Boise Real Estate | Boise Homes For Sale

Boise Real Estate Sales – April 2012

kgeselle — Mon, 14 May 2012 15:44:18 +0000

Real estate sales in Ada County continue to be strong with 645 homes sold in April 2012 compared to 551 homes sold in April 2011 – a 17% + increase year over year. Inventory continues to go down with total active residential listings down from 2625 in 2011 to 1993 in 2012. That’s just a 3 month supply of homes available. Historically, a 6 month supply of inventory is considered a “healthy” market.

The reduction in inventory has affected pricing with the median home price rising to $158,777 in April 2012 from $133,000 in April 2011 and average home price up over 13% – $187,928 in April 2012 vs. $165,392 in April 2011. In addition, days on market – the number of days between the listing date of a home and the date it receives an accepted offer is down from 91 in April 2012 to 70 in April 2012.

So what does this all mean to you the homeowner? For those of you who would like to sell, home prices are going up. If you’ve been thinking about selling, give me a call and I’ll put together a free-of-charge comparative market analysis for you so you can see your home’s current market value.

For those of you who would like to buy, there is no better time With home prices on the rise and interest rates still hovering around 4%, you still have time to find that perfect home. Let me help you explore the possibilities of home ownership.

Here’s the breakdown of sales numbers by area:
Boise
North – 35 homes with a median price of $192,000
Northeast – 16 homes with a median price of $300,549
Southeast – 48 homes with a median price of $156,000
Bench – 35 homes with a median price of $115,000
South – 18 homes with a median price of $159,500
Southwest – 63 homes with a median price of $162,000
West – 32 homes with a median price of $114,500
West/Garden City – 51 homes with a median price of $135,000
Garden City – 2 homes with a median price of $127,900
Northwest – 47 homes with a median price of $170,997
Meridian
SE Meridian – 14 homes with a median price of $241,250
SW Meridian – 5 homes with a median price of $268,000
NE Meridian – 68 homes with a median price of $170,195
NW Meridian – 93 homes with a median price of $145,000

Eagle – 49 homes with a median price of $250,000

Star – 25 homes with a median price of $172,000

Kuna – 45 homes with a median price of $105,060

Statistics provided by Intermountain Multiple Listing Service

IS IT A GOOD TIME TO SELL?

kgeselle — Wed, 25 Apr 2012 15:12:06 +0000

Many people think it’s not a good time to sell their home even though changes in their lives demand a change in size or location of their home. The thought is that because home prices fell so dramatically beginning in 2007, they shouldn’t sell until some of their equity can be regained. However, you have to remember that as your home value increases so does the value of the home that would more fit your current needs. So if you’ve outgrown your home or your home has outgrown you, give me a call so that we can discuss your current needs.

Boise Real Estate Sales – March 2012

kgeselle — Wed, 18 Apr 2012 17:40:10 +0000

Sales continue to be strong in the Boise real estate market. March 2012 numbers show definitively that we’ve made the turn and home values in Ada County are beginning to increase. Although the actual number of homes sold in 2012 was slightly below 2011 levels – 524 homes sold in 2012 compared to 527 in 2011 – many other statistics show a clearer picture:

Year-To-Date sales in Ada County show the strength of the market – 1134 homes sold so far in 2012 compared to 918 homes sold in the same period in 2011.
The median price of homes sold during March 2012 was $153,950 compared to $136,000 in 2011
The average price of homes sold during March 2012 was $178,893 compared to $163,623 in 2011
Day on Market dropped from 95 days in 2011 to 75 days in 2012
This month I’ve given you the numbers for March with February and January in parenthesis, (February, January), for those of you who like a longer term perspective.

Sales numbers broken down by area:
Boise
North – 24 (29,24) homes with a median price of $198,200 ($240,000, $209,900)
Northeast – 13 (12,8) homes with a median price of $300,000 ($304,950, $285,000)
Southeast – 39 (39,16) homes with a median price of $162,500 ($159,500, $219,500)
Bench – 26 (25,31) homes with a median price of $103,045 ($98,500, $86,600)
South – 10 (13,14) homes with a median price of $128,700 ($152,000, $118,000)
Southwest – 56 (50,45) homes with a median price of $138,950 ($157,250, $137,000)
West – 24 (23,22) homes with a median price of $115,000 ($106,900, $114,900)
West/Garden City – 53 (40,33) homes with a median price of $125,000 ($122,000, $135,000)
Garden City – 2 (1,2) homes with a median price of $175,668 ($122,000, $96,000)
Northwest – 31 (31,32) homes with a median price of $152,500 ($181,000, $150,000)

Meridian
SE Meridian – 28 (18,11) homes with a median price of $189,750 ($223,000, $166,000)
SW Meridian – 6 (5,2) homes with a median price of $147,400 ($262,500, $126,300)
NE Meridian – 60 (31,27) homes with a median price of $174,950 ($172,000, $160,000)
NW Meridian – 77 (48,39) homes with a median price of $153,000 ($151,500, $159,900)

Eagle – 35 (34,30) homes with a median price of $257,000 ($307,125, $299,999)

Star – 14 (9,16) homes with a median price of $155,500 ($158,990, $176,900)

Kuna – 27 (32,29) homes with a median price of $95,100 ($117,250, $101,500)

Statistics provided by Intermountain Multiple Listing Service

SOLD IN 3 DAYS – – Small acreage in Boise

kgeselle — Tue, 03 Apr 2012 19:34:11 +0000

Tranquil small acreage (.89 acres) close to Boise. Well kept home has 3 bedrooms and 2 baths, a formal living room with a wood burning insert and a spacious rustic family room with a wood burning stove…. more information

Boise Real Estate Sales – February 2012

kgeselle — Wed, 14 Mar 2012 15:07:34 +0000

The numbers are out and February 2012 was a good month for real estate sales – 439 homes sold compared to 387 homes sold in 2011. That’s an increase of 13.44% year over year. More good news:

February’s median price is up substantially over February 2011 – $158,000 in 2012 compared to $149,597 in 2011.
Average price for 2012 at $185,404 compared to 2011′s $171,419
Days on Market down substantially from 96 days in 2011 to 83 days in 2012

I’ve included the numbers from January 2012 (in parenthesis) this month.

Sales numbers broken down by area:
Boise
North – 29 (24) homes with a median price of $240,000 ($209,900)
Northeast – 12 (8) homes with a median price of $304,950 ($285,000)
Southeast – 39 (16) homes with a median price of $159,500 ($219,500)
Bench – 25 (31) homes with a median price of $98,500 ($86,600)
South – 13 (14) homes with a median price of $152,000 ($118,000)
Southwest – 50 (45) homes with a median price of $157,250 ($137,000)
West – 23 (22) homes with a median price of $106,900 ($114,900)
West/Garden City – 40 (33) homes with a median price of $122,000 ($135,000)
Garden City – 1 (2) homes with a median price of $122,000 ($96,000)
Northwest – 31 (32) homes with a median price of $181,000 ($150,000)

Meridian
SE Meridian – 18 (11) homes with a median price of $223,000 ($166,000)
SW Meridian – 5 (2) homes with a median price of $262,500 ($126,300)
NE Meridian – 31 (27) homes with a median price of $172,000 ($160,000)
NW Meridian – 48 (39) homes with a median price of $151,500 ($159,900)

Eagle – 34 (30) homes with a median price of $307,125 ($299,999)

Star – 9 (16) homes with a median price of $158,990 ($176,900)

Kuna – 32 (29) homes with a median price of $117,250 ($101,500)

Statistics provided by Intermountain Multiple Listing Service

Boise Real Estate Sales – January 2012

kgeselle — Sat, 18 Feb 2012 03:21:21 +0000

Upon first glance, the numbers this month appear to be disappointing – down from 467 homes sold in December 2011 and down from 471 in November 2011. However, if you look to the number of homes sold in January 2011, the numbers look more encouraging. In January 2012, 381 homes were sold in Ada County – up from 345 in January 2011. January is historically a slow month due to the holiday season from November through the New Year. So taken in that context, the numbers are still encouraging.

Days on Market continue to decrease year over year – down from 94 in January 2011 to 90 days in January 2012. With only 1976 “active” listings, that’s less than 6 months of inventory on hand.

Sales numbers broken down by area:
Boise
North – 24 homes with a median price of $209,900
Northeast – 8 homes with a median price of $285,000
Southeast – 16 homes with a median price of $219,500
Bench – 31 homes with a median price of $86,600
South – 14 homes with a median price of $118,000
Southwest – 45 homes with a median price of $137,000
West – 22 homes with a median price of $114,900
West/Garden City – 33 homes with a median price of $135,000
Garden City – 2 homes with a median price of $96,000
Northwest – 32 homes with a median price of $150,000
Meridian
SE Meridian – 11 homes with a median price of $166,000
SW Meridian – 2 homes with a median price of $126,300
NE Meridian – 27 homes with a median price of $160,000
NW Meridian – 39 homes with a median price of $159,900
Eagle – 30 homes with a median price of $299,999

Star – 16 homes with a median price of $176,900

Kuna – 29 homes with a median price of $101,500

Statistics provided by Intermountain Multiple Listing Service

Boise Real Estate Sales – December 2011

kgeselle — Thu, 12 Jan 2012 22:21:06 +0000

Sales continue to be strong in the Boise real estate market. In December, 467 single family homes sold. Although that is down about 10% from December 2010, the good news comes from the increase in median price and average price. December median price is up 1.22% over December 2010 and average price is up 3.47% in the same time period.
Days on Market is continuing to drop – 86 days in December 2011 compared to 94 days in 2010.
My daily experience is telling me that some price points – less than $150,000 – have a pent up demand as most homes in that price range are commanding multiple offers. There also seems to be a lack of single level homes in the Meridian area and those coming onto the market are selling within just a few days.
If you’re an investor or have been thinking that you’d like to acquire some rental properties, it isn’t too late. It is still possible to find rental properties that can cash flow in this tight rental market. If you’d like additional information about purchasing rental properties, give me a call.

Sales numbers broken down by area:
Boise
North – 18 homes with a median price of $210,000
Northeast – 9 homes with a median price of $387,646
Southeast – 38 homes with a median price of $164,100
Bench – 35 homes with a median price of $106,900
South – 26 homes with a median price of $130,000
Southwest – 51 homes with a median price of $135,990
West – 28 homes with a median price of $130,000
West/Garden City – 31 homes with a median price of $120,000
Garden City – 3 homes with a median price of $339,000
Northwest – 34 homes with a median price of $169,900
Meridian
SE Meridian – 15 homes with a median price of $216,000
SW Meridian – 7 homes with a median price of $308,000
NE Meridian – 45 homes with a median price of $168,000
NW Meridian – 58 homes with a median price of $154,000

Eagle – 30 homes with a median price of $333,000

Star – 13 homes with a median price of $170,000

Kuna – 26 homes with a median price of $112,000

Statistics provided by Intermountain Multiple Listing Service

Speculators and the housing bubble

kgeselle — Sat, 17 Dec 2011 20:13:58 +0000

Recently, the Idaho Statesman ran a front page article detailing how spectulators contributed to the housing bubble and the record number of short sales and foreclosures that have not only hurt the housing industry but have contributed to the economic downturn in Idaho and across the nation. According to the article, the Federal Reserve Bank of New York found “that investors who used low-down-payment, subprime credit to purchase multiple residential properties helped inflate home prices and are largely to blame for the recession.”

My take on this – tell me something I don’t already know. Anyone who worked in the housing sector during the “boom” must have, like me, recognized that the way home prices were increasing due to the number of out-of-state investors was unsustainable and that at some future time, something would have to happen.

I remember the onslaught of investors who called me wanting to buy rental properties. When I started telling them that buying rentals in the Boise area might not be a good idea due to the number of investors purchasing investment properties (and thus turning them into rental properties), I was accused of not wanting to sell properties to out-of-state investors.(Yes, that’s right, a real estate agent that doesn’t want to earn a commission.) And as it turned out, the rental signs went up, vacancies rates increased, and then the bust because the investors couldn’t find tenants for their rentals or because their monthly mortgage payments were higher than the rents they could collect causing a unsustainable negative cash flow.

That aside, I think the Federal Reserve Bank of New York also needs to point a finger at those who provided those “low-down-payment, subprime” loans to the investors. Yes, we’ve been focused on finding a way to move past the recession and jumpstart the economy including the housing industry. Now that it appears that we’re on the right path to doing that, someone in Washington needs to pay attention to the findings of this report to make sure that this doesn’t happen again.

Boise Real Estate Sales – November 2011

kgeselle — Tue, 13 Dec 2011 23:08:25 +0000

Boise real estate sales are continuing to hold up well with 471 sales in November 2011 compared to 438 sales in November of the prior year. Year-to-date sales are also ahead of 2010 – 5763 homes sold through November 2011.

The median price of homes sold continues to be lower than a year ago although most real estate agents would agree that we’ve seen the bottom for prices and seen appreciation in some areas and in some price points. It would appear that short sales and foreclosures continue to skew the numbers somewhat.

New construction is continuing to look better with 67 new homes sold in November – 22 more homes than in November 2010.

Sales numbers broken down by area (comparison with October 2011):
Boise
North – 26 (32) homes with a median price of $212,500 ($225,000)
Northeast – 17 (17) homes with a median price of $319,675 ($336,900)
Southeast – 35 (33) homes with a median price of $155,000 ($170,000)
Bench – 23 (32) homes with a median price of $109,900 ($93,600)
South – 17 (15) homes with a median price of $169,000 ($139,000)
Southwest – 39 (45) homes with a median price of $138,000 ($140,100)
West – 16 (25) homes with a median price of $109,000 ($124,000)
West/Garden City – 52 (56) homes with a median price of $124,900 ($135,250)
Garden City – 1 (3) homes with a median price of $62,900 ($160,150)
Northwest – 33 (27) homes with a median price of $213,500 ($179,900)

Meridian
SE Meridian – 14 (22) homes with a median price of $202,500 ($195,000)
SW Meridian – 9 (7) homes with a median price of $253,750 ($317,500)
NE Meridian – 51 (47) homes with a median price of $160,800 ($172,500)
NW Meridian – 65 (62) homes with a median price of $140,000 ($147,000)

Eagle – 29 (41) homes with a median price of $282,900 ($257,300)

Star – 13 (13) homes with a median price of $137,000 ($169,900)

Kuna – (31) 31 homes with a median price of $108,000 ($105,000)

Statistics provided by Intermountain Multiple Listing Service

Mortgage Insurance Premium Deduction

kgeselle — Mon, 28 Nov 2011 17:48:10 +0000

Are you taking all the deductions off your income taxes that you’re entitled to? If you itemize your deductions, you are entitled to deduct mortgage insurance premiums – just as you do mortgage interest.

Back in 2007, the federal government enacted a provision to allow for homeowners to take mortgage insurance premiums as a deduction on their income taxes. The deduction is phased out at certain income levels – if AGI exceeds $109,000, however, a single taxpayer or couple may make up to $100,000 and still get the full deduction.

The deduction expires at the end of 2011 and may not be extended. So, at this time, only payments that you make during 2011 are deductible.

The deduction should appear on the mortgage interest statement that you receive from your lender. So be sure to check the form before you do your taxes and take the deduction.