BRR Reports on Boise’s Community Conversation Workshops

Growth imageLast month, the City of Boise held three Community Conversation Workshops to gather feedback from citizens to gain a deeper understanding of residents’ thoughts and priorities on growth; provide context to help update the city’s comprehensive plan, “Blueprint Boise”; and define a path forward that protects those things that make the city special.

You can read the city’s recap here, as the following is a summary of first-hand reports from BRR members and staff who attended.

“What a great event… and opportunity for us to gather the collective ideas of the awesomeness of Boise, and also the concerns about growth,” noted Gail Hartnett with Keller Williams Realty Boise.

Cameron Kinzer, BRR’s Government Affairs Specialist, said, “I’m glad the city officials who put these workshops together used a holistic approach that included discussion on the positive and negative aspects of growth. This exercise helped participants focus on what we value as a community, and what we want the Boise of the future to be like.”

The common themes reported by BRR staff and members were:

What is great about Boise? What are your concerns about growth?
Friendly People/Culture/
Boise is a “Welcoming City”
Transportation/Traffic/Lack of Infrastructure
Vicinity to Outdoor Activities/Greenbelt and Parks Affordability, including Housing
Strong Economy Urban Sprawl/Open Space/Farmland
Safety and Cleanliness Environmental Impact
Access to Elected Officials Need more Regional/Valley Agency Cooperation
Vibrant Downtown More to Boise than Downtown/North End

Dave Ferguson, with Ferguson Realty Group, reported that finding a balance between open space and private property rights was briefly mentioned, but that wages and access to rental housing seemed to be bigger concerns. “When the conversation turned to affordable housing, current wage rates were constantly brought up,” Ferguson reported, and said participants suggested the possibility of “creating private developer and city partnerships to address the rental housing shortage.”

Breanna Vanstrom, BRR’s Chief Executive Officer, said she was “surprised by the support for new housing, both infill and new development, as well as concerns about how divisive the anti-growth sentiment was becoming.” According to Vanstrom, one participant at her table said: “I get why people are frustrated with home prices and growth. I’ve been trying to buy a house for over a year and it’s been hard. But you can’t get mad about affordability, then on the other hand, yell online or at meetings against any new housing development. It’s not realistic.”

The inevitability of growth seemed to be an assumption shared by participants. As one newspaper reporter shared, in a follow-up interview to the workshops: “I think it has been pointed out, (if) you don’t grow, you die.”

The discussions at the workshops echoed this statement, but also expressed a desire for decisions about growth to be made in relation to a coordinated, forward-looking plan adopted by groups across the region. “Now is the time for the city councils, state legislature, and other agencies to come together to create common sense, proactive solutions,” added Kinzer.

More specifically, participants said that they didn’t want to “just build houses,” but rather, “create communities” to support the housing that is needed.

BRR whole-heartedly supports the idea of creating communities and will continue to form policy and promote initiatives rooted in smart, managed growth tactics. Therefore, we will be continuing this conversation with BRR members during the “Getting to Solutions on Community Growth” Listening Session at the Mid-Year Housing Summit on July 19th. If you’d like to be involved, secure your spot today. Seats are filling fast and there are only a few available spaces left.

REALTORS® Respond to Last Weekend’s Tragedy

Help Us Raise $10,000 For Families Hurt in Attack

Fellow REALTORS® and BRR Members,

By now, you’ve likely heard about the tragic attack at a child’s birthday party in Boise last weekend. This act of violence does not represent our community, and we share our deepest sympathies with everyone involved.

What does represent our community, and our members, is the willingness to help others in need.

In that spirit, please help us raise at least $10,000 for the International Rescue Committee (IRC), to support the families hurt by the attack in Boise. To meet this goal, all donations made to the REALTORS® Community Foundation now through July 20, 2018, will be matched dollar-for-dollar up to $5,000.

Donate Now - smaller

If you prefer, you can drop by the BRR office to make your donation in person, you can do so over the phone by calling BRR at 208-376-0363. Donations made through BRR’s REALTORS® Community Foundation are tax-deductible and 100% of the money raised through this campaign will go directly to the IRC of Boise. Donations from non-members will also be matched, however, the donate online option is not available to non-members.

Thank you in advance for your generosity and for your commitment to our community.

Sincerely,

Gary Salisbury
2018 President
Boise Regional REALTORS®
Kim Daley
2018 President
REALTORS® Community Foundation

How to Donate

Ready to donate? There are three ways to make a contribution and double your impact with matching funds between now and July 20th:

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

Step-by-step instructions to pay online:

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

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

Q2 2018 Foundation News

RCF LOGO

Thanks to the support of BRR members and the community, 2018 has been a great year so far for the REALTORS® Community Foundation! The REALTOR® Outreach Committee (ROC), and members of our ROC Task Forces have been hard at work raising funds for the foundation’s 2018 grant cycle. Still to come in 2018: volunteer opportunities and grant distributions. There are still lots of ways for you to get involved!

Raising Funds

The mission of the Foundation is to improve the quality of life in the Boise Region through housing-related projects and programs. ROC works diligently throughout the beginning of the year to raise the funds for the annual grant cycle. The two main fundraisers are the Give Back Golf Tournament – which was held at Shadow Valley Golf Course on May 30, 2018; and the Online Auction which closed on June 6, 2018.

2018 GBG and Online Auction SliderThanks to the more than 150 golfers, 48 sponsors, and the numerous volunteers who helped make the event a success! The golf tournament raised more than $23,000 for annual grants!

The Online Auction ran from May 23, 2018 – June 6, 2018, with 112 items! Thank you to all who donated items, and to those who bid! The online auction raised more than $7,300 for annual grants!

The annual grant cycle will open September 1, 2018, and applications will be accepted through September 30, 2018.

 Impacting our Community

Community Impact Grants ImageIn the past, the main ways the REALTORS® Community Foundation has provided support to the community was through the Matching Gift Program and Annual Grants. However, starting this year, and thanks to the generous support of the Boise Regional REALTORS® Board of Directors, and the Intermountain MLS Board of Directors, the foundation has introduced Community Impact Grants. These grants focus on the “improve the quality of life” aspect of the foundation’s mission and will fund organizations or projects that don’t fit into the foundation’s annual grant cycle, due to criteria or timing.

So far, the foundation has awarded three Community Impact Grants totaling $4,750! Information about grantees, funding criteria and applying for funds is available on the Community Impact Grants page.

 

Outreach

While grants are awesome, the foundation is about more than just providing monetary support. We like to get our hands dirty too! Earlier this month, the Paint the Town program through NeighborWorks Boise saw FIVE houses painted by REALTOR® Community Foundation teams! Thank you to our painting teams:

  • Broker’s Council of Idaho
  • Coldwell Banker Tomlinson Group
  • Epic Realty
  • Keller Williams Realty Boise / Amherst Madison
  • BRR YPN / Silvercreek Realty Group

You can see their awesome work on the BRR Facebook page.

YPN17 - compressed

If you didn’t get a chance to participate in Paint the Town, don’t worry — we have more opportunities to volunteer! We need you!


Upcoming Volunteer Opportunities

1.   More Than School Supplies Drive: July 9 – August 15

On behalf of the Community School programs in the Boise, Emmett, and West Ada School Districts; ROC will be collecting “life supplies” – those items not covered by most food assistance programs: toilet paper, personal hygiene products, cleaning supplies, pet food, etc.  We will also be collecting gift cards to stores like Wal-Mart or Fred Meyer, and monetary donations as well so these organizations can purchase needed items directly.

If you are interested in hosting a donation drop box in your business, please email Shari Fernandez. A ROC member will happily deliver a collection box and coordinate pick-up as your box fills-up.

2.   REALTORS® Community Foundation at the Idaho Foodbank

Join ROC on Thursday, August 9th from 12:30 – 2:30 p.m. for a shift at the Idaho Foodbank!  We will be doing tasks such as; sorting donations by nutritional category, repackaging bulk food into family-sized quantities, placing stickers on unlabeled cans and even building backpack inserts.

We need committed volunteers. You can even make it a family affair and bring your kids! Volunteers as young as the age of 8 are welcome. Those 15 and younger must be accompanied by an adult volunteer. Sign-up now to volunteer.

Sign Up

3.   Rake Up Boise

It’s still months away… but mark your calendar for Rake Up Boise 2018: Saturday, November 10th.  Do you already know you will have enough people to make a Rake Up team? Email Shari Fernandez to get your team on the list!

Rake Up Boise in 2017 - compressed

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

 

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

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

The data reported is based primarily on the public statistics provided by the IMLS, 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).

Give-Back Golf Tournament Raises Money for Non-Profits

Local real estate professionals raised over $24,000 at the 2018 Give-Back Golf Tournament benefiting the REALTORS® Community Foundation, whose mission is to improve the quality of life in the Boise Region through housing-related projects and grants. The golf tournament was held May 30, 2018, at Shadow Valley Golf Course with 151 golfers and 47 sponsors participating. As one of the largest annual fundraisers for the REALTORS® Community Foundation, this year’s event was a tremendous success, raising over $4,000 more than in 2017.

Kim Daley, 2018 REALTORS® Community Foundation President

Kim Daley, 2018 REALTORS® Community Foundation President

“Participation from REALTORS® and other industry leaders was phenomenal this year,” noted Kim Daley, 2018 REALTORS® Community Foundation President. “It just shows how committed this industry is to giving back to the community. All of the funds raised by this event will help real people facing housing challenges in our area.”

Since its inception in 1995, the REALTORS® Community Foundation has provided over $1.7 million in grants to qualifying non-profit organizations throughout Ada County, expanding services to Gem County in 2018. Past grant recipients include Boise Fire Fighters Local 149, Boise Rescue Mission, Boise Valley Habitat for Humanity, Charitable Assistance To Community’s Homeless (CATCH), Giraffe Laugh Early Learning Centers, Good Samaritan Home, Jesse Tree, LEAP Charities, Life’s Kitchen, NeighborWorks®, The Salvation Army, Women’s & Children’s Alliance, and the West Ada School District Foundation. The BRR Foundation also offers a matching gifts program for member contributions to local non-profits.

Photo Gallery

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Boise Regional REALTORS® (BRR), is a 501(c)6 trade association, representing more than 4,500 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.

2018 GBGT Sponsors

Now Accepting Applications for 2019 Directors!

Thank you for your interest. The application period is now closed for 2019 Directors. Please check back next year, and watch for our call for committees later this year!


2019 Picture Yourself Here

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

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

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

From June 4-29, 2018, we are accepting applications for the following leadership positions, with terms beginning in January 2019: 

  • Boise Regional REALTORS® Director — two (2) open positions
  • Boise Regional REALTORS® Vice President — one (1) open position
  • Idaho REALTORS® Director from BRR — six (6) open positions*
  • IMLS Director from BRR — five (5) open positions**
  • Foundation Director, Member-at-Large — two (2) open positions**

More about the BRR Director and Vice President openings:

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

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

Not interested or not yet eligible for a Board position but still want to get involved? Click here to learn about BRR committees. (Call for committee members will open in the fall of 2018.)

* If BRR’s membership is below 4,400 REALTOR® members on July 31, 2018, BRR will have five (5) openings.  ** 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.

2018 REALTORS® Legislative Meetings

Legislative Meetings Slider

BRR leadership and staff are in D.C. this week attending the 2018 REALTORS® Legislative Meetings where they will meet with Idaho’s Members of Congress and participate in association meetings. Follow along on this blog post, Facebook, and Twitter!

Here are four talking points from NAR that they will be sharing during their Hill visits. Click here to learn more about each topic.

  1. Supporting Strong Net Neutrality Protections
  2. National Flood Insurance Program
  3. Tax Policy
  4. Equal Access to Housing Opportunities

Check back for updates during the week!

PHOTO GALLERY


Monday


Tuesday


Wednesday Collage


Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research for NAR, presented at the Residential Economic Issues & Trends Forum Thursday morning. One of his slides named Boise as one of the strongest U.S. job markets in the last three years. You can find his presentation and others at nar.realtor/research-and-statistics/research-presentations.

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On Saturday, May 19, 2018, BRR National Directors Gail Hartnett, Carey Farmer, and Large Firm Director Krista Deacon attended the Board of Directors Meeting. Learn more about the decisions that were made at that meeting at nar.realtor/internal-news-service-special-report-legislative-2018.

NAR BOD Meeting

Gail Hartnett was also honored on stage with an “Own It” Coin for her role as the Vice Chair for the Fair Housing Workgroup.

Gail Hartnett honored for Fair Housing


 

Vote in the Primary Election on May 15th!

REALTORS® are leaders in the community so it’s important that BRR members vote to make our voices heard. The Public Policy Committee at Boise Regional REALTORS® thoughtfully interviewed and vetted candidates to receive our association’s endorsement. Learn about the candidates and issues and then vote in the primary election on Tuesday, May 15th!

BRR has endorsed the following Ada County candidates:

Ada County Commissioner, District 1 —  Jim Tibbs

Ada County Commissioner, District 3 — Dave Case

Ada County Clerk — Phil McGrane

Ada County Assessor — Robert McQuade

Ada County Treasurer — Elizabeth Mahn

 

Ada County Endorsements

BRR has endorsed the following Gem County candidates:

Gem County Assessor — Hollie Ann Strang

Gem County Clerk — Shelly Tilton

Gem County Treasurer — Megan Keene

Gem County Endorsements

Elections will be held on Tuesday, May 15, 2018. For information on the candidates, registration, and where to vote, please visit idahovotes.govadacounty.id.gov/elections for Ada County, or gemcounty.org/elections for Gem County.

 

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BRR’s Public Policy Committee extends invitations to all candidates running for office in Ada and Gem County, and the municipalities and agencies within each county. Candidates interested in being interviewed share their views on housing, private property rights, education, transportation, and other issues affecting the community. From there, the Public Policy Committee, made up of volunteer REALTORS®, provides a list of recommended endorsements which are reviewed and approved by BRR’s Board of Directors. For information regarding these local endorsements, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

Information about statewide races is available on the Idaho REALTORS® website at idahorealtors.com/your-voice-counts-important-voting-resources, or through the Idaho REALTORS® Government Affairs Director, Max Pond. He can be reached at 208-342-3585 or mpond@idahorealtors.com.

Boise Regional REALTORS® (BRR), is a 501(c)6 trade association, representing more than 4,500 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.

BRR Endorses Gem County Candidates

After thoughtful consideration of candidate interviews and questionnaire responses, Boise Regional REALTORS® (BRR) is pleased to announce the following candidate endorsements for the upcoming Primary Election in Gem County.

Gem County Assessor — Hollie Ann Strang

Gem County Clerk — Shelly Tilton

Gem County Treasurer — Megan Keene

Boise Regional REALTORS® recently expanded association benefits such as issue and political advocacy to REALTORS® in Gem County.

“Each year, we endorse and support qualified candidates who understand the housing industry and recognize the importance of investing in our communities,” said Gary Salisbury, 2018 President of Boise Regional REALTORS® and senior sales consultant with Equity Northwest Real Estate.

Elections will be held on Tuesday, May 15, 2018. For information on the candidates, registration, and where to vote, please visit idahovotes.gov or gemcounty.org/elections. Visit BRR’s website to see BRR’s Ada County endorsements. For information regarding these local endorsements, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

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BRR’s Public Policy Committee extends invitations to all candidates running for office in Ada and Gem County, and the municipalities and agencies within each county. Candidates interested in being interviewed share their views on housing, private property rights, education, transportation, and other issues affecting the community. From there, the Public Policy Committee, made up of volunteer REALTORS®, provides a list of recommended endorsements which are reviewed and approved by BRR’s Board of Directors.

Information about statewide races is available on the Idaho REALTORS® website at idahorealtors.com/your-voice-counts-important-voting-resources, or through the Idaho REALTORS® Government Affairs Director, Max Pond. He can be reached at 208-342-3585 or mpond@idahorealtors.com.

Boise Regional REALTORS® (BRR), is a 501(c)6 trade association, representing more than 4,500 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.

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.

 

 

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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.

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

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

The data reported is based primarily on the public statistics provided by the IMLS, 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).