What are Boise area single family home prices doing? Are there more, or fewer Short Sales and Bank-Owned properties? Where is the market headed in the next six months?
Well . . .let’s see. Sales Activity: . . .after a no-surprise, anemic January and February start for Ada County, total sales jumped up to the low 600’s in March, and hit the high 600’s in June.
Prices: Since last November, the Average and Median SFH (Single Family Home) price in Ada County has bottomed twice. Since the second bounce in April, both Average and Median prices have risen over the past two months.
Shorts and REOs (Bank-Owned): . . . for the first six months of the year have averaged 16.7% and 27.4% of total monthly sales, respectively. The trend has been that each has given up share to greater sales of non-default properties . . .yes, really!
Values: On a Dollars-Per-Square-Foot basis, the Ada County average is $101.77 – ranging from a high of $125 (NE Boise) to a low of $76 (Kuna). There’s no denying that default properties have affected the prices of Non-Default listings. But there still is a pricing premium for no-stories offerings. That premium amounts to an additional (county average) of 18% over Shorts, and 24% over REOs. Like with Dollars-Per-Square-Foot, pricing premium differences by type of sale vary from area to area.
The Next Six Months: Who knows. I mean really. Right now, it’s hard knowing how the implementation of new, major legislations (health care, financial regulation) will affect the public and private sector tax-wise. That will become clearer as time goes by, as regulations and policies directed by the legislations are written. The problem is, right now it’s hard to judge the extent of the hit. But, over time, individuals will begin to find out how they’ll have to adjust, financially. At that point, collective economic activity (retail purchasing, saving rates, capital spending, and hiring) will begin to indicate the rate at which the economy is going to return.
We are heading for a rebound. It appears that the local real estate market is improving. Coincidentally, loan rates are at historic lows. If I were looking to buy, or considering selling (to buy up or down), I’d think about taking advantage of the situation. It may sound counterintuitive to sell now, but it’s either sell low and buy low, or sell high and buy high.
Call me. I’ll be happy to do a quick analysis of your house and its relative market. If you’re looking to buy, I will provide you with data to help with your selection decisions.
Alan Smith – www.AlanSmith-RE.com (208) 473-0343
Avg. Sales Price: 379,000
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