem County, leaving 58 new and existing homes available for sale at the end of the month — down 4.9% from the same month last year, but up 31.8% from April 2018.

The median sales price for existing homes in Gem County was $188,875 as of May 2018, based on activity over the past 12 months — an increase of 12.1% over the same period last year. For new homes, the median sales price was $206,624 as of May, also based on activity over the past 12 months. This was up 11.0% over the same period in the previous year.

Specifically, in the city of Emmett, closings were down 43.9% year-over-year, as 23 homes sold in May 2018 compared to 41 in May 2017, for existing and new construction combined. Based on activity in both segments over the past 12 months, the median sales price for Emmett was at $183,084 in May 2018, a gain of 9.8% over the same period last year.

Due to the smaller number of homes listed and sold in Gem County — compared to Ada or Canyon County, for example — we look at a longer timeframe to identify trends in home prices, specifically a rolling 12-month median. This helps to smooth out variations in price that may show up in monthly comparisons if there is a very high- or low-priced sale one month and not the next. While this is helpful to understand macro market trends, a consumer who is thinking about buying or selling a home should speak to a REALTOR® to understand the micro trends specific to their specific situation.


RESOURCES:

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available in the May 2018 Ada CountyCanyon CountyGem County, and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest (print quality) market snapshot graphics for Ada County Existing/ResaleAda County New ConstructionCanyon County Existing/ResaleCanyon County New Construction, and Gem County:

ADA Existing Snapshot - May 18

ADA New Construction Snapshot - May 18

Canyon Existing Snapshot - May 18

Canyon New Construction Snapshot - May 18

Gem Snapshot - May 18

 

# # #

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, available at: intermountainmls.com. 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 2018 Market Report

MORE EXISTING HOMES FOR SALE HELP EASE
ADA COUNTY HOME PRICES IN APRIL

Key Takeaways:

  • In April 2018, the overall median sales price for homes in Ada County was at $295,000, a decrease of 4.5% compared to the previous month.
  • The change in the overall median sales price was driven by a significant increase in the number of existing homes for sale in April 2018, up 27.7% from March. This additional supply helped to bring down the median sales price in the existing home segment by 5.2% from March, to end the month at $275,000.
  • These lower price points are not a reflection of waning buyer demand. The number of existing homes under contract in April 2018 was up 16.5% from the previous month, and new construction contracts were up 9.5% from March 2018.

Analysis:

April brought with it a significant increase in the number of existing homes for sale compared to March 2018, helping to ease the median sales price for existing homes by $15,000, landing at $275,000 in April 2018. This is good news for buyers currently in shopping for a home, but potential sellers should not be concerned. Monthly fluctuations like this are typical during the spring and summer, and the April 2018 median price for existing homes was still 15.3% higher than the same month last year.

The introduction of more existing homes to the market, compared to the number of new homes for sale, is what we’ve needed to keep the overall median sales price in check. The rising cost of new construction had pushed Ada County’s overall median sales price over $300,000 (for the first time ever) in March 2018, but the overall median sales price (based on existing and new home combined) dropped below that mark to $295,000 in April 2018.

These lower price points are not a reflection of waning buyer demand, however, as the number of existing homes under contract in April 2018 was up 16.5% from the previous month. New construction contracts were up 9.5% from March 2018.

Even with additional inventory, buyers interested in an existing home still need to make quick decisions as the number of days on market for existing homes was at 22 days in April 2018. This was even with last April but 5 days faster than in March 2018. New construction buyers can take a bit more time shopping, as days on market for that segment was at 65 days in April 2018.

 

GEM COUNTY HOME SALES UP IN APRIL

In April 2018, 32 existing homes sold in Gem County, up 33.2% compared to April 2017. That left 40 existing homes available for sale at the end of the month, down 13.0% from the same month last year, but up 11.1% from March 2018.

While new construction is typically limited in Gem County, an additional 11 new builds sold or went under contract in April 2018, up from six the previous month.

The median sales price for existing homes in Gem County was $190,000 as of April 2018, based on activity over the past 12 months — an increase of 12.8% over the same period last year.

For new homes, the median sales price was $204,900 as of April, also based on activity over the past 12 months. This was up 10.1% over the same period in the previous year.

Specifically, in the city of Emmett, closings were up 19.3% year-over-year, as 31 homes sold in April 2018, for existing and new construction combined. Based on activity in both segments over the past 12 months, the median sales price for Emmett was at $178,674 in April 2018, a gain of 8.2% over the same period last year.

 

Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available in the April 2018 Ada CountyCanyon CountyGem County, and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest (print quality) market snapshot graphics for Ada County Existing/ResaleAda County New ConstructionCanyon County Existing/ResaleCanyon County New Construction, and Gem County:

ADA Existing Snapshot - April 18

ADA New Construction Snapshot - April 18

Canyon Existing Snapshot - April 18

Canyon New Construction Snapshot - April 18

Gem Snapshot - April 18

# # #

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, available at: intermountainmls.com. 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).

Q1-2018 Market Report

Q1-2018 Ada County Market Report
Warmer Winter Temps Meant an Early Spring Housing Market

Key Takeaways:

  • Warmer winter temps may have encouraged homebuyers to shop earlier, as the growth in purchase activity during the first quarter was more like what we typically see early in the second quarter of the year.
  • The median sales price is the point at which half of the homes sold for more and half sold for less. For the existing/resale segment, there were approximately 725 homes that sold for less than $273,650 during the first quarter of 2018 in Ada County, and another 725 that sold for more.
  • Prices for existing/resale homes continue to be driven by lack of inventory versus demand, with 33.1% fewer options for buyers to choose from in the first quarter compared to same quarter last year.

Just because there is low inventory doesn’t mean there is no inventory. At the end Q1-2018, there were nearly 1,150 existing and new homes for sale in Ada County across all price points.

Analysis:

During the first quarter of 2018, homebuyers in Ada County purchased 1,450 existing/resale homes and 658 new homes, for year-over-year increases of 7.9% and 26.8%, respectively. Warmer weather over the winter may have encouraged people to shop earlier, as the growth in activity — especially for new construction — is more like what we typically see early in the second quarter of the year.

The Q1-2018 median sales price for existing/resale homes in Ada County was at $273,650, up 21.1% from Q1-2017. The median sales price is the point at which half of the homes sold for more and half sold for less during a certain period. For context, this means that there were approximately 725 existing homes that sold for less than $273,650 during the first quarter of 2018 in Ada County, and another 725 that sold for more.

Prices for existing homes continue to be driven by lack of inventory. Based on the number of homes available for purchase at the end Q1-2018—just 498 properties, —homebuyers had 33.1% fewer options to choose from than the previous year.

Looking at the new construction segment, the Q1-2018 median sales price in Ada County was at $355,085, up 12.1% from the same period last year. This means that there were approximately 329 new homes that sold for less than the median price during the first quarter of 2018 in Ada County, and another 329 that sold for more.

New construction prices primarily reflect the rising prices of labor and materials, as well as lower inventory this year than last year. There were 645 new homes for sale at the end of Q1-2018, down 18.7% from the end of Q1-2017. However, there continues to be more new homes available than existing in Ada County.

Key Metrics:

Q1 Ada County Housing Data by Segment

Q1-2018 Existing Home Median Sales Price

Q1-2018 New Home Median Sales Price



Q1-2018 Gem County Market Report
Low Housing Inventory Persists in Gem County

Q1 Gem County Housing Data by Segment

Homebuyers in Gem County purchased 60 homes during the first quarter of 2018, even with the same quarter last year.

The Q1-2018 median sales price in Gem County was at $189,175, up 9.8% from Q1-2017. The median sales price is the point at which half of the homes sold for more and half sold for less during a certain period. For context, this means that there were approximately 30 homes that sold for less than $189,175 during the first quarter of 2018 in Gem County, and another 30 that sold for more.

Based on the number of homes available for purchase at the end Q1-2018—just 41 properties—homebuyers in Gem County had 43.9% fewer options to choose from this year compared to last year.

Additional information about trends within the Boise region, by price point, by existing and new construction, and by neighborhood, are now available in the March 2018 Ada CountyCanyon County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

Download the latest market snapshot graphics for Ada County Existing/Resale, Ada County New ConstructionCanyon County Existing/Resale, Canyon County New Construction, and Gem County:

ADA Existing Snapshot - March 18

ADA New Construction Snapshot - March 18

 

Canyon Existing Snapshot - March 18

Canyon New Construction Snapshot - March 18

Gem Snapshot - March 18

Download print quality market snapshot graphics for Ada County Existing/ResaleAda County New ConstructionCanyon County Existing/ResaleCanyon County New Construction, and Gem County.

 

 

# # #

NOTE: Monthly housing market data for cities and neighborhoods are fantastic tools for REALTORS® to use when advising their clients about real-time home listing and purchase decisions. Boise Regional REALTORS® (BRR) will continue providing REALTORS® with monthly data as a member benefit and a market intelligence tool but are shifting to a quarterly market analysis schedule for our press releases. This gives us the ability to look at the macro trends in the data that are shaping our region’s housing market, along with the bandwidth to go deeper into additional metrics, geographies, and market segments, in between these quarterly reports.

# # #

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, available at: intermountainmls.com. 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).

Follow up to a Recent KTVB Story

Hello BRR Members,

You may have seen a recent KTVB story about the real estate market. We were happy that they reached out to us for a take on the stats, as we want to be sure we’re helping you tell the story of the market with facts and data.

However, we know they can’t fit everything into a short segment so wanted to provide you with our full talking points and context around some of the quotes used in the story, for your reference and to share with your clients.

  • Based on data back to 2004, we do see inventory at its lowest point with prices at their highest. It’s a function of supply and demand, as we have more people staying in their homes longer with more people move into the area.
  • The most recent market data reflects the start of the spring market and combines existing and new construction together. The median sales price of existing homes is nearly 35% lower than that of new construction.
  • The full context of the quote, “Boise is still a more affordable,” was that Boise is still a more affordable market when compared to nearby higher priced areas, but we are watching prices, wages, and mortgage interest rates to provide local leaders with the information they need to make decisions about how our community will grow.
  • While prices are growing, we do see the rate at which they are growing has been slowing down for the past few years. As mortgage interest rates rise, a more even pace of growth should continue.
  • “Inventory will be something that buyers will have to work through with their REALTORS® to identify the options they do have.” We know there is a lack of inventory especially at the lower price points, but there are still options available.
  • When asked about the perception that the quality or condition of homes under $250,000 were mostly rehabs or needed a lot of work, we shared that “buyers shouldn’t think they’re going to have to sacrifice too much or do a lot of work” just because they are buying in the lower price points. There are well-maintained homes in all areas and all price points.
  • There are homes in both existing and new construction in all prices points, but lower priced new construction is more likely going to be found in western Ada County or in Canyon County, where new developments are coming online.
  • One positive effect of this market for homeowners is the growth in equity they’ve seen over the past few years. For those who do want to move, they may be able to move up in price point or into new construction or have equity to make improvements on their home to make it more suitable to their needs if they are not interested in selling.

We hope this information is helpful for you. If you have questions or need more, please don’t hesitate to let us know.

BRR is committed to fostering conversation around housing affordability and growth, and what’s needed for our communities.  We’ve been encouraged by the discussions we’ve been a part of with related industry groups of developers, builders, and mortgage lenders; local governments, transportation agencies, and economic development groups; and, engaged neighborhood associations and residents who want to preserve our quality of life. BRR will continue to monitor the local real estate market and provide market research in order to inform our members, decision makers, and the public. We will also continue our advocacy efforts in supporting local initiatives that enhance the value, safety, and livability of our region.

If you’d like to be part of the growth and affordability discussion or have ideas on what you’d like to see BRR doing on behalf of you and your clients, please reach out to me directly.

Sincerely,

Breanna Vanstrom MBA, RCE
Chief Executive Officer
Boise Regional REALTORS®