Boise Market Update - August 2012
Real Estate Market Looks Strong
Here is the Boise real estate market report hot off the presses. July home sales in the Boise area fell from highs set in June, but were still at their highest levels for the month since the housing peak of 2007. Last month, 170 new homes were sold in the Boise area, which was a two-year high, while 681 existing properties were sold, which is all great news. Otherwise:
• July 2012 sales were up an increase of 9.14% compared to July 2011.
• $$ volume for July was up 21.8% to $129,000,000
• New homes saw a 69% jump over same homes sold last year at this time. (New construction is up almost 70% so far this year).
• Total sales in July: 24% were distressed. This is way down from what we have seen over the past few years.
• At the end of July there were 25% more sales "pending: than at the end of July last year.
• Last month's median home price was $173,200. This is up 14% from July 2011. (Median home price is up 25% since January of this year and above $150,000 for six months running.)
• The number of houses available is 15% less than last year at this time.
Throughout our Idaho website you will find powerful property searches bringing you the Boise MLS, Buyers and Seller resource pages, community information, mortgage calculators, school reports, home buyer news, home marketing and selling tips, and automated home searches that send you notifications with the homes that meet your requirements and much more.
Continuing with the market report, the percentage of "distressed" active inventory dipped two percent to 24%. (We have been hovering between 33% and 36% for the last year and even higher in years past.) With an inventory increasing and the percentage of distressed inventory decreasing; median home price will continue to strengthen. We
In Ada County we now have less than 3.3 months of inventory on hand. I don't need to be a real estate economist to tell you this is a strong market, with many indications saying we are ramping up for a busy autumn. The smart money is buying.
To talk about this or any other real estate matter call Steven Caporale at 208-409-1708.