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.

PHOTO GALLERY

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

FB Live sponsor

2018 Annual Sponsor Poster v3 - compressed

 

January 2018 Market Report

No Lag in Demand for Homes in Ada County

Last January, we discussed the effects of a historic snowfall on Ada County’s real estate market, which is quite different from recent stories about the mild winter helping boost new construction.

But despite builders being able to work when they normally cannot, it hasn’t been enough to push new inventory higher than it was last year. Homeowners are also not listing quickly enough to raise existing inventory levels, reasons for which are discussed in BRR’s 2017 year-end market report.

Surprisingly, pending sales (a measure of home buyer demand) were up 32.7% year-over-year, even as the supply of homes was down:

Key Metrics January 2017 January 2018 YOY % Chg
Inventory 1,425 1,213 -14.9%
Pending Sales 1,037 1,376 +32.7%
Difference 388 -163

 

When looking at these numbers, we see there were more pending sales in January 2018 than the number of homes for sale, both in the existing and new construction segments (figures above are combined).

This happened in early 2017, as well, and can occur because homes usually don’t close in the same month they are listed since it can take 30-90 days to do so after an offer is accepted.  So, when inventory is very low, there can be more homes under contract or pending, than available for purchase.

It’s remarkable that we’re seeing pending sales outpace inventory for new construction, too, especially considering the weather has been more favorable for building this winter. These numbers further reinforce the tremendous growth and demand for housing in our area.

The result of this very low supply compared to the very high demand, is that the Ada County median sales price hit a new record high of $279,900 in January 2018, up 16.8% from January 2017.

 

Demand and Supply Pressures Impacting Gem County Home Prices

In January 2018, there were 42 homes under contract in Gem County, up 7.7% from January 2017. That left 47 homes available for sale at the end of January, up 11.9% from the same month last 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 January 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.

Because buyer demand is outpacing supply, as shown through the low MSI calculation, home prices are rising in Gem County. 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.

Based on data between February 2017 and January 2018, the median sales price for Gem County was $183,350, an increase of 10.1% 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 January 2018 Ada County, Canyon County, and Gem County and City Data Market Reports. This includes an explanation of the metrics and notes on data sources and methodology.

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

ADA Snapshot - January 18     CANYON Snapshot - January 18     GEM Snapshot - January 18

 

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

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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)6 trade association, representing more than 4,400 real estate professionals throughout the Boise region, with a focus on Ada and Gem counties. 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.

The data reported 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.