Conference on Housing and Economic Development

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1.16.18 IHFARegistration is open for this can’t miss event on March 5-6! The conference brings the power of face-to-face connection to life when you join hundreds of housing and economic development industry professionals. Participating in this conference gives you unlimited access to resources, tools, solutions, and – most importantly – connections. Don’t miss this amazing event!  Register today!

Brought to you by the Idaho Housing and Finance Association.

More New Construction Homes Available Than Existing in Ada County

Ada County hit another record low for inventory in December 2017, with just 1,391 homes for sale — a 6.6% drop from December 2016. While we’ve discussed the lack of inventory at length in our previous market reports, a new twist on the inventory shortage showed up in the December 2017 numbers…

There were 317 more new homes for sale in Ada County in December 2017 than existing homes. The actual numbers reported for Ada County were 854 new homes, compared to 537 existing homes on the market in December 2017.

Looking back at the year, there were five months that this happened, but December 2017 had the largest spread. (We saw this once in December 2016, but never before then in our ten-year data set.)

As reported by the National Association of REALTORS® (NAR), we need builders to bring more product online to pull us out of our local – and nationwide – inventory shortage, so an increase in new construction is welcomed.

But some question if this strategy could lead to another wave of overbuilding like we saw in the mid-2000s. At that time, new construction was more speculative, which led to more new houses than there was demand. Today’s new construction inventory levels are much more in line with buyer demand for new homes, which has increased with the Boise region’s population growth.

The Months Supply of Inventory figures for new construction in Ada County over the past 4-5 years indicate a general balance between supply and buyer demand. In December 2017, the months supply of new homes was at 4.1 months. A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply.

December 2017 Chart

That’s a good starting point for builders, as they’re not too far behind demand right now. Although, we did see the months supply of new homes dip below 4.0 months last summer, so the more product that can get started now, the better.

A mix of price points among newly constructed homes will also be necessary, but that’s proved difficult with the rising cost of land, labor, and materials. This was evident in December 2017, as Ada County’s median sales price for new homes saw a record high of $361,030, up 13.5% from December 2016. (In comparison, the median sales price of existing homes in Ada County was at $254,250 in December 2017.)

Additional information about trends within Ada County as well as Canyon County, by price point, by existing and new construction, and by neighborhood, are now available in the December 2017 Market Report. This includes an explanation of the metrics and notes on data sources and methodology.

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

ADA Snapshot - December 17   CANYON Snapshot - December 17    GEM Snapshot - December 17

Download print quality snapshot graphics for Ada County, Canyon County, and Gem County.

BRR’s 2017 Year-End Residential Real Estate Market Report will be released next week.

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This report is provided Boise Regional REALTORS® (BRR). BRR is the largest local REALTOR® association in Idaho, with over 4,300 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. || The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.

 

Everything You Need to Know About the 2018 REALTOR® Awards Gala!

Mark your calendar for the REALTOR® Awards Gala on Friday, March 2, 2018, at Boise Centre West!

2018 Gala Graphic - Classy Diamonds

Circle of Excellence - Classy

Production Awards

Production Award applications are now available! 

Apply Now Button

Based on member feedback, production award categories will be calculated using a market-based formula that “floats” with the market, based on the previous year’s total dollar volume sold.

New this year, you can select either a combined team production award or the traditional, individual production award! Details will be outlined when applications open.

Have questions about production awards? Please see our Production Awards page for more information.


Now Accepting Award Nominations

Each year, Boise Regional REALTORS® (BRR) gives out six (6) individual awards: Good Neighbor Award, the Code of Ethics Leadership Award, Affiliate of the Year, Broker/Manager of the Year, Rookie REALTOR® of the Year, and REALTOR® of the Year.

Nominations will be accepted through Friday, February 2, 2018. 

Learn more about nominee eligibility and those who have previously received awards.

Good Neighbor Award
Formerly the “Darlene Manning Humanitarian Award,” BRR’s Good Neighbor Award was updated in 2018 to parallel the National Association of REALTORS® Award of the same name. It recognizes one REALTOR® for his or her commitment to their community through volunteerism, service, or other contributions.

Code of Ethics Leadership Award
This award recognizes one REALTOR® member who exemplifies what it means to abide by the Code of Ethics in their dealings with clients and customers, the public, and other REALTORS® and real estate professionals. This member demonstrates their knowledge of the Code of Ethics, Standards of Practice, and professional standards, in all they do and regularly shares their expertise with others.

Affiliate of the Year
The Affiliate of the Year is given to one real estate professional who gives back to the industry and supports the association’s mission and its REALTOR® members.

Broker/Manager of the Year
This award is given annually to a Designated REALTOR® — either the designated broker or managing broker — in recognition of his or her individual achievements in their role, as well as their commitment to the industry.

Rookie REALTOR® of the Year
This award is given annually to a “new” REALTOR® who has established themselves as a rising star in the industry and the association, within in their first licensing period (or within their first two years of membership, if greater).

REALTOR® of the Year
REALTOR® of the Year (also known as “ROTY”) is the highest honor that BRR bestows upon one of its members.


Honor Society Membership 

Honor Society applications will be available on Monday, January 15, 2018.

The BRR Honor Society recognizes members who have earned professional designations, are active in the community, and are active within the association.


Tickets - Classy

Tickets go on Sale February 1, 2018 

Ticket sales will open at 10:00 am MST.

Individual Tickets: $65/each

Table of 10: $650

You will have the opportunity to select your seats and/or tables from the event map! Tickets are sure to go quickly so be sure to purchase early.


Menu - Classy

Menu Options

Salad: Snake River Valley Wine Country Salad
Entree: Seared Petite Filet Mignon and Scampi Prawns
OR
Vegetarian Entree: Seared Cauliflower Steak
Dessert: Espresso Chocolate Cake or Key Lime Tart


Theme and Attire - Classy

What to Wear?

While there is no “theme” per se, the REALTOR® Awards Gala is a big, fancy party to celebrate the successes of our industry and kick off 2018 in style! Attire is black tie optional.


Sponsorship - Classy

Thank you to our sponsors for the 2018 REALTOR® Awards Gala! There’s still time to get your company logo recognized! Learn more about sponsorship opportunities.

2018 Thank you sponsors vertical layout 1.17.18

 

 

A Look Back at 2017

2017 was a great year for Boise Regional REALTORS®! We’d like to take a moment to highlight just a few of the association’s accomplishments in the past year.

In anticipation of the new year, we’d like to raise a toast to you, the REALTOR®, for your excellent service to clients, advocacy efforts, and volunteer hours that continually show our community that the value of a REALTOR® goes well beyond a smooth transaction. Thank you for your membership and involvement! Wishing all of our members happiness, health, and business success in 2018.

$3 Billion Worth of Homes Have Sold in Ada County, Setting New Record

Ada County home sales surpassed the $3 billion-mark for the first time, based on Total Dollar Volume figures year-to-date, January 1–November 30, 2017.

Historically, the month of December adds another $100-150 million worth of sales, on average going back to 2005, so we should see Total Dollar Volume exceed $3.1 billion for all of 2017.

Year-to-date through November 2017, nearly 10,000 homes sold in Ada County, up just 2.6% compared to 2016. Breaking this down by property type illustrates the impact limited supply has had on existing home prices, as well as higher building costs on new home prices:

November 2017 Table

As shown in the chart above, existing home sales were nearly even with last year, yet total dollar volume increased by 9.2%. This means that individual home sale prices had to increase, as buyers competed for persistent, limited inventory of existing homes, which was down 13.2% compared to last year at this time.

In contrast, new home sales were up by 10.9% over last year, with a slight uptick in inventory. With a more balanced supply of new homes compared to demand, the 17.9% growth in total dollar volume mostly reflects the increased costs of land, materials, and labor that builders are including in new home prices.

Total Dollar Volume, for existing and new construction combined, has been steadily increasing since 2009. The previous high point was in 2006 when Total Dollar Volume Sold was nearly $2.7 billion. Here’s a historical look at Total Dollar Volume since 2005:

November 2017 Charts

Additional information about trends within each county, by price point, by existing and new construction, and by neighborhood — including monthly statistics for November 2017 — are now available in the monthly market report. This report includes an explanation of the metrics and notes on data sources and methodology.

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

ADA Snapshot - November 17

CANYON Snapshot - November 17GEM Snapshot - November 17

Download print quality snapshot graphics for Ada CountyCanyon County, and Gem County.

# # #

This report is provided Boise Regional REALTORS® (BRR). BRR is the largest local REALTOR® association in Idaho, with over 4,400 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the Boise Regional REALTORS® Foundation. This report is based primarily on the public statistics provided by the IMLS, available at: intermountainmls.com/Statistics/Static.aspx. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance. || The term “single-family homes” includes detached single-family homes with or without acreage, as classified in the IMLS. These numbers do not include activity for mobile homes, condominiums, townhomes, land, commercial, or multi-family properties (like apartment buildings). If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.