2018 Mid-Year Housing Summit Recap

Thanks to everyone who attended the 2018 Mid-Year Housing Summit from Boise Regional REALTORS®. If you missed the event, don’t worry! A summary of the discussions and links to the various presentations are available here.

Links and resources referenced at the Mid-Year Housing Summit:

FH ClassInvest in RPACAmm

**Please note: The RPAC investment information on this page is only intended for BRR members.

2017 Boise School District Bond Update

2017 Boise School District Bond Update

Coby Dennis, the Deputy Superintendent of the Boise School District, provided a progress report on the various projects funded by the 2017 school district bond. Boise Regional REALTORS® endorsed and supported this successful campaign last year.

Fair Housing Update

Fair Housing Update

Debbi Myers, certified real estate instructor and BRR Director, discussed the importance of understanding fair housing in our industry and gave a teaser on the upcoming fair housing class that was refreshed in honor of the 50th anniversary of the Fair Housing Act.

Ready to learn more about fair housing? Join us for a Lunch & Learn: That’s Not Fair! How to Avoid Fair Housing Violations, on Tuesday, October 23, from 12:00 p.m. – 2:00 p.m. Register today!

2018 Mid-Year Residential Real Estate Update

2018 Mid-Year Residential Real Estate Update

Breanna Vanstrom, Chief Executive Officer for Boise Regional REALTORS®, dug into the data and identified the trends regarding price, supply, demand, inventory, and strategies for building your business during the 2018 Min-Year Residential Real Estate Update. You can watch her full presentation on Facebook Live below. Thank you to our Facebook Live Sponsor, Idaho Housing and Finance Association.

“Getting to Solutions” Listening Session on Growth

Getting to Solutions

Soren Dorius, Director of Government Affairs for BRR, started the listening session by sharing some key findings from the Second Annual Treasure Valley Survey a survey conducted by BSU to explore public opinion on growth, transportation, and other issues. This project was funded in part by a $15,000 Smart Growth Grant secured by BRR.

The group shared ideas and solutions about how to maintain the quality of life during this time of growth, thoughts on what area would be the next good candidate for higher density projects, what features and places need to be “off limits” to development, the role of transportation, how REALTORS® can participate in public meetings, and much more.


Thanks to our event sponsor and annual sponsors for making this event possible!

FB Live sponsor

2018 Annual Sponsor Poster v3 - compressed


2017 Mid-Year Housing Summit Recap

Thanks to everyone who attended the 2017 Mid-Year Housing Summit from Boise Regional REALTORS®. If you missed the event, don’t worry! A summary of the discussions and links to the various presentations are available here.

Highlights from the Treasure Valley Policy Survey

Vaughn-BRR presentation_image

Dr. Justin Vaughn, Co-Director of the Center for Idaho History & Politics at Boise State University, presented the highlights from the most recent Treasure Valley Policy Survey, which gauged opinions and perceptions of Treasure Valley residents on a variety of topics, such as living and working in the Treasure Valley, economic development, taxes, education, transportation, and housing.


Justin Vaughn

The survey was conducted in September 2016, and the key findings were that residents view life in the Treasure Valley very positively, especially the quality of life, citing it as a good place to raise a family and build a career. The top reasons for living here included low crime, low cost of living, and a strong economy. The survey also found that there is concern about the pace of growth, and divided attitudes among Treasure Valley residents about how to fund affordable housing. For more details on the survey’s findings, download Dr. Vaughn’s presentation.

2017 Mid-Year Residential Real Estate Update

Mid-Year Housing Summit 2017 UPDATED 07122017 - shareable_image

Boise Regional REALTORS® CEO Breanna Vanstrom presented the market update.

Market Update

The Mid-Year Summit is an opportunity to take a step back halfway through the year to evaluate how the market has performed, compared to the same time last year. You can view the slides here, watch a video captured via Facebook Live, or read a summary of Breanna’s presentation below…

BRR Market Update presented by BRR CEO Breanna Vanstrom

Posted by Boise Regional Realtors on Thursday, July 20, 2017

Ada County homes sales are on track to surpass the $3 billion-mark for the first time in 2017. Year-to-date through June 2017, the total dollar volume sold was at $1.46 billion, which was 7.4% higher than the same time last year. The total dollar volume sold Canyon County year-to-date through June 2017, was at $ 417.1 million, which was 14.7% higher than through June of 2016.

BRR’s message to members has been consistent this year and last year: “Our housing market is growing from consumer demand vs. supply — not from speculation as was common a decade ago.” In addition, increased sales prices for newly constructed homes have also been pushing up the total dollar volume figures in 2017.

Three things continue to drive demand for housing in the Boise Region: increased economic development, limited housing supply putting pressure on inventory, and a growing population.

Yet while the actual median sales price continues to trend upwards, based on these factors, the rate at which it is increasing has been slowing down. Year-over-year price gains grew consistently through 2012, led by low mortgage rates and more sales at higher price points.

While the actual median sales price for both counties continues to trend upwards, the rate at which it does so has been more balanced since January 2015. It is important to explain that this slowdown in growth does not mean demand is waning. In fact, year-over-year demand is up, and in just the past few months, the number of pending sales have outpaced inventory.

How does this level of demand vs. supply, increasing (but leveling) prices affect affordability?

The National Association of REALTORS® (NAR) Housing Affordability Index (HAI), and an index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced existing home. The higher the number the more affordable homes are in comparison to the median income.

BRR replicated NAR’s formula using local data to calculate HAI for Ada County on an annual basis and compare it to NAR’s index for the country overall. In 2016, Ada County’s HAI was at 174.8, a decrease of 2.8% compared to 2015, but 4.5% higher than the U.S. overall.

Our market is still affordable when compared to the nation as well as the Western and Pacific Northwestern regions. Looking at NAR’s figures, based on metropolitan statistical areas (MSAs), the Boise City-Nampa MSA was more affordable than Salt Lake City, Denver, Portland, and Seattle, in 2016. For markets with similar populations, we were more affordable than Cape Coral, FL, Colorado Springs, CO, and Lakeland, FL, but less affordable than Winston-Salem, NC, Syracuse, NY, and Akron, OH.

Certainly, the local economies, demographics, and other factors of the markets cited affect affordability in each area, but the comparison is a helpful benchmark as Boise’s growing population is a driver of home prices relative to supply.

So what can REALTORS® do to help their clients in these current market conditions? Three things: strategic prospecting, strategic listing terms, and setting expectations.

REALTORS® can look to their prospects and databases to identify property owners who could sell but don’t also need to buy, or buy locally. For example, people relocating for retirement or work, investors looking to cash-out single-family properties; or, “default” landlords — people who retained a home after a move or another purchase because they couldn’t afford to sell it previously (either didn’t have the equity, needed a quick move, etc.) and have been holding that property as a rental.

To help prospective sellers nervous about listing their home and not being able to find a place to move, consider making the acceptance of a purchase offers contingent on the successful purchase of another home or completion of new construction, rent-back agreements, or maybe extended closing periods.

To help keep buyer and seller expectations in line with the market, here are a few tips:

  • REALTORS® can review market comps regularly, talking to sellers about price adjustments or changing terms, based on what has sold, to avoid buyer fatigue or disinterest if the home is on for “too long.”
  • Discuss the differences between offer prices and appraisals, and what to do when there’s a gap.
  • With home inspections, help sellers determine what should be fixed instead of moving on to another buyer who “might not ask them to fix” the repair in question. For buyers, if they ask for too many repairs or concessions, could they lose the house and have to start over?
  • Most importantly, know your market stats specific to your listings — it is not a seller’s market for everyone, so don’t over promise what you can deliver if you know days on market or supply of homes in a particular segment may not generate a quick sale or multiple offers.

Investing in Our Community Panel Discussion

2017 Housing Summit Flyer 7.5.2017 - panel discussion

The last presentation of the summit was a panel discussion featuring Clark Krause, Executive Director of Boise Valley Economic Partnership (BVEP); Georgia Meacham, REALTOR® and housing advocate; Jeff Sayer, Managing Partner at Rectify Horizons; and moderator Chase Craig, REALTOR® and Vice Chair for BRR’s Data Strategies Advisory Group.

The topic of the panel was “Investing in Our Community,” and the discussion focused on developments happening in our region and around the state, as well as resources from the National Association of REALTORS®. The panelists talked housing affordability, innovative ideas for affordable housing, cost of living, quality of education, and wages. They also touched on factors businesses consider when looking to relocate or expand to the Boise region. Two recurring themes in the discussion were talent and infrastructure. We need to invest in, and attract capital for, building infrastructure and educating our workforce, both of which are needed as we continue to grow.

How does this all relate to BRR members? REALTORS® may sell homes, but they also change their communities. Georgia encouraged REALTORS® to get involved at the local, state, and national association level, to participate in the association’s community outreach efforts, and to invest in RPAC (the REALTOR® Political Action Committee) to protect homeownership and the real estate industry.


Event Photo Gallery

Registration is Open for the Mid-Year Housing Summit

Join us as we learn about highlights from the Treasure Valley Policy Survey, an update on our real estate market, and discuss investing in our community. We have reached capacity for this event. Use the register link below to be added to the waitlist, or email Shari if you’d like to cancel your registration.

Date: July 20, 2017

Time: 9:30am – 12:00pm

Location: Scentsy Commons, 2701 East Pine Ave., Meridian, Idaho

Cost: FREE for BRR Members/$20 for non-members

Register: https://2017brrmidyearhousingsummit.eventbrite.com

Learn more about the Mid-Year Housing Summit on our event page.

Strong Spring Market Encourages More Ada County Home Sellers

Ada County home prices are typically the highest in June, July, and August each year, based on monthly averages going back to 2004. Homes that sell in these months typically go under contract between April and July, as it takes on average 30-60 days from an accepted offer to get to the closing table. In May 2016, Days on Market was at 38 days — meaning most of those homes sold last month went under contract in March or April. Looking ahead, sellers still have time to get on the market and take advantage of some of the highest sale prices of the year.

While inventory of existing homes is still tight compared to last year (down 17.7% from May 2015), there has been some month-over-month improvement in the number of existing homes for sale, as more sellers hope to secure a summer closing.

  • February to March 2016, existing inventory grew by 7.8%
  • March to April 2016, existing inventory grew by 6.5%
  • April to May 2016, existing inventory grew by 16.4%

Although we generally expect more homes to come on the market throughout spring, this year’s trend is the reverse of what we saw in 2015:

  • February to March 2015, existing inventory grew by 14.2%
  • March to April 2015, existing inventory grew by 8.6%
  • April to May 2015, existing inventory grew by 4.2%

The 2016 numbers are encouraging, but more existing homes are needed to keep up with buyer demand — evidenced by a 12.8% increase in pending sales activity. The low inventory combined with higher pending sales resulted in a 22.7% year-over-year decrease in months supply of existing homes for sale, ending the month at just 1.7 months of inventory. (A balanced market is typically between 4-6 months of supply.)

Newly constructed inventory for Ada County did increase by 4.6% compared to May 2015, however, the higher median sales price for new homes (at $316,450 in May 2016) is out of reach for many first-time home buyers, and may be too much of a jump in price for move-up buyers — especially compared to the median sale price for existing homes, which was at $228,250 in May 2016. That said, demand for new homes remained strong as this segment saw a 46.4% year-over-year increase in pending sales, resulting in a 31.6% drop in months supply from May 2015, ending at 3.9 months of new inventory.

“While the spring and summer months are typically the most active for the Ada County real estate market, the past few years have seen sustained activity well into fall and winter,” said Carey Farmer, 2016 President of Boise Regional REALTORS® and Broker Associate with Group One Sotheby’s International Realty. “Anyone who is considering selling their home should speak to a REALTOR® to get the best advice on price and the home sale process, based on current market conditions.”

Additional information about trends within each county, and by price point, by existing vs. new construction, and by neighborhood, are now available in the May 2016 Market Report. This report includes an explanation of the metrics and notes on data sources and methodology.

Download the market snapshot graphics for Ada County and Canyon County:

ADA Snapshot - May CANYON Snapshot - May

To learn more about how this housing market is having an impact on the region as a whole, and how the regional trends are affecting the market, join us for BRR’s Mid-Year Housing Summit on June 23. Details at boirealtors.com.

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This report is provided by the Ada County Association of REALTORS®, which began doing business as Boise Regional REALTORS® (BRR) in 2016. BRR is the largest local REALTOR® association in Idaho, with over 3,700 members and two wholly-owned subsidiaries — the Intermountain Multiple Listing Service, Inc. (IMLS) and the REALTORS® Community 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.

Distributed to the media on June 12, 2016.

Idaho Real Estate Summit 2015

The second Idaho Real Estate Summit hosted by the Ada County Association of REALTORS® was held yesterday, December 10th at  the Idaho Capitol. Topics included current housing trends and a look at our economy. Professionals from all segments of the housing industry will benefit from attending the Housing Summit.

Our Keynote speaker was Lawrence Yun the Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS®. He will deliver insight into the National Housing Economy and a forecast for 2015. If you weren’t able to join us download the presentation here http://www.slideshare.net/AdaRealtors/idaho-real-estate-summit

Speakers covered topics including:

  • Local Residential Housing – Marc Lebowitz
  • Commercial Market – LeAnn Hume
  • IHFA Lending in Ada County – Gerald Hunter

“Lawrence Yun is Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS®.  He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report.  He regularly provides commentary on real estate market trends for its 1 million REALTOR® members.Lawrence Yun is Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS®.  He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report.  He regularly provides commentary on real estate market trends for its 1 million REALTOR® members.Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them Blue Chip and the Harvard University Industrial Economist Council. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. USA Today in 2008 listed him among the top 10 economic forecasters in the country and he has been named among the Most Influential Real Estate Leaders by INMAN News over the past several years.Dr. Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park.”