Apply to Join a Committee!

Ready to get involved with BRR, IMLS, or a Foundation committee? BRR will be accepting applications from now until Friday, October 19, 2018. Apply today!

Learn more about BRR committees at boirealtors.com/committees.

BRR committees are filled by applicants for one-year terms, although some positions may have multi-year terms. If you are interested in learning more about volunteer leadership or have questions, visit our page “Become a Volunteer Leader,” or contact BRR’s Chief Executive Officer, Breanna Vanstrom.

BRR Donates $1,500 to REALTORS® Relief Foundation

Boise Regional REALTORS® has donated $1,500 to the REALTORS® Relief Foundation to help those impacted by the flooding and aftermath of Hurricane Florence. If you are looking for a way to give, please consider donating to the REALTORS® Relief Foundation. You can learn more at nar.realtor/about-nar/grants-and-funding/realtors-relief-foundation/donate-to-rrf.

REALTORS-Relief-Foundation-color
About the REALTORS® Relief Foundation:

When major disasters strike, the REALTORS® Relief Foundation has one goal – to give hope to families who have endured the unimaginable loss of the place they call home. Thanks to your generous donation, the REALTOR® family has been able to reach out quickly and make a positive difference in the lives of those who need it most right now.

It will take years for areas hit by devastating disasters to rebuild neighborhoods that once thrived. In the meantime, families need immediate financial assistance to continue making mortgage payments on their damaged homes, as well as help with temporary shelter costs. Your donation fills a critical need at a time when so much needs to be done.

While many charitable organizations take a portion of each donation to pay for administrative costs, our costs are borne entirely by the NATIONAL ASSOCIATION OF REALTORS®. Therefore, 100 percent of your donation goes directly to assist those affected in a disaster.

Giving back to our communities and making them stronger has always been at the heart of the REALTOR® family. Your caring support sends hope and help where it is most needed. Thank you for what you have given! It truly makes a positive difference in the lives of others.

Boise Regional REALTORS® Help Open New Foothills Trail

Trailhead-25Boise Regional REALTORS® (BRR) is having another tremendous year of successfully being awarded REALTOR® Party grants, which help us advocate important issues and strengthen our community relationships. Most recently, we completed a partnership with The Land Trust of the Treasure Valley, in conjunction with Cartwright Ranch, the Hidden Springs Community, and several private landowners. With the use of various public trail agreements, Boise Regional REALTORS® were able to provide trail markers, a trailhead sign, and map, along with hardworking volunteers who helped create a safe path for our entire community to enjoy. On September 21, 2018, we were able to officially open the Cartwright Trailhead with a ribbon-cutting ceremony.

As part of our REALTOR® Party advocacy and community engagement efforts, the trailhead sign and markers were paid for by a National Association of REALTORS® Placemaking Grant, secured by Boise Regional REALTORS® (BRR) as well as BRR presidential gift money. BRR’s direct contribution was dedicated to our Immediate Past President Katrina Wehr, an avid mountain biker and outdoor enthusiast.

For those of you who are unfamiliar with the Cartwright Trail, it offers beautiful views of the valley and surrounding mountains. It’s also significant because it is becoming a vital connection to various different open spaces in the western foothills. BRR encourages association members and the public to explore and enjoy this new trail in the foothills.

“Our members are real estate professionals in the community who understand the value and support the creation and maintenance of trails and open space,” said Gary Salisbury, 2018 Boise Regional REALTORS® President and senior sales consultant for Equity Northwest Real Estate. “Bringing to life a new segment of trail was a natural fit for us and we look forward to enjoying it for years to come.”

PHOTO GALLERY

Read the Land Trust of the Treasure Valley’s blog post here – lttv.org/news/2018/9/25/a-new-trail-takes-shape-in-the-western-foothills.

2018 Annual Membership Meeting Recap

Thanks to everyone who attended the 2018 Annual Membership Meeting on September 19! Below you’ll find a summary of the discussions, links to the various presentations, and links and resources referenced at the Annual Membership Meeting.

BRR President Gary Salisbury started the morning by welcoming members, thanking our sponsors, and sharing a video highlighting the Collective Impact our members have had on our community over the past year, which you can watch below.

Bylaws Voting & 2018 Election Results

Andy Enrico, BRR’s Bylaws Committee Chair, presented the proposed Bylaws changes which were voted on by the membership in attendance. These changes were approved, will go into effect on January 1, 2019.

SUMMARY OF PROPOSED BYLAWS AMENDMENTS FOR 2019 (PDF)

Debbi Myers, BRR’s Nominating and Elections Committee Vice Chair, announced the winners of the 2019 Director Elections, as follows,

  • 2019 Vice President — Jeff Wills
  • 2019-2021 BRR Directors — Michele de Reus, Elizabeth Hume
  • 2019-2021 State Directors — Julie DeLorenzo, Chelsea Hough, Elizabeth Hume, Peach Peterson, Gary Salisbury
  • 2019 State Directors — Becky Enrico-Crum, Susan Weaver

Our 2019 officers and newly elected directors will begin their terms on January 1, 2019.

Multi-Faceted Leadership: How to Shine in Your Business, Professional Network, and Community

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Collette English Dixon, Executive Director for the Marshall Bennett Institute of Real Estate at Roosevelt University, presented on leadership and how real estate pros can shine in every aspect of their life, professional, and personal.

 

Legal Update - Finley Maxson and Tim Tyree 9.19.18 - compressed image

 

Finley Maxson, Senior Counsel for NAR, and Tim Tyree, Partner at Hawley Troxell, shared a legal update with attendees, touching on surveillance issues and how to protect yourself and your clients from wire fraud.

Here are 10 Important Steps for Cyber Security:

  1. Start with security.
  2. Control access to data sensibly.
  3. Require secure passwords and authentication.
  4. Store sensitive personal information securely and protect it during transmission.
  5. Segment your network and monitor who’s trying to get in and out.
  6. Secure remote access.
  7. Apply sound security practices when developing new products.
  8. Make sure your service providers implement reasonable security measures.
  9. Put procedures in place to keep your security current and address vulnerabilities that may arise.
  10. Secure paper, physical media, and devices.

 

Don’t Believe the Hype: Tech, Marketing, and Processes that Actually Matter

Nobu Hata, Director of Member Engagement for NAR, broke down what tactics work, and which are over-rated when it comes to marketing your business.

HypeBOISE Image

 

BRR Committee Applications

Ready to get involved with BRR, IMLS, or a Foundation committee? BRR will be accepting applications from now until Friday, October 19, 2018. Apply today!

BRR Committees Letter Block

 

2018 AMM Sponsors

 

 

Surveillance Tents for Sale

Looking for more of the surveillance tents BRR was selling at the membership meeting? Stop by the BRR office during office hours to pick some up! Only $1 for Members/$3 for Non-Members.

Surveillance Tent

 

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Boise Regional REALTORS® Endorse ACHD Candidate Paul Woods for District 3

After thorough consideration of candidate interviews and questionnaire responses, Boise Regional REALTORS® (BRR) is pleased to announce the endorsement of ACHD Candidate Paul Woods for the District 3 Commissioner’s seat.

“The Ada County Highway District (ACHD) has a unique responsibility of keeping our transportation infrastructure safe and efficient. Commissioner Woods has done an exemplary job in his role over the last four years of his term. We give Commissioner Woods our full support and endorsement in his campaign to remain an effective leader in Ada County,” said Gary Salisbury, 2018 President of Boise Regional REALTORS® and senior sales consultant with Equity Northwest Real Estate.

Elections will be held on Tuesday, November 6, 2018. For information on the candidates, registration, and where to vote, please visit idahovotes.gov or adacounty.id.gov/elections. For information requests regarding these endorsements, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

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Boise Regional REALTORS® (BRR) is 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.

This report was released to the press on 9/14/18.

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.

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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).

 

REALTORS® Community Foundation is Accepting Grant Applications

The REALTORS® Community Foundation, the 501(c)(3) charitable arm of Boise Regional REALTORS® (BRR), will accept grant applications from qualifying Ada and Gem County nonprofits for its annual competitive grant cycle until Sunday, September 30, 2018. In 2017, the REALTORS® Community Foundation awarded 13 grants totaling $30,000.

The mission of the REALTORS® Community Foundation is to improve the quality of life in the Boise region through housing-related projects and grants. The two largest fundraisers include the Give-Back Golf Tournament and online auction. Funds for grants are raised throughout the year by BRR members — local real estate professionals giving back to our community.

“The REALTORS® Community Foundation is thrilled to be able to offer grants to local organizations that are addressing housing-related and neighborhood needs,” said Kim Daley, 2018 REALTORS® Community Foundation President. “We set some lofty fundraising goals for 2018 and I’m pleased to say we’re on track to give away even more than we did last year in grant money.”

Since its inception in 1995, the BRR Foundation has provided over $1.7 million in grants to qualifying nonprofit organizations. 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 League, Jesse Tree, LEAP Charities, Inc., Life’s Kitchen, NeighborWorks®, The Salvation Army, Women’s & Children’s Alliance, and the West Ada School District High School + Homeless = Success program. The REALTOR® Community Foundation also offers a matching gifts program for member contributions to local nonprofits and administers community impact grants on a quarterly basis.

Find the grant application and learn more about the criteria for consideration at boirealtors.com/annual-grants.

# # #

Boise Regional REALTORS® (BRR) is 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.

REALTORS® Endorse ACHD Initiative to Better Fund Transportation

Boise Regional REALTORS® (BRR) is pleased to announce the endorsement and support of Ada County Highway District’s (ACHD) upcoming ballot measure, which aims to improve funding for local transportation through increases in vehicle registration fees.

“Keeping up with growth in our region requires smart investments into our community’s infrastructure,” said Gary Salisbury, 2018 President of Boise Regional REALTORS® and senior sales consultant with Equity Northwest Real Estate. “Fees applied to road users are a fair approach to help meet our current transportation needs. As the fastest-growing area in the nation, we need to be proactive in our investment strategies. This increase in transportation funding is long overdue and a step in the right direction toward sustainability, congestion relief, and improved safety.”

This voting measure will appear on ballots on Tuesday, November 6, 2018. For information on the measure, please visit a community coalition website at citizens4bettertransportation.com. For information requests regarding this endorsement, please contact Soren Dorius, BRR Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com.

# # #

Boise Regional REALTORS® (BRR) is 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.

Register for the Annual Membership Meeting!

AMM 2018 Logo - Color logo

Register Button

The 2018 BRR Annual Membership Meeting will be held on Wednesday, September 19, at Boise State University.

One Day. One Venue. Excellent Speakers. Vendor Showcase. Election Results. Bylaws Voting. Free Lunch.  Happy Hour. Networking. Ideas to Grow Your Business. Something to Benefit Every BRR Member!

The BRR Annual Membership meeting is a FREE event for BRR Members, where the annual business of the association (director election results, bylaws voting, successes from the previous year) is conducted; in addition to educational sessions, networking and ideas to grow your business. Find FAQs, agenda, and sponsorship opportunities on the Annual Membership Meeting event page.

Click to enlarge flyer

Click to enlarge flyer

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).