I received a request from Dave in the comments section yesterday, asking how home sales were in Boise's North End this year compared to last year. Interesting request, so I took a couple minutes this morning to check on sales figures. My "sense" was that sales were still pretty good over there.
So, to check my sense against what's really happening, I used a broad search for closed sales in area 0100 - North Boise. I'm sure Dave means the "classic" North End, the area north of State Street, around Harrison Blvd and the Hyde Park area. I could have done a specific map area search, but my definition of the North End might not correspond to my commenter's definition, so for now I've stayed basic. There are some folks trying to "expand" the North End in order to grab some of the cache for their list price... I've heard the joke made that the "New North End" goes all the way to Pierce Park. But for Dave's request I just used a simple MLS area. I only looked at Single Family homes, no condos or townhomes.
From April 1 of this year to this morning there have been 99 homes sold in the area. Low price was $139,000 and the high price was $1.4M. It was interesting to see 4 homes sold over $1M, I didn't expect that. Average sold price was $387,323 and median was $320,000.
Now, how does that compare to last year or to 2005? Well, as you might guess, there were more homes sold for the same period last year, 120 to be exact. But prices are still better this year. Last years homes sold between a low of $90,000 and a high of $975,000. The average was $306,112 and the median was $286,000. And in 2005, just before the rush, 124 homes sold between $77,000 and $850,000. The average was $270,841 and the median was $225,000.
What do you think Dave? Was that what you wanted to know, and did it match what you expected to find?
Bill,
That was exactly what I was looking for. Thank you.
And yes, I was referring to the "classic" north end (0100 - North Boise).
Year #sold average %chg median %chg
2007 99 $387,323 27% $320,000 12%
2006 120 $306,112 13% $286,000 27%
2005 124 $270,841 $225,000
Interesting stats. Based on your mentioning the number of homes over $1M selling and the large average %change increase relative to the smaller median %change increase for 2007, 27% average increase versus 12% median increase, looks like there were a few homes on the higher price end that moved the average up. Still a 12% median price increase is great considering what I have read about other areas in the country.
You didn't mention (and I didn't ask), but I am going to assume that days on market are longer this year than last year.
"My research shows", i.e. - evening walks with my wife and our dog, that sellers are holding out for relatively high prices in this neighborhood. Some homes are selling relatively quick while others are staying on the market for a very long time.
Confession time ... we are getting ready to close on the sale of our 15th street north end home. We received and accepted an offer on our house about 30 days after listing and the selling price is ~97.4% of the original asking price. I was curious to know where our home was relative to the rest of the north end.
Thanks again.
Dave