The Changing Face of Downtown Boise

There’s been exciting news recently about new real estate being built in Downtown Boise. Local officials have expressed the need for both lodging options as well as the need to meet the demand for additional residential units. These new projects range from boutique hotels, condos to work live concept units. Here’s what’s going up in Downtown Boise.

Linen District Apartments - Location, Corner of 14th St and Idaho St. Currently two separate developers are submitting plans to build on the current site of the Watercooler. One project calls for a five-story building with 50 units comprised of one and two bedroom apartments. The other plan proposes 39 units including one and two bedroom apartments and includes live-work apartments.

Pennbridge Hotel -…

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In Ada County we had a total of 803 units sold vs 695 in March. Of those 803 units only 5% were distressed sales (bank owned or short sale properties). Average days on market for these properties were 47 days. Days on market for inventory in the $160,000-$200,000 range was just 14 days. This price bracket also had the highest number of total units sold at 199 units.

The median sales price for homes in Ada County in April was $216,200. This number is down from March at $222,500. Inventory is still hovering at 3.1 months overall however for properties priced in the $120,000-$160,000 range was just 1.3 months’ supply.

For new construction, popular price points continue to be in the $250,000-$400,000 range. Currently in Ada County we have 6.6 months’…

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They say a picture is worth a thousand words. When a picture is about real estate, it could translate into thousands of dollars.

The reality is that 92% of all Boise home buyers begin their search online & have most likely vetted your house before even looking at it in person. Real estate listing photography is a critical factor in the selling price of your home, how quickly it sells, and whether it sells at all.

A recent study found that homes with listing pictures taken by pros sell for $3,400 to $11,200 more than their listed prices. It was also found that homes with professional photography sold faster. Median priced homes, with quality listing photos, sold three weeks faster than homes listed with amateur photos. With numbers like that- the…

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Boise real estate price trends keep trending up. This is the best March we have had in Eight years, the latest from our Boise real estate blog. Ada County summary below:

  • 694 homes were sold last month. That is an incredible 14 percent increase from March 2014. That is 134 new construction homes and 560 existing homes.
  • Days on Market totaled 65. That is slightly lower than what we have been seeing.
  • Overall, the median home price is $222,000. $282,402 for new construction and $210,000 for existing homes. In February the Median existing home price was $196,750.
  • Total Inventory stands at 3.6 months. Pending sales total 1,208.

Outlook and Summary

Overall, it was a very strong month, Nationally it looked very much the same. All real…

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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

It’s unusual to see…

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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 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 $1.91 billion in real estate was sold, compared to to $1.85 billion 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 2013.

Pending sales at the end of December were 712, up 4% compared to December 2013. Pending sales are our best…

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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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