Fall 2014 Real Estate Recap for Boise Idaho Area

Single family home sales in September 2014 were 651 in Ada County, a decrease of 6% compared to September 2013.   YTD total sales are down 5% compared to this time last year; 5,920 homes sold compared to 6,203.

In September, sales of homes priced above $200,000 showed increases in nearly every price category.Market-Snapshot_September-1024x1011

Average Days on Market in September were 54; one more day than last month. In September 2013, Days on Market was 45.

New homes sold in September totaled 120; down 10% from last year; up 4% from August.

Existing home sales were 531; down 6% from September 2013.

Pending sales at the end of September were 930; down just 3% from September 2013. This is the smallest “decrease” in Pending sales all year (April was down 18%). This bodes well for a 4th quarter sales “rebound”.

September median home price was $205,551; up 4% from September 2013. Our YTD median price is $209,900; up 8% over last year.

New Homes median price for September was $283,5530; up 7% from September 2013. For Existing homes the increase is 3% to $191,000.

The number of houses available for sale at the end of September decreased 4% from August 2014 to 2,857. This is 11% more than last year at this time.

In Ada County we now have 3.9 months of inventory on hand, essentially unchanged from the end of July.

So…what’s next?

Our late Summer sales tried hard, but couldn’t make up for the surge in July and August 2013. We have narrowed the gap, but not surpassed 2013…yet. There was a slow down during the last three months of 2013. Our expectation continues to be a strong fourth quarter.

We have more inventory coming online in the <$160,000 which will release some pent up demand among first time buyers.

As crazy as it might sound…now’s the time to be looking forward to Spring 2015. The people we are talking to now are the ones we will be building for and selling homes for in the Spring of 2015.

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