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 County Existing/ResaleAda County New ConstructionCanyon 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).

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.

Earn the ABR® Designation at Boise Regional REALTORS®

BRR is offering the Accredited Buyer’s Representation (ABR®) designation course again this year on Wednesday, August 22 and Thursday, August 23. Register here!

If you have taken any of the following classes offered by BRR, you’ve already completed an elective and are one step closer to earning your ABR® designation!

  • New Home Construction & Buyer Representation
  • e-PRO®
  • Pricing Strategies
  • Generating Buyer & Seller Leads

Call 208.376.0363 to register today, or register online!

ABR 8.22-8.23

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


 

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

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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).

59 Minute Meeting Recap: The State of Garden City

5.1.18 59 Min Meeting Slider

We had another great turnout for our 59 Minute Meeting on May 1st! Thank you for joining us and engaging in conversations around local public policy issues.

Our guests were Garden City Mayor John Evans and Director of Development Services Jenah Thornborrow. Mayor Evans talked about some of Garden City’s stats; such as how it occupies just over four-square miles of land, six miles of river, and is home to over 2,000 businesses and 12,000 residents. The Boise River and three major highways run through Garden City: Chinden, State, and Glenwood.

The Mayor and Thornborrow also discussed new residential developments, a new charter school, partnerships between Garden City and the City of Boise for the whitewater park and the 36th Street bridge, and the possible future of the fairgrounds. The mayor mentioned the success they’ve seen in creating affordable housing by partnering with NeighborWorks Boise on several projects.

As numerous new businesses have sprouted up in town, residents and business owners are increasingly creating a sense of place by adding murals and art to otherwise blank buildings. The commercial growth in Garden City isn’t limited to new buildings, many businesses are creatively reusing existing spaces.

In the Surel Mitchell Live-Work-Create District, between 32nd and 37th streets on the north side of Chinden Blvd, the artistic community is thriving. The district features the greenbelt, Boise River, wineries, breweries, the Visual Arts Collective, and various other art studios and galleries.

The Q & A portion of the meeting focused on the fairgrounds, instant horse-racing initiative, and new developments along the river.

REALTOR® advocacy will continue to play an important role in planning as our region grows. Click here to learn how RPAC works to elect REALTOR® Champions who embrace smart growth principals, private property rights, and thoughtful community development strategies.

Additional resources:

Thank you again for joining us and be on the lookout for information regarding our next 59 Minute Meeting in the near future!

Member Spotlight: Scott Taylor

Member Spotlight Slider - Scott Taylor

“Scott is all in with the goal of always making a difference in our community. He’s been involved with BRR as a member of the Communications Committee and REALTOR® Outreach Committee. Outside of real estate he helps with Paint the Town, Boise Bicycle Project, Idaho Gives, Christmas Kids Bike Give Away, Ada County Wood Works, Southwest Idaho Woodturners Association, Idaho Artistry In Wood, Turn for the Troops, Shriners Toy Drive, and Western Idaho Fair. He also assists his elderly neighbors by shoveling walks, driving them to appointments, and checks on them weekly. Scott wears his heart on his sleeve and is so careful to always do the right thing.”

— Krista Deacon, BRR Director and Broker for Silvercreek Realty Group

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.