Boise (Ada County) Real Estate Market Report for February 2013 By Cam Johnson

For the second month in a row the number of closed sales was slightly lower (-2.4%) than a year ago but pending sales continue to be ahead of 2012 (+4.8%). I believe the low number of closings is more a function of very low inventory (-14.3%) than the number of willing and able buyers. The other trends we have been watching unfold over the last year: dramatically increasing prices, a new construction renaissance, and the sharp drop in distressed sales all seem to be on track. I do expect the percentage increase in prices to level off somewhat in 2013 as we start going against some of the 2012 numbers when prices started to take off. For example the average sales price in February was only up 15.9% (Only!!) compared to +27.1% in January, and prices actually dropped slightly in February from the previous month. I think you will continue to see the year over year price increases get smaller and hopefully they will plateau in the 7-10% range. Prices normally do rise somewhat as the Spring selling season gets going so February’s slight drop from January should not be of concern.

 

New construction continues to flourish and represented 21.9% of the total sales in February, more than Short Sales and Bank Owned combined. Prices for new homes also have started to take off and were +16.2% from a year ago. Over a third of total inventory is now new construction but the days on market for new homes has dropped 21.3% indicating sales are brisk.

26 Bank owned properties sold in February (-76.4%) and they are now just 5.4% of the total closed sales. Similarly, short sales have also dropped way off to 68 closed sales (14.0% of total).

 

Prices for distressed properties continue to drag behind traditional sales and new construction and are also not showing the gains that the rest of the market is seeing. Prices for Bank Owned properties actually dropped 5.3% from a year ago while Short Sale prices were up a measly 1.7% compared to $15.9% for the market as a whole.

 

It’s too early to tell whether Sequestration and other anxiety inducing macro-economic conditions will have a significant effect on the Boise market or not. There seem to be plenty of buyers for now and if interest rates stay low as predicted I think we should continue to see a solid market here. I am curious to see how many sellers decide to list as the Spring selling season hits in April. As I have mentioned previously, I think a big part of our low inventory problem is caused by sellers who would like to sell but are still underwater on their homes. As prices continue to rise we should see more and more of those sellers gain the confidence to list.

 

Market Stats for Boise (Ada County) Single Family, Townhouse, and Condos February 2013 vs 2012. (More detailed graphs below)

 

 

Type

# Sold

% +/-

% of Total Sold

# For Sale

% +/-

% of Total For Sale

$/SF

% +/-

Average Sold Price

% +/-

Days on Market

% +/-

Months Inventory

All

484

-2.4

100

1811

-14.3

100

$103

+15.4

$204K

+15.9

89

-13.6

3.7

Non Distress

390

+41.3

80.6

1402

+0.1

77.4

$107

+7.0

$219K

+6.8

77

-19.8

3.6

REO

26

-76.4

5.4

52

-28.8

2.9

$84

+13.5

$127

-5.2

84

+42.4

2.0

Short Sale

68

-38.2

14.0

351

-44.9

19.4

$85

+11.9

$149K

+1.7

161

-2.4

5.2

New Construction

106

+23.3

21.9

606

-2.4

33.5

$119

+13.0

$258K

+16.2

107

-21.3

5.7

 

 

As always I welcome your comments, questions, and referrals! I am looking forward to a great 2013.

 

Cam Johnson

Realtor®

Windermere Access Realty

1412 W Idaho St.

Suite 120

Boise, ID 83702

208-258-2222 Office

208-283-3664 Cell

208-258-2230 Fax

 

camjohnson@windermere.com

Check out my listings here: http://www.camjohnsonhomes.com

 

 

 

 

 

Facts and Trends

TM

Published March 2013*

Location:

ADA COUNTY

Price Range:

$0 – No Limit

SQFT Range:

0 – No Limit

Property Types:

Single Family, Single Family w/ Acr, Condo, Townhouse – All Properties – All Properties – All Properties

Bedrooms:

0 – No Limit

Bathrooms:

0 – No Limit

Year Built:

0 – No Limit

Prepared for you by: Cam Johnson

 

Number of Homes For Sale vs. Sold vs. Pended (Dec. 2011 – Feb. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Feb. 13

Jan. 13

% Change

Feb. 13

Feb. 12

% Change

Dec. 12 to Feb. 13

Dec. 11 to Feb. 12

% Change

For Sale

1811

1762

2.8%

1811

2114

-14.3%

1827

2192

-16.7%

Sold

484

386

25.4%

484

496

-2.4%

473

483

-2.1%

Pended

650

579

12.3%

650

620

4.8%

548

553

-0.9%

 

Average Price per SQFT (Dec. 2011 – Feb. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Feb. 13

Jan. 13

% Change

Feb. 13

Feb. 12

% Change

Dec. 12 to Feb. 13

Dec. 11 to Feb. 12

% Change

Avg. Sq. Ft. Price

103

105

-1.8%

103

90

15.4%

104

87

20.1%

 

Avg CDOM & SP/Orig LP % (Dec. 2011 – Feb. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Feb. 13

Jan. 13

% Change

Feb. 13

Feb. 12

% Change

Dec. 12 to Feb. 13

Dec. 11 to Feb. 12

% Change

Avg CDOM

89

74

20.3%

89

103

-13.6%

83

106

-21.7%

Sold/Orig LP Diff. %

97

96

1%

97

95

2.1%

96

94

2.1%

 

Average Price of For Sale and Sold (Dec. 2011 – Feb. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Feb. 13

Jan. 13

% Change

Feb. 13

Feb. 12

% Change

Dec. 12 to Feb. 13

Dec. 11 to Feb. 12

% Change

Avg. Active Price

288

284

1.4%

288

248

16.1%

283

245

15.5%

Avg. Sold Price

204

210

-2.9%

204

176

15.9%

208

172

20.9%

 

Months of Inventory Based on Closed Sales (Dec. 2011 – Feb. 2013)

 

Curnt vs. Prev Month

Curnt vs. Same Month 1 Yr Ago

Curnt vs. Same Qtr 1 Yr Ago

 

Feb. 13

Jan. 13

% Change

Feb. 13

Feb. 12

% Change

Dec. 12 to Feb. 13

Dec. 11 to Feb. 12

% Change

Months of Inventory (Closed Sales)

3.7

4.6

-18%

3.7

4.3

-12.2%

3.9

4.5

-14.9%

 

Posted on March 11, 2013 at 4:03 pm
Windermere Real Estate Boise Valley | Category: Blog

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