Welcome to the West Real Estate Group blog!
by Marc Lebowitz, RCE, CAE
ACAR Executive Director
Single family home sales in July 2014 were 832 in Ada County, a decrease of 7% compared to July 2013. YTD total sales are down 3% compared to this time last year; 4,525 homes sold compared to 4,674.
In July 78% of our total sales were for homes priced above $160,000.
In July sales of homes in the $160,000 – $200,000 were up 18% from June 2014 to 194. This category had the greatest sales increase month-over-month and was the highest sales category behind. Sales in price points above $200,000 cooled slightly in July
Days on Market for July were 47; one day more than last month. In July 2013, Days on Market was 44.
New homes sold in July totaled 156; down 5% from last year; up 3% over June.
Existing home sales were 676; down 8% from July 2013.
Historically July sales fall off from June levels. Last year and this year the trend has been reversed. July 2013 increased over June 2013 by 9%. July 2014 increased over June 2104 by 4%.
July 2013 was the peak in a very strong sales year. Although we’ve had four consecutive months with sales behind the previous year, our sales trend for 22014 is strong.
Pending sales at the end of July were 988; down 20% from July 2013. Pending sales have trailed behind previous year’s pending sales for twelve consecutive months.
July median home price was $213,800; up 3% from July 2013. Our YTD median price is $208,729; up 7% over last year.
New Homes median price for July was $311,540; up 16% from July 2013. For Existing homes the increase is 3% to $195,000.
The number of houses available for sale at the end of July increased 4% from June 2014 to 2,907. This is an increase we really need. This is 14% more than last year at this time.
We anticipate continued inventory growth from now until the end of Summer.
The price point with the largest increase month-over-month is $160,000 – $200,000 at 7%. The next highest is $120,000 – $160,000 with 6%.
In Ada County we now have 3.6 months of inventory on hand, essentially unchanged from the end of June.
The price categories in shortest supply are $120,000 to $160,000 which has 2.1 months; and $100,000 – $119,000 which has 2.2 months.
From $160,000 to $400,000 we have 3.6 months; not much change from last month.
Of sales in July, the most popular price point was $160,000 to $200,000 (23%); and $120,000 to $160,000 (18%) followed by $200,000 – $300,000 with 16%.
We’ve compared pretty well to 2013 for the first seven months of 2014. From now until December we should trend ahead of 2013 sales and median should hold steady.
We have more inventory coming online in the <$160,000 which will release some pent up demand among first time buyers.
Median price shows no signs of weakening.
Boise was named the “Best City to Move to in 2104” last week because of our ‘Median Income” “Home Value Growth” and “Home Affordability”.
All in all, I’m still feeling pretty good about how we will finish the year.
Most people don't think to much about this form until they buy a new house and even then it's easy to forget about it until it's to late.
Did you know that Idaho gives you a homeowner's tax exemption (tax break) as long as you, the owner, occupy your home? The exemption includes the value of your home and up to one acre of land.
The Tax Commission is required by law to recompute the homeowner's exemption limit each year, based on the federal Housing Price Index for Idaho. The agency simply administers what the law says; it's not involved in decision-making. The Index is the same throughout the state and isn't adjusted to reflect housing price changes that vary in different parts of Idaho. That means a taxpayer's home value may increase, but the home is still subject to a lower homeowner's exemption.
If you don't agree that your assessed value reflects the market value of your property on January 1st (calculated before subtracting the homeowner's exemption) or have questions, you can contact them at:
Ada County Assessor's Office
190 E. Front St., Ste. 107, Boise, ID 83702
(208) 287-7200 Fax (208) 287-7209
Canyon County Assessor's Office
1115 Albany St., #343, Caldwell, ID 83605
(208) 454-7431 Fax (208) 454-7349
If you just have questions about how your value was developed, please call your county assessor before that date.
Value changes don't equal tax changes. Since taxes are based on the budgets of taxing districts, those districts can budget the same amount from property tax from one year to the next, but when property values go down, the levy rate goes up automatically to compensate. If one property's value increases more than others, its taxes go up faster than others. For most taxing districts, budgets are set in August or early September, so final property tax amounts aren't certain until then.
By: John West
Beautiful Move-in Ready Home for Sale in Kuna!
Pride in ownership is easily seen in this beautiful home! Move in ready and priced to sell, this home is sure to please and will move quickly. Features 3 beds, 2.5 baths, living room, plus spacious family room. Large kitchen includes island and a big pantry. You will love the large .21 acre corner lot with RV parking potential, hot tub, 3 car garage, fully fenced yard, large covered patio, and gorgeous landscaping. Located in the popular Palomar Heights Subdivision. A brand new roof is being installed.
By: John West
Charming Home for Sale in the Boise Bench!
Cute and charming Boise bench home, just minuets away from BSU and downtown. This house has the old feel charm with some great updated features. There's plenty of off street parking with a detached garage and a carport. There are beautiful original bay windows with great natural light. Mature trees and flower beds surround the home.
By: John West
Great Home in Desirable Location Priced to Sell!
This single level home is move-in ready & priced to sell. Includes many extras such as central vac, full sprinklers, fireplace, & ceiling fans in all bedrooms. Located on a large corner lot with RV parking. This home has 3 bedrooms, a separate living room, & a large family room. Master bedroom is spacious with a walk in closet and a slider to a hot tub pad. Great size backyard with a large custom storage shed. Garage is oversized & can fit 2.5 cars. Great neighborhood with easy access to shopping & schools.
By: John West
Great Property in Boise with Investment Potential!
This property is move-in ready and has a ton of investment opportunity as well. It has been completely upgraded with tile and wood laminate flooring through out, tile backsplash, corian countertops , new kitchen cabinets, stunning new gas fireplace with beautiful rock surround, new roof, new paint, new tankless water heater, and many other upgrades. Property sits on .25 acre lot with no backyard neighbors and has raised garden beds, 8x10 Shed, and a chicken coop/run. Come see tour this property today!
By: Derek Cassel
Beautiful and Move-in Ready Home!
Clean, well maintained home in a welcoming community! The green yard is in great shape, and there's even a little fenced area. This neighborhood sits down a quiet road, and it's not far from Fairview with quick access to shopping and The Village at Meridian as well as the amazing Kleiner Park. Monthly park dues cover sewer and street sweeping.
What's That Smell?
Imagine that you're out touring houses with your West Real Estate agent. (Given where you're reading this blog, that might not be too hard to imagine.) You walk through a beautiful front door and into a foyer that is spacious and light. Room after room impresses you with its charm and style. The layout of the home is smart and efficient. Then the dream turns into a nightmare. You walk into the final bedroom expecting to be greeted once again by delight in every corner. Instead, you find the lair of a teenager. Dirty laundry obscures what is probably a beautiful carpet. Brooding faces stare down at you from movie posters which are unfamiliar to you. From the light that filters through the poorly hung curtains, you can see that there is a layer of dust and grime on every surface. The closet doors hang askew, and the uniformity of the holes in the wall is only interrupted by marks and stains that you can't and don't want to identify. And through it all is a smell that can only be described as "athletic".