Boise Real Estate Report - September 2008

Posted by Jace Stolfo on Saturday, October 11th, 2008 at 12:54pm.

The Boise Real Estate market showed very encouraging signs in September 2008.  Home sales in Ada County were up over 18% compared to September '07.  We had been seeing year-over-year declines between 25% to 45% for over the last two years.  Below are the declines by month since last September.

Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08
-46.45% -33.93% -37.02% -40.50% -32.47% -36.62%
Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08
-41.36% -35.06% -30.57% -25.21% -23.77% -21.85% 18.18%

The total number of homes for sale also came down another 11% from a year ago, marking the 3rd consecutive month of decline.  September averaged 4489 homes for sale while a year ago had 5040.

The Boise real estate market has been showing signs of improvement over the last 3 months.  As I stated in a recent post, we will have to see what happens with October and beyond.  I have a feeling that the financial problems that have been in the news, some people have probably stayed on the sidelines.  If that is the case, then October real estate sales will reflect that.

This data comes from the Boise MLS and reflects real estate activity for Ada County single family homes.

Overall Home Sales Sep-08 Sep-07 % Change
Total Listings 4489 5040 -11%
Sold Listings 455 385 18%
Median Home Price $205,000 $219,000 -6%
Average Home Price $236,460 $250,216 -5%
Existing Home Sales Sep-08 Sep-07 % Change
Total Listings 3481 3582 -3%
Sold Listings 336 291 15%
Median Home Price $197,500 $204,900 -4%
Average Home Price $234,144 $236,086 -1%
New Home Sales Sep-08 Sep-07 % Change
Total Listings 1008 1458 -31%
Sold Listings 119 95 25%
Median Home Price $215,250 $275,000 -22%
Average Home Price $242,996 $296,495 -18%

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Get more Ada County Sale Data September 2008.

Data Source: Intermountain MLS. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. This information contained in this post is for general market analysis. No representations or warranties are made as to the past or future appreciation or depreciation of property values.

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