Tagged : Market Statistics

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The Eagle Real Estate market is slower than other areas around Ada County.  Particularly, when looking at the ratio between the number of homes for sale vs. the number selling.   For existing homes, there's a 24 month supply of homes.  For new homes, there's a 20 month supply.

The hardest hit part of the Eagle Real Estate market are homes in the higher price ranges.  Just looking at homes over $500,000, there is a 44 month supply. For homes over $1,000,000, there is a 37 month supply.  Compare this to an overall Ada County supply of 8 months.

Eagle home sales are down about 45% compared to August 2007.  Ada County sales were down about 22% from August 2007.

Eagle Existing Home Sales Aug-08 Aug-07 % Change
Total Eagle
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August showed some very promising signs for the Boise Real Estate market.  For two consecutive months, inventory levels have been down year over year.  August 2008 had 11% less homes on the market than a year ago.  Overall home sales are still down about 22% but these reductions in inventory in July and August are the first in almost two years.  These are positive signs that the real estate market may be stabilizing. Most of the inventory decrease was from new construction: August 2007 had 1535 homes for sales while August 2008 had only 1063.  New home sales were only slightly down from a year ago, 144 vs. 130.

This data is for Single Family Homes in Ada County.

Overall Home Sales Aug-08 Aug-07 % Change
Total Listings 4624
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I find it interesting to look at how much homes sell for vs. their asking price.  In other words, how much was the buyer able to negotiate.  Below are the sold prices for Boise homes from 8/8/08 to 8/22/08.  There were a total of 111 sales during this time.  Keep in mind that this is a relatively small sample of what going on in the County.

You can see that the homes that had the most negotiation were over 10% off the asking price.  The homes that had sold prices over asking prices were mostly REO/short sale homes that were advertised lower than the bank would ultimately took.  On a rare occasion, homes will sell at their asking price if they are new on the market, already priced below market value, or new construction.  Most often though, if a home

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Click here to check for the most current home sale statistics.

According to the Boise MLS  (Intermountain MLS), July posted 494 home sales in Ada County- down 24%.  This is actually one of the smaller declines we've seen over the last year and a half as most months have posted 30% to 40% declines.

Inventory levels also were down from year ago, the first year-over-year decline in 28 months.  Some think this could be a sign of the bottom of the housing market.  While this is a positive sign, the decline in the number of homes for sale is likely not because of homes selling but homes coming off the market to be rented, etc.  They are homes that will be for sale again when the market begins to improve or next spring.

Overall Home Sales

Total

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Ada County single family home statistics for Q2 '08.

Market summary

Home sales improved in the second quarter but are still down when comparing to the same time period a year ago. There are still a large number of homes for sale, distressed properties coming on the market, and an overall nervousness about the economy that is negatively affecting home sales.

Sales continued to improve in Q2 ‘08

Both existing and new construction home sales continued to improve over Q2 (Fig 1).

Comparing Q2 '08 to Q2 ‘07

The real estate market experiences seasonal changes in both the number of homes for sale and the number being sold. As a result, it is helpful to compare numbers year-over-year. Figure two shows that overall sales were down about 30

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The following Boise Idaho real estate statistics are for all Ada County single family homes during June 2008.

Home sales in June continued to increase although in comparison to the same time period a year ago sales were down about 26%.  There were a total of 531 homes sold in Ada County and just under 5100 for sale. 

Overall Home Sale Statistics

Total active listings: 5098

Total sold homes: 531 (-26.35% to June 2007)

Median home price: $209,900 (-11% to June 2007)

Average home price: $254,900 (-9.02% to June 2007)

Existing Home Sale Statistics

Total active listings: 3928

Total sold homes: 395 (-25.89% to June 2007)

Median home price: $209,900 (-6.50% to June 2007)

Average home price: $256,759 (-5.07% to June 2007)

New

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This is an overall look of the Boise Idaho Real Estate market from May 2006 through May 2008.  It is important to remember May 2006 was the end of record home sales in Boise and that should not be the baseline of we compare the current conditions to.  A "normal" real estate market would be somewhere between those highs and the current lows.

The following real estate statistics are for Ada County single-family homes.

Boise Real Estate Inventory

Inventory, or the number of homes for sale, fluctuate depending on the time of the year.  Generally, more homes come on the market in the spring and summer and in the fall inventory starts to come down.  The following graph shows the total homes for sale and also distinguishes between existing homes and new

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The question I have been getting asked as a Realtor is: "do you think we are at the bottom yet?"  It depends on what statistic you want to look at.  Is it price? Inventory? Number of homes sold?  It also depends if your comparing to last month, year over year, or historically.  Year over year things don't look too good, month over month things are improving.

I try and look at current supply and demand- the number of homes for sale verses the number that are selling (absorption rate).  I also compare it to the same time period from previous years because home sales fluctuate depending on the time of the year.

  The thing that I have continued to see since the market started cooling down in May of 2006 was our inventory quickly grew and to date we

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