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Boise Real Estate In August 2011-what Is Happening In Our Market?
First the good new-sales are up 39% from this same month last year and 6% from July. August 2011 sales are ahead of August sales for the last four years. In fact, year-to-date sales for 2011 are up 5% vs. last year. So yes...Boise homes are definitely moving. Even more promising is the fact that Boise sales are higher this year than last year despite last year's tax credit. Unfortunately, distressed sales continue to make a huge impact on the market, but their numbers are dwindling. Short sales made up 17% of total sales in August and REO sales made up 22% of the total. That means 39% of all Boise home sales were "distressed" this month. Boise's record high was 61% in December of 2010. Distressed sales are obviously down substantially from that point. So what's the bad news? Unfortunately, for Boise homeowners, the higher sales volume has not led to higher home values. The year-to-date dollar volume is actually down 3% vs. last year despite the increased sales volume. Bottom line-Boise is selling more homes, but they are cheaper. Buyer's take note! It's still a great time to buy. Don't wait until prices start a long-term climb. I don't know how much longer you can wait. In fact, you may already be too late. The median price of a resell home in Boise rose to $144,900 in August. This is up 1% from last month, and up 14% since the beginning of 2011. So why do I hesitate to say that the Boise real estate market has hit rock bottom and is on the way up? The median priced Boise home is still 7% below where it was in August of last year. Bottom line-we can't be certain we've hit bottom until December and January when the Boise real estate market tends to hit its lowest point each year. The market typically slows down in the fall and winter and this year is certainly no exception. August's pending sales are down 8% vs. July. Pending sales will likely continue to fall until spring of 2012 when they will start their annual cyclical climb again. Finally, inventory is dropping and discounts are becoming rare. Boise home buyers beware! You may have a harder time getting sellers to budge from list price. The average discount in August was zero. In other words, most August sellers got exactly what they asked for. That average was helped by a huge number of homes that got bid up above asking price. Yes... it is starting to happen again (at least on bank-owned properties). Resell inventory in Ada County dropped to 1,859 homes for sale. Last year at this time, there were 2,984 homes for sale. July 2008 was the all-time record high at 3920! July 2005 was the low point in resale inventory at 657 homes. Article Directory: http://www.articledashboard.com The Boise real estate picture is one that is not unusual in the country today, however, the capable professional agents are willing and able to help you in your quest for housing. Boise homes can be found in every style and price range. |
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