a bit behind in posting stats for Spring 2011 in Ada County, Boise, Idaho
a one line summary for Spring 2011, inventory of active listings is low for a healthy market and I, as a real estate broker, am searching far and wide for people that want to sell their homes to fulfill demand. crazy!
June 2011 Ada County Market Statistics
Spring is finally here and homeowners are concentrating on Spring activities; kiddos finishing the school year, non-prof gala hangover recovery, and last minute training for the toughest 1/2 marathon in the Pac NW. Selling their home is on the to-do list, but they haven’t quite made it on the market yet.
Now’s the time Sellers to give your fav. real estate broker a call and start preparing your home for sale. Inventory is down and SOLD homes are up. Quality homes on the market are low, leaving buyers to compromise or wait to purchase.
We’ve deciphered the information for you in our March 2011 Market Statistics for Ada County.
Although the real estate market tends to slow when the winter freeze appears, Ada County has shown improvements in the inventory levels for most price brackets. Homes on the Market for 249K to 300K are staying on the market longer than previous years. If you are in the market for a home in this price range, you have some room for negotiation.
Enter this beautiful home with a classic floor plan design. The main floor includes all rooms to enjoy entertaining your guests; inviting entry, formal living and dining rooms, & family room adjacent to the kitchen and breakfast eating area. Upstairs master suite includes large master bedroom, master bath with two vanities, garden tub with separate shower, & EXTRA large master closet. Three more rooms to use for bedrooms & home office. Enjoy gardening in the South facing backyard with ample room for playing and entertaining. View the virtual tour here.
Take a look at the February 2010 Ada County Market Stats. Based on current inventory levels and closings in the last twelve months, the price range in the Boise Metropolitan area with the lowest backlog of listings is between $300,000 – 349,000.
There are a couple of interesting hypothesis about why this is fact. Homes in this price range tend to have three attributes that I look for in a home for my clients to live and invest: Location x3, Functionality for the Masses, and Respected Residence.
The location of a home, including all the factors that are attached to the location of a home, is HIGHLY rated in retaining home value, no matter what type of economic environment. Whether the home is in the desired school district, livable neighborhood, or the lot has a view (including but not limited to a stable foundation) location is a strong emotional draw to all buyers. Desirable location is different for everyone, but it’s clear where the masses are drawn by the number of marketable homes.
Since indoor plumbing was invented, it’s a well known fact that much time is spent in bathrooms since we’ve moved from the outhouse. Home owners valued mid-range for our area make a conscious effort to incorporate functional bathrooms (notice ‘bathrooms’ is plural) in their living space, therefore attracting a larger demographic to their home when marketing for sale.
Last but not least, those who respect their residence by taking great care to complete seasonal chores, bandage woodworking, repair broken fixtures, and paint when necessary to abate any water damage will also be rewarded to a higher price per square foot.
If you have any questions to what “Honey Dues” are important to retain and even grow the value you of your most prized asset, please don’t hesitate to share!
Ada County, Market Statistics December 2009
Also indicated by the numbers, if you’re home on the market is in the price range above $300,000, you’ll have much competition in selling. Only 12% of the homes sold in December were sold above $300,000.
As a professional that tours homes at least three times a week, let me give you a little unsolicited advice; make your home stand out! Have it groomed and ready to show at anytime; this means giving your tenants incentive to do the same! Ask them for specific times and days the property will be in perfect showing condition, no questions asked. Give them a goodie package with cleaning supplies, air defusers, and a basket of booties for prospects to wear while viewing.
Ask your real estate professional to give you weekly updated on the comparable homes in your area that have sold and price accordingly. Chasing the market is a no-win situation.
If you have any questions about the numbers you see or desire to hear more about to ready your home for sale, please don’t hesitate to contact me directly.
Tina Funkhouser
Group One
208.867.8595
tfunkhouser@group-one.com
Ada County Sales up, Inventory down.
There are about 1000 less homes in the market share of active/pendings/solds than 2008 and 1500 less than 2007. This is an indicator of thinning of inventory, which also means that we’re nearing a bottom; heading toward a healthy real estate market of reasonable buyer/seller terms. Buyers and Sellers are letting go of fears of ‘not getting the good deal’ and exchanging property for a fair rate.
Statistical analysis by a local BDO at Group One says
“The market continues to show an increase in activity as new sales (pendings) of homes in Ada County were 59% higher this August than in August of 2008. Closings were up 11% while inventories have shrunk to 75% of last year’s level. The absorption rate, based on the last 12 months of closings, is at 8.9 months, the lowest in over two years.”
“Pendings in Canyon County were 61% higher than the same month last year,while inventory is 74% of last year’s level. The absorption rate is at 10.6 months.”
“90% of year-to-date closings in Ada and Canyon Counties were below $300,000. The median price this year in Ada County is $178,000 and in Canyon County is $119,000.”
“35% of all closings this year in Ada County were listed as financially
distressed properties compared to 59% in Canyon County.”
