Long time Idaho real estate broker, Don Wixom of RE/MAX Advantage will be addressing the Chamber of Commerce Business & Breakfast attendees at Thursday’s monthly event.
Wixom will be discussing the state of real estate in the Treasure Valley and how distressed properties are effecting the market.
Idaho short sales will be a big part of the presentation as well as what home values are doing these days.
Don Wixom
When calculating absorption rates for available inventory of Idaho real estate, we take the average number of homes sold each month over a period of time then divide that by the current available inventory, giving us the number of months of supply available.
A typical market is about 6 months of supply. When inventory is over 6 months, it is considered a buyer’s market. Anything under 6 months of supply is considered a seller’s market.
You can calculate this absorption rate in many price ranges and geographic areas. The graph below shows all price ranges in both Canyon County real estate and Ada County real estate by number of units.
As you can see, we are about at the same number of units as we were in the hot market of 2005, however, our prices are nearly half of what they were then.
Currently, Canyon County has about 3.5 months supply of homes for sale and just over 2 months supply in its average price range of about $100,000.
Ada County has about 4 months of supply, making most of the entire Treasure Valley a seller’s market for Idaho Real Estate!
This supply and demand issue is stabilizing home prices and even causing price increases in many ranges here in the Treasure Valley!
With low interest rates and home prices, we are at the most affordable time since 1973 to buy single-family homes in the Boise area!
Looking at the graph above, you can see the available inventory is even more dispelled by “Contingent Short Sale” listings. 31% of available inventory in Canyon County, already has offers waiting for bank approval, whereas Ada County has 21% of its inventory tied up with short sale offers in place.
For more statistics on Treasure Valley real estate and homes in the Boise Nampa area, contact Idaho Real Estate agent, Don Wixom at (208) 880-5039.
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Nampa, Idaho Realtor, Don Wixom with RE/MAX Advantage has just reviewed the most recent sales statistics for Idaho Real Estate in the Treasure Valley.
“The housing market for Canyon and Ada Counties has experienced a boost in recent months. In Nampa alone, April has accounted for a 68% increase in number of homes sold compared to January,”says Wixom.
The communities of Nampa and Caldwell, Idaho currently have less than a 5 month supply of homes available. Ada County (Boise & Meridian) is near the 6 month supply level. In the price category under $100,000, Nampa has only 3.5 months of product available.
These numbers contrast greatly with 2008 inventory, where some price categories had over 2 year’s supply.
“With this low inventory of homes available, we are likely to see price stabilization quickly,”says Broker/Owner Don Wixom of RE/MAX Advantage.
Even though the average sales price has dramatically decreased across the valley, including homes in Boise, homes in Meridian and homes in Caldwell, supply and demand still have an effect on pricing.
“We have seen homes receive multiple offers with bids higher than the asking price,”says Wixom. “Buyers are getting frustrated, but we need to see this rapid decline in values stop!”
Whether this is a seasonal trend or a long-term market correction for homes in Nampa, we may not know until this next winter. For now, you might start thinking of buying Idaho real estate!
For additional information and Idaho Real Estate statistics, visit www.sellidaho.com or contact Nampa Realtor, Don Wixom at (208) 880-5039.
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A promotional video for Idaho Real Estate Broker, Don Wixom with RE/MAX Advantage in Nampa.
Don is an experienced real estate agent who can help you with your Idaho real estate needs. If you are looking to buy homes in Boise, homes in Nampa or have questions about avoiding foreclosure and Idaho short sales, Don is the resource for you to contact! (208) 880-5039.
I hope you enjoy this fun video…
Happy New Year!
The Year-End numbers are in…
For the Idaho Real Estate Market, distressed properties made up over
68% for Canyon County and 47% for Ada County.
As you look at the charts below, you can see a break-down of Idaho short sales and foreclosures by city and by county.
Idaho short sales and Idaho foreclosures are here to stay for a while and there are great buys in the Idaho Real Estate Market right now!
If you are thinking of waiting to sell when the market comes back up, you might be waiting for years to come. Don’t let your “under-water home” keep you from enjoying life.
Call your Idaho Real Estate Agent and SFR (Certified Short Sale & Foreclosure Resource) to discuss your current housing situation and potential investment opportunities for Idaho homes!
Don Wixom, Broker/Owner RE/MAX Advantage (208) 880-5039 call or text!
Download the updated Idaho Short Sale Report for more information to help you!
Search Nampa Idaho Homes for sale
Boise Idaho Home Inventory – How has it changed in 6 Years?
Let’s take a quick glance of the available inventory of single-family homes in Boise Idaho.
The absorption rate is calculated by taking the averagenumber of homes sold per month, from a YTD total and dividing that number into the current number of homes available for sale now.
As you might recall, in 2005 & 2006, sellers were often times receiving multiple offers to buy their home and buyers would bid upwards of the asking price!
In 2008, times were tougher & it was difficult to sell homes. Now, we are reaching a supply of homes that should encourage buyers to get off the fence and take advantage of the Best Three Reasons to Buy a Home in This Market:
1. Excellent inventory and lots of choices! (Don’t wait too long)
2. Lowest prices since 2002!
3. Amazing interest rates! A 1% drop in rate is equivalent of a 10% drop in price!
Now is a great time to buy Homes in Boise Idaho and Ada County Real Estate!
Search Nampa Idaho Homes for sale
Search Boise Idaho Homes for sale
Always looking out for your next move…(sm) on Idaho Real Estate,
Nampa Idaho Realtor, Don Wixom RE/MAX Advantage (208) 880-5039
Following is an interesting graph, showing the bubble of home prices for both Canyon County real estate and Ada County real estate in the Treasure Valley, Idaho.
The peak of pricing was late 2006 and early 2007. The average sales price for Canyon County for September, 2010, is very close to what it was in September 2002.
Where are prices of Idaho Real Estate going? There are a lot of indicators that may effect prices in the coming months and years. Often, prices may drop slightly for seasonal issues, while in this market and economy, jobs seems to be the biggest issue.
With as many Idaho short sales and Idaho foreclosures on the market (nearly 60% across the board), prices will continue to suffer for a while. Once there is a stabilization of consumer confidence and more jobs, buyers will be more willing to get off the fence and take advantage of the current, low interest rates.
Once prices begin to increase, so will interest rates. One must take the time to calculate the savings monthly, as compared to the interest rate and the sales price.
For more information on Idaho real estate and buying homes in the Boise, Nampa area, contact Accredited Buyer Representative, Don Wixom, Broker/Owner of RE/MAX Advantage in Nampa, Idaho.
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Call or Text (208) 880-5039!
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Always looking out for your next move…(sm) on Idaho Real Estate, Don Wixom with RE/MAX Advantage. Call or Text (208) 880-5039
