September 2019 Market Report

ADA COUNTY HOMEBUYERS HAD MORE OPTIONS IN SEPTEMBER

Key Takeaways:

  • Additional new construction inventory and a slight boost in existing inventory gave buyers more options in September than any month in 2019 so far, extending the homebuying season into the fall.
  • Despite this increase in inventory, demand is still outpacing supply and the median sales price was $349,994 in September, up 9.7% from the year before but down 1.4% from August 2019.
  • With more inventory available and low interest rates, fall may be a great time to buy for those who are ready to make a move.

Analysis:
Housing supply or inventory typically peaks in the summer months and then drops to lower numbers in the fall and winter. However, since 2017, the highest number of available homes for sale has been in September, rather than July or August, extending the homebuying season.

Comparing Monthly Inventory to the Median Sales Price in Ada County

This shift can be attributed in large part to a 10.3% increase of new construction inventory in September 2019 compared to August 2019. New construction listings made up nearly half of the total inventory in September with 887 homes available for sale at the end of the month. Existing inventory increased 3.6% from the month prior with 889 homes available for purchase. As a result, these market conditions have started to blur the seasonality trend in the last few years.

However, despite this increase in inventory, demand is still outpacing supply. The median sales price was $349,994 in September, up 9.7% from September 2019, but down 1.4% from August. However, the higher home prices are being tempered by low mortgage rates, with the average 30-year fixed-rate mortgage at 3.64% on Thursday, September 26, 2019, according to Freddie Mac.

Interest Rates in September 2019 continued to decline

Overall, more housing supply is needed at all price points and those considering selling could still fetch a premium price for their home this year. And if you’re looking to buy, now is a great time to take advantage of low rates and you’ll have more options when house shopping with the added inventory. However, there’s really no ‘perfect time’ to buy or sell a home — it is more important that you consider what works for you and your finances.

 

SEPTEMBER 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Housing inventory was up in Elmore County with 90 homes available for purchase at the end of September, an increase of 18.4% from August. However, inventory is still down year-over-year with a decrease of 15.1% from September 2018, continuing the now 56 consecutive months of year-over-year declines in inventory.

Sales were also up in Elmore County, with 52 homes sold in September, an increase of 4.0% from the month before, and a 40.5% increase year-over-year. 55 homes went under contract, or “pending”, in September, a decrease of 5.2% from the month before and a 20.3% decrease year-over-year.

The median sales price reached a record high of $188,225 — an increase of 23.0% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven by home buyer demand and persistently low inventory.

To better understand the impact of demand and supply, we use the Months Supply of Inventory (MSI) metric. This compares pending sales (or homes under contract) which measures buyer demand and inventory (or homes for sale) which measures supply. In September 2019, there were 1.6 months of supply available. A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply.

While demand is still outpacing supply in the area, the small bump in inventory this month provides buyers with more options when looking for a home to purchase. If you are looking to buy, work with your REALTOR® to explore some of the new options now available in your area.

 

SEPTEMBER 2019 GEM COUNTY HOUSING MARKET UPDATE

As of September 2019, the median sales price for Gem County was at $239,260, an increase of 21.4% over the same period last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 22 homes sales in September, down 38.9% from September 2018, and down 35.3% from last month. This left 64 homes available for sale at the end of the month, down 5.9% year-over-year.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.2 months in September 2019, up from 1.6 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Inventory was down compared to last year, but we did see a 23% increase from the month prior. This is encouraging since the Gem County housing market needs more inventory to help bring the market back into balance and give buyers more options when searching for a home. If you’re considering selling, now would be a great time to talk to your REALTOR® about your options.

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

Ada County September 2019 SnapshotMembers can access Canyon County Stats via the Market Report EmailElmore County September 2019 SnapshotGem County September 2019 Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

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. 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).

2019 Voter Information

It’s Election time, and we’ve got all the information you need right here! Election Day is Tuesday, November 5th so be sure to cast your ballots before polls close!

For a full list of BRR’s endorsements and recommendations for your vote this year, please click HERE.

Interested in Early Voting in-person?

GEM
Early voting is underway and ends November 1st. You may cast your early in-person vote at the clerk’s office inside the Gem County Courthouse.

ELMORE
“Early in-person absentee voting” begins October 15th and ends November 1st. All early in-person voting will take place at the Elmore County Courthouse.

ADA
Early voting begins on October 26th and ends November 1st. All Ada County early voting can be completed at any one of three locations: Ada County Elections Office, Boise City Hall, and Meridian City Hall.


BRR’s Public Policy Committee, made up of volunteer REALTORS®, extends candidate questionnaires to various local candidate races within Ada, Elmore, and Gem counties. Based on these responses, candidates are invited to be interviewed by the committee and share their views on housing, private property rights, education, transportation, and other issues affecting the community. From there, the Public Policy Committee provides recommendations for endorsements which are reviewed by BRR’s Board of Directors for final approval. For questions regarding BRR’s endorsement process, contact Soren Dorius, BRR’s Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com. You may also reach Government Affairs Manager, Cameron Kinzer, at 208-947-7237 or cameron@boirealtors.com.

REALTORS® Endorse Local Candidates

After numerous candidate interviews and completed questionnaires, Boise Regional REALTORS® (BRR) is pleased to announce the following candidate endorsements for upcoming local elections in Ada, Elmore, and Gem counties.

Boise

  • Rebecca Arnold – Boise Mayor
  • Patrick Bageant – Boise City Council Seat 1
  • Meredith Stead – Boise City Council Seat 3
  • Debbie Lombard-Bloom – Boise City Council Seat 5

Eagle

  • Jason Pierce – Eagle City Mayor
  • Charlie Baun – Eagle City Council

Emmett

  • Steve Nebeker – Emmett Mayor
  • Brett McGann – Emmett City Council

Garden City

  • Pam Beaumont – Garden City, City Council
  • James Page – Garden City, City Council

Glenns Ferry

  • Susan Case – Glenns Ferry City Council

Kuna

  • Briana Buban-Vonder Haar – Kuna City Council
  • Ramona Martin – Kuna City Council

Meridian

  • Robert Simison – Meridian Mayor
  • Brad Hoaglun – Meridian City Council Seat 3
  • Jessica Perreault – Meridian City Council Seat 5

Mountain Home

  • Rich Sykes – Mountain Home Mayor
  • Mark Bryant – Mountain Home City Council
  • Brad Stokes – Mountain Home City Council

Star

  • Trevor Chadwick – Star City Mayor
  • Kevin Nielsen – Star City Council Seat 1
  • Jennifer Salmonsen – Star City Council Seat 2

“Each year we have the honor of interviewing many qualified candidates for elected office. It’s rarely an easy decision determining which candidate best reflects our views on growth, governance, and the importance of private property rights. After careful review, the candidates we’ve chosen to endorse are uniquely qualified to lead our community through challenging growth management decisions. These candidates understand the importance of private property rights, managing growth, and the important role REALTORS® have in the local economy and community,” said Phil Mount, 2019 President of Boise Regional REALTORS®.

BRR’s Public Policy Committee, comprised of volunteer members of the association, invited over 80 candidates across the three counties to fill out candidate questionnaires focused on private property and growth-related issues. After careful review of the responses, over half of the candidates who filed for candidacy were invited to take part in interviews with the committee. Based on these interviews, the committee sent their recommendations to the BRR Board of Directors for final review and approval.

“We wish to thank our volunteer Public Policy Committee members, and all those who assisted with the candidate endorsement process. We appreciate the time and dedication of these individuals, and their commitment to identifying the candidates who are best suited to represent the voice of real estate and private property rights,” said Josh Cummings, BRR’s Public Policy Committee Chair.

Elections will be held on Tuesday, November 5, 2019.

“We urge Boise Regional REALTORS®, as well as the rest of the community, to get out and vote this November and support these candidates who’ve received the endorsement of local REALTORS® throughout Ada, Elmore, and Gem counties,” said BRR Director of Government Affairs Soren Dorius.

For information on the candidates, registration, and where to vote, please visit idahovotes.gov, adacounty.id.gov/electionsgemcounty.org/elections/ and elmorecounty.org/elections-2018/. 

PRESS COVERAGE:

Arnold, Bieter, McLean pick up endorsements ahead of mayoral election

BRR’s Public Policy Committee, made up of volunteer REALTORS®, extends candidate questionnaires to various local candidate races within Ada, Elmore, and Gem counties. Based on these responses, candidates are invited to be interviewed by the committee and share their views on housing, private property rights, education, transportation, and other issues affecting the community. From there, the Public Policy Committee provides recommendations for endorsements which are reviewed by BRR’s Board of Directors for final approval. For questions regarding BRR’s endorsement process, contact Soren Dorius, BRR’s Director of Government Affairs, at 208-947-7237 or soren@boirealtors.com. You may also reach Government Affairs Manager, Cameron Kinzer, at 208-947-7237 or cameron@boirealtors.com

HouseCheck’s Annual Gala

This post contains sponsored content and affiliate links.

HouseCheck Foundation's Annual Gala is Nov. 1!

HouseCheck’s Annual Boise Gala Benefiting Victims of Domestic Abuse
Set for November 1.

Domestic Abuse is a complex subject that is often overlooked in modern society because many victims don’t – or can’t – reveal the problem to others, usually out of fear of reprisal.

The insidious “secretive’ nature of domestic abuse makes it difficult to gather accurate statistics, but the Family Violence Prevention Fund estimates that between 1.5 million and 3.9 million women are physically abused every year in the U.S. alone. In the last National Census, Domestic Violence Services reported that 67,646 victims were served by various domestic violence programs in the U.S. in a single day.

Domestic abuse impacts men, women, and children of all ages, income levels, and educational backgrounds. In addition to physical abuse, these individuals often suffer from various forms of emotional trauma, including depression, anxiety, and social isolation. Abusers routinely see to it that their targets have very limited resources at their disposal, prompting those affected to feel trapped within the abusive environment with no hope of finding a way out.

HouseCheck is committed to helping.

In 2016, a Boise-based start-up company called HouseCheck established a non-profit foundation to help eliminate domestic abuse.

The HouseCheck Corporation is a national home inspection, data, and real estate technology company whose philosophy is to protect the value, health, and safety of the home and those within it. This philosophy led the founder of HouseCheck Corporation to establish the HouseCheck Foundation as a social service agency partner within local communities to help stop the cycle of domestic abuse.

The foundation’s mission, using a grassroots approach, is to develop a collaborative and robust integrated system of protective and preventive services that assist all individuals affected by abuse within the household. To accomplish this, the HouseCheck Foundation raises and grants funds for local groups and organizations that have a proven track record of helping individuals and families impacted by domestic abuse.

Boise fundraising gala on November 1, 2019.

The HouseCheck Foundation’s Boise Chapter will host its annual gala on November 1, 2019, at the Galaxy Events Center in Meridian, Idaho.  Festivities will include speakers, live and silent auctions, testimonies from those who have escaped the trap of domestic abuse, a delightful dinner, and much more.

For information on the HouseCheck Foundation, or on the HouseCheck Foundation Gala on November 1 (including opportunities for attendance, sponsorship, or donation of items to be auctioned), visit HouseCheckFoundation.org.

2020 BRR Director Candidates

BRR Director Elections

The Boise Regional REALTORS® Nominating and Elections Committee presents the following list of eligible candidates for director positions with BRR, IR, and NAR.  Online elections will open Thursday, October 24, and close Wednesday, November 13. Election results will be announced Thursday, November 14 at the Member Expo.

BRR Vice President (2 candidates for 1 opening):

  • Becky Enrico-Crum – Andy Enrico & Company
  • Debbi Myers – Amherst Madison Real Estate

BRR Treasurer (1 candidate for 1 opening):

  • Ed Sperry – Equity Northwest Real Estate

BRR Director (9 candidates for 4-5 openings dependent on outcome of the Vice President race):

  • Carlos Bendeck – John L Scott
  • Josh Cummings – Crosswinds Realty
  • Krista Deacon – Silvercreek Realty Group
  • Jessica Durham – Silvercreek Realty Group
  • Cyndi Elliot – Group One Sotheby’s International Realty
  • John Evans – Evans Realty, LLC
  • PJ Johnson –  208 Real Estate
  • Zachary Lopez – Realty ONE Group Professionals
  • Susan Weaver – Silvercreek Realty Group

IR Director from BRR (4 candidates for 4 openings):

  • Carlos Bendeck – John L Scott
  • Zachary Lopez – Realty ONE Group Professionals
  • Phil Mount – Amherst Madison Real Estate
  • Susan Weaver – Silvercreek Realty Group

NAR Director from BRR (2 candidates for 1 opening):

  • Carey Farmer – Group One Sotheby’s International Realty
  • Kit Fitzgerald – Equity Northwest Real Estate

Find profiles, bios, and statements from the candidates for the following positions at the links below:

Section 11.5 of BRR’s Bylaws

NOTE: Once the approved slate of candidates has been communicated, additional candidates for the offices and positions to be filled may be added to the slate by a petition signed by at least ten percent (10%) of the REALTOR® Members eligible to vote as of forty-five (45) calendar days before the election opens. The petition shall be filed with the Secretary at least thirty (30) calendar days before the election opens.

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

** 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.

If you have any questions regarding the slate of candidates or BRR Director Elections, please contact Breanna Vanstrom at breanna@boirealtors.com.

August 2019 Market Report

ADA COUNTY HOME PRICES REACH NEW BUT EXPECTED HIGH POINT IN AUGUST

Key Takeaways:

  • The median sales price was at $355,000 in August 2019, up 6.6% over the same month last year.
  • We’ve seen a new record high median sales prices for Ada County every August since 2016 — driven by higher list prices and faster market times in the summer.
  • The existing housing supply is being outpaced by demand, which increases in the summer months, driving prices up. The increased share of new construction sales is also a factor in the higher overall median sales price.

Analysis:

Home prices were up 6.6% from last year in Ada County, hitting a record median sales price of $355,000 in August 2019. This high point continues the trend we’ve seen since 2016 with new record highs each August.

It typically takes one to two months for a home to close after it goes under contract, so many of the homes that closed in August likely went under contract at the end of June, July, or even early August. Analyzing market data going back to 2016 shows that homes are listed at the highest prices of the year during these months, and have some of the fastest market times, resulting in the highest sales prices of the year.

It’s not a surprise the list prices build through the summer, considering the warmer weather makes it easier for homeowners to prep their property to sell, and many buyers are hoping to get into a new home prior to school starting. Then this year, that seasonal cycle was compounded by another year-over-year decline in the supply of home compared to the increase in demand, resulting in another August with a record high median sales price.

The overall median sales price was also pushed up by a high number of new home sales — which accounted for 30.1% of all home sales in August 2019, up 14.4% year-over-year. New home prices are typically higher due to the cost of land, materials, and labor, so a higher share of new home sales has a big impact on the overall median sales price each month.

Thinking about purchasing a home? Whether prices remain high or dip down, REALTORS® are the best-equipped partner to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Home sales activity was up in Elmore County in August with 50 closed home sales and 69 homes going under contract, or “pending” — increases of 6.4% and 16.9% respectively, from the year before. However, inventory levels dropped again, marking 55 consecutive months of year-over-year declines. There were 76 homes available for purchase at the end of the month, down nearly 25% from August 2018.

The median sales price reached $179,975 — an increase of 17.6% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven by home buyer demand and persistently low inventory.

To better understand the impact of demand and supply, we use the Months Supply of Inventory (MSI) metric. This compares pending sales (or homes under contract) which measures buyer demand and inventory (or homes for sale) which measures supply. In August 2018, there were  1.7 months of supply available. A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply.

Whether you’re interested in buying or selling in Elmore County, it’s important to do your homework and find trusted partners to work with. REALTORS® are best-equipped to help buyers understand where they may have room to negotiate and help sellers correctly price their homes based on local, real-time data.


AUGUST 2019 GEM COUNTY HOUSING MARKET UPDATE

There were 34 homes sales in Gem County in August, down 20.9% from August 2018, but up 61.9% from last month. Pending sales were also down, with 50 homes pending in August, down 5.7% from a year ago. This left 52 homes available for sale at the end of the month, down 27.8% year-over-year.

The median sales price for Gem County reached $231,885, an increase of 19.1% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low supply versus demand.

Speaking of supply versus demand, the Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). In August 2019, there were 1.7 months supply of inventory in Gem County, down 10.5% from August 2018. A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

When it comes to rising home prices in Gem County, the function of supply and demand is truly the biggest factor. If you’re considering selling, now would be a great time to talk to your REALTOR® about your options.


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

ADA Snapshot - Aug 19Canyon Snapshot - Aug 19 (Check your email)-01Elmore Snapshot - Aug 19Gem Snapshot - Aug 19

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

# # #

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. 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).

2020 REALTOR® Membership Renewal

Membership Renewal Slider2020 REALTOR® membership renewal invoices are now available on member accounts. View and pay your invoice online or call 208-376-0363 to pay by phone.

Pay your invoice before Tuesday, December 31, 2019 to avoid a $100 late fee. (Please note, your membership renewal is not set up as an auto debit as it might be for IMLS.) Unpaid members will lose access to forms starting on Wednesday, January 15, 2020. Please note that this is earlier than in previous years.

Your REALTOR® membership includes a variety of savings and benefits that quickly give you a return on your investment. From reduced IMLS fees, discounted rider signs, free CORE classes, a free tech helpline, savings on a car (seriously!), or even just a free cup of coffee when you visit the BRR office… we work hard to provide you with a tremendous value, especially compared to what non-members would pay for the same services.

Beyond those savings and freebies, there are benefits in advocacy, education, and networking, that we hope you’ll take advantage of in 2020…

ADVOCATE. BRR works to develop legislative initiatives favorable to the real estate profession and private property rights, so you can continue to grow your business and serve your clients. Advocacy as a unique member benefit that, to be honest, is nearly impossible to but a monetary value on. But without these efforts, we can say with certainty that it would be more expensive to buy, sell, and own a home, not to mention, run your real estate business. Visit boirealtors.com/advocacy to learn more.

EDUCATE. Our fully accredited real estate school offers CE classes at a discounted rate for members, in person and online. In fact, you can take two CORE courses per licensing cycle with us for no cost — a $50 value! Or take advantage of a 10% discount on classes through Boise State University’s Center for Professional Development. Also, watch our emails and social media pages for savings on online CE classes through The CE Shop, sometimes up to 40% off! Visit boirealtors.com/education for more.

Another way BRR provides you with business intelligence is through our market reports, focused on Ada, Elmore, and Gem counties. Through monthly snapshots, analysis, data sheets, and press releases, we invest a lot of time and resources to make sure you have the information needed to help explain trends or to support your comps and pricing recommendations. This is another benefit that’s hard to quantify, but let’s just say if you were to purchase this level of reporting and analysis from a vendor, it would cost at least $25,000 per year. (Crazy, right?) As a BRR member, it’s yours for free – plus exclusive access to Canyon County information, too.

CONNECT. BRR members have the opportunity to connect through a variety of networking events, meetings, service projects, and committees, as well as online through our social media channels and targeted email newsletters. Most of our events are free or offered at a reduced rate for members, with non-members paying at least $25 or more to attend the same programs. Another ROI tip — through the REALTORS® Community Foundation, you can get up to $100 in matching gifts for donations you make to a local, charitable organization (while funds are available; see the program page for details).

Those are just a few of the benefits, savings, and freebies we hope you’ll take advantage of in 2020. There are plenty more perks and programs we’d love to tell you about, so please reach out if we can help connect you with any of them. We appreciate your membership and wish you a successful year in 2020!

For reference, here’s a breakdown of your 2020 membership renewal invoice:

  • Boise Regional REALTORS® — $205
  • Idaho REALTORS® — $180
  • National Association of REALTORS® — $185
    • REALTORS® Political Action Committee (RPAC) Suggested/Voluntary Investment* — $30 for REALTORS® and Appraisers; $99 for Designated REALTORS®/Brokers
      Learn more about Investing in RPAC
      Your voluntary investment in the REALTORS® Political Action Committee (RPAC) is designated for political purposes to support or oppose candidates and issues that affect the housing industry. From city hall to the state house to the U.S. Capitol, our elected officials are making decisions that have a huge impact on the bottom line of REALTORS® and their customers. RPAC speaks with one voice to build strong communities, promote a vibrant business environment, and protect the real estate industry. From defending mortgage interest deductibility to stopping a transfer tax on every real estate transaction, RPAC is there for you. All RPAC Investments made via dues billing are earmarked for 2018 fundraising goals. Questions about RPAC? Contact BRR Director of Government Affairs Soren Dorius. You may refuse to contribute without reprisal and the National Association of REALTORS® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed.
    • REALTORS® Community Foundation Suggested/Voluntary Donation* — $5
      Learn more about the REALTORS® Community Foundation
      Your voluntary donation to the REALTORS® Community Foundation helps us achieve our mission to improve the quality of life in the Boise region through housing-related projects and grants, demonstrating the many ways REALTORS® and industry professionals give back to the community. Since its inception in 1995, the REALTORS® Community Foundation has provided over $1.7 million in grants to qualifying non-profit organizations throughout Ada, Elmore, and Gem counties. To learn more, please visit boirealtors.com/realtor-foundation. You may refuse to contribute without reprisal and Boise Regional REALTORS® will not favor or disfavor any member because of the amount contributed.

*To edit the amounts for RPAC and the REALTORS® Community Foundation, simply click “EDIT” on the Order Summary page before clicking “Pay Now.”

Deductibility Rules
100% of donations made to the REALTORS® Community Foundation are tax deductible since the Foundation is a 501(c)3 organization.

RPAC voluntary contributions are not deductible for Federal Income Tax purposes. Provisions of the Federal Tax Act regarding lobbying expenses limit the extent to which National, state, and local dues are deductible.

For 2020, with dues at $185 per member, NAR computes 38% or $57 to be nondeductible for income tax purposes due to NAR lobbying efforts. Please note the entire $35 Public Awareness Campaign special assessment (which is included in the $185 sum) qualifies as fully deductible.

For 2020, with dues at $180 per member, Idaho REALTORS® computes $27.79 to be nondeductible for income tax purposes due to Idaho REALTORS® lobbying efforts. Please note the entire $10 Legal Review Fee and $142.21 of the Idaho REALTORS® dues qualifies as fully deductible.

For 2020, with dues at $205 per member, the full $205 for Boise Regional REALTORS® dues qualifies as fully deductible, since none of it is used for lobbying efforts.

NOTE: Boise Regional REALTORS® and its affiliates do not provide tax, legal, accounting, or financial advice. This has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, accounting or financial advice. You should consult your own tax, legal, accounting, or financial advisers about your specific situation.

Why is BRR membership renewal up $5?
Like any business, BRR’s operating costs aren’t immune to the market. As prices of supplies, professional services, health insurance premiums, etc., increase, so do the line items in the association’s budget. The Budget and Finance Committee uses a Consumer Price Index (CPI) Based Dues Formula to provide a method for evaluating our annual dues amount, in relation to the changing prices of goods and services. Using this formula, it was determined that a slight increase was warranted.

BRR is also diligent with our finances to ensure we have the resources necessary to provide you with services under all market conditions. This means building and maintaining adequate financial reserves. To that end, a minimum of 5% of dues goes directly into reserves to ensure the long-term financial stability and solvency of BRR, so we can continue to operate and continue to provide high quality programs and services as the lowest prices possible. All of these items were carefully considered prior to this increase being approved by the Board. If you have any questions about this, please don’t hesitate to contact your BRR Treasurer Bob Van Allen or Chief Executive Officer Breanna Vanstrom.

 

Have questions? Visit our Membership Renewal FAQs page.


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Annual Sponsorship Packages go on sale Tuesday, September 17th!

Looking for turnkey sponsorship opportunities with BRR for all of 2020 at a great value and with marketing perks you can’t get anywhere else? Become an Annual Sponsor!

2020 Annual Sponsorship Packages and Advertising Packages

View the 2020 Annual Sponsorship Packages and use the form below to secure your package today! If the form below is not displaying correctly, please click this direct link.

Your logo and business will be present at every BRR event, in every BRR Update, on our website, and much, much more. We have a wide variety of packages at price points that are sure to meet your budget. Sponsorships are sold on a first come, first served basis.

Please note that BRR has made some gala ticket changes that affect sponsors. Annual Sponsors will still receive tickets, but we are unable to secure any more than are outlined in the sponsorship agreement, prior to general ticket sales. Learn more about these changes at boirealtors.com/gala-ticket-changes.

Have questions about the annual sponsorship packages or future sponsorship opportunities? Feel free to reach out to marind@boirealtors.com.

More information about sponsorships can be found in the BRR Sponsorship Policy.

REALTORS® Community Foundation is Now Accepting Grant Applications

Through its grants, the REALTORS® Community Foundation (RCF) seeks to support projects and/or programs that are actively working to transform the lives of people in our community.

RCF is now accepting grant applications for both 2019 and 2020 through Monday, September 30, 2019.

Learn more about the grant guidelines and applications here and share this information with your favorite non-profits!

Please contact Marind at marind@boirealtors.com or call 208-946-5721 with questions.

2019-2020 Annual Grant Information and Applications

July 2019 Market Report

MEDIAN SALES PRICE OF ADA COUNTY HOMES DROPS (SLIGHTLY) IN JULY

Key Takeaways:

  • The median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.
  • One reason we’re seeing month-to-month price fluctuations is changes to the “mix” of existing home sales by price range.
  • The year-over-year price gains continue to be driven by more demand than supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Analysis:

In July, there were 1,136 closed home sales and 1,741 homes that went under contract, or “pending”. Both closed sales and pending metrics were up compared to July of 2018, 2.4% and 2.5% year-over-year, respectively. Despite an uptick in sales activity, the median sales price was at $349,900 in July 2019 for Ada County, an increase of 9.7% compared to last year, but down 1.3% from June 2019.

Why the fluctuations in price? One reason is that as the share of existing sales by price range changes on a month by month basis, it results in a new “mix” of existing home sales and impacts the overall median sales price.

Share of Existing Sales by Price Range in Ada County, 2019 YTD

From June to July, the share of home sales in the $160,000 – 199,999 price range increased slightly from 2.1% – 2.5%, and the share of existing home sales in the $500,000-699,999 price range decreased from 11.4%- 10.0%. Also, during this time period, the share of existing home sales in the $1,000,000 or more price range dropped from 1.3% to 0.5%. While the number of higher-dollar home sales is usually low compared to the total number of homes sold, the impact these higher priced sales have on the overall median sales price can be significant.

The current “mix” of home sales is only made possible by the inventory that is available for purchase. We’ve seen increased inventory levels each month since April, with 1,755 homes available for sale at the end of July 2019, an increase of 9.2% from July of 2018. This additional inventory was welcome news as the metro area continues to experience persistently low inventory compared to demand.

While this helps explain the month-to-month decrease, the year-over-year price gains continue to be driven by more demand than supply. One of the metrics used to determine supply vs. demand is Months Supply of Inventory (or MSI). A balanced market—not favoring buyers or sellers—is typically between 4-6 months of supply. Months Supply of Inventory (MSI) in July 2019 was at 1.9 months, up 13.9% from 1.7 months in July 2018.

Despite the increase, July’s MSI is still well below the 4-6 month range that would indicate balanced market. As long as inventory remains far below demand from home buyers, we expect that prices will stay elevated with some month-to-month fluctuations based on the mix of sales and individual prices.


JULY 2019 ELMORE COUNTY HOUSING MARKET UPDATE

Elmore County home sales that closed in July flew off the market at record speed, spending only an average of 13 days on the market before going under contract. This was 45.8% faster than in July 2018 when the average days on market was 24.

The median sales price also set a record at $178,225; an increase of 16.5% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. Prices continue to be driven home buyer demand and persistently low inventory.

Sales activity was also up in Elmore County in July with 59 closed home sales and 69 homes going under contract, or “pending” — increases of 31.1% and 21.1% respectively, from the year before.

There was a slight uptick in the number of homes available for purchase at the end of the month, 74 in July compared to 69 in June. Despite this increase, July marked 54 months of consecutive year-over-year declines in inventory. Months Supply of Inventory in Elmore County was at 1.8 months — down 28.0% from the same month last year.

The Months Supply Inventory (MSI) metric measures the relationship between pending sales (which measures buyer demand) and inventory (which measures supply). A balanced market— not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.


JULY 2019 GEM COUNTY HOUSING MARKET UPDATE

As of July 2019, the median sales price for Gem County was at $222,125, an increase of 15.5% over the same period last year, and a new record high for the county. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area. Home prices have been driven by persistently low inventory versus demand.

There were 21 homes sales in July, down 34.4% from July 2018, and but up 16.7% from last month. Pending sales were also up, with 66 homes pending in July, up 1.5% from a year ago. This left 56 homes available for sale at the end of the month, down 26.3% year-over-year but up 12.0% from June 2019.

Pending sales (or homes under contract) measures buyer demand, while inventory (or homes for sale) measures supply. The relationship between these two metrics is reported as Months Supply of Inventory (or MSI), which was at 2.1 months in July 2019, down from 2.9 months a year ago.

A balanced market — not favoring buyers or sellers — is typically when MSI is between 4-6 months of supply. MSI below four months is usually more favorable to sellers, while MSI above six months is usually more favorable to buyers.

Sellers are enjoying record high prices in Gem County. If you’re considering a move, talk to your REALTOR® to learn more about the options available to you.


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

July 2019 Ada County SnapshotEmail cassie@boirealtors.com for Canyon County Market StatsJuly 2019 Elmore County SnapshotJuly 2019 Gem County Snapshot

Download the latest (print quality) market snapshot graphics for Ada CountyAda County Existing/ResaleAda County New ConstructionElmore County and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we do report on Canyon County market trends. Members can access Canyon County snapshots and reports in the Market Report email, or reach out to us directly at cassie@boirealtors.com or annie@boirealtors.com.

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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. 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).