I have looked at a number of factors in the Boise North End (MLS area 100) and found some interesting data:
1) Sales in the north end have slowed like most areas.
- April 2007 = 29
- April 2008 = 17
- April 2009 = 6
2) Average Sold prices:
- April 2007 = $309,024
- April 2008 = $320,575
- April 2009 = $273,216
3) Median Sold prices:
- April 2007 = $259,000
- April 2008 = $287000
- April 2009 = $313400
4) Average Days on Market: (lowest was June 2007 @ 19 days and the highest was October 2008 @ 92 days)
- April 2007 = 81
- April 2008 = 69
- April 2009 = 69
Another interesting factoid is that there are currently 268 active listings in the North End with a median price of $329,450. What this means is the average home currently for sale is priced $16,000 higher than the current median price and based on only selling six homes in April, we would have 44 months of inventory! If we used the highest monthly sales number of 39 homes sold in the month of May 2007, we would still have almost seven months of inventory (nearly double the market times suggested by the sold data).
They say that figures don't lie, however, liars figure. Therefore, do you want to be a pessimist and say that based on average sales prices, we are down about 10% from 2 years ago in the north end or do you want to be an optimist and go from the Median Sold prices and say they are up over 20%?
Moral of the story = every house is unique and you should look at each home based on specific research on comparables for that home, not going off averages! If you want to know the FACTS about Boise, Idaho real estate, call or email me and I will do custom research for your specific needs and objectives!
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