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Boise Idaho Real Estate Blog

Boise real estate market news for February 2015. Ada County results:

  • In February 2015, we saw a total of 507 homes sell in Ada County, up 10.41% from February of last year.
  • Days on Market, or home supply, declined by 3 days to 67 from last months 70 days on market.
  • In the new construction market we saw 109 sell; an increase of 8.12% from last year.
  • Existing homes sold totaled 398; an increase of 11.11% from the previous year.
  • In Ada county the median home price is $224,900 up 9.86% from this time last year.
  • For existing homes the median is $196,750 up 11.25% from 2014. The new construction median price is $305,000 practically unchanged from 2014.
  • Total supply of homes is at 3.8 months.

Market Outlook

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The January market is off to a strong start. Boise housing market conditions continue to improve. Stay up to date with our latest market report for Boise, ID and surrounding areas.

  • Home sales in January 2015 totaled 425 in Ada County, up 1.67% from January 2014.
  • Total dollar volume for sold homes is up 9% from last year.
  • Housing supply – Days on Market finished the month at 70, identical to January of 2014. Last month DOM was 66.
  • Broken down by type – In the new construction market 104 homes were sold; up 3% from last year. Existing home sales totaled 321; up 1% from last year.
  • Currently there are 867 pending sales. Pending sales are a good predictor of future sales.
  • In January the median home price was $223,900, up 8% from this time
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In December of 2014 single-family home sales totaled 597, an increase of 3.5% from December of last year. For the Boise housing market in 2014 total sales dropped 2.5% from 2013; 7,764 homes were sold compared to the previous year’s 7,964. In 2014 a total of $1.91B in real estate was sold. That corresponds to $1.85B in 2013.

Total Days on Market totaled 66 for the month, an increase of 9 days from the previous month. For this same time last year, Days on Market totaled 59.

New construction home sales totaled 129; a decrease of 5% from 2013. Total sales for existing homes were 468, an increase of 6% from December of 2013.

Pending sales at the end of December were 712; up 4% compared to December 2013. Pending sales are our best “forward-looking”

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Vacancy rates in and around Boise moved up slightly to 3.0% for the 4th quarter, an increase of from last quarter. The largest increases in vacancy rates from last quarter, were multifamily homes.

Current Rental and Vacancy Rates

In 2013 we saw average rents increase by 7.6%. In 2014 single- family rents alone increased almost 22%. For Q4 of 2014 rental rates increased slightly from last quarter. The increase in rental rates has been in all areas of the rental market, from single family to multifamily.

Although, the rental rate increase was minimal, its very significant. To be able to show an increase in rental rates during the most challenging time of year to rent a home is exceptional. In addition, we have been able to maintain the vacancy

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