• Total  Available: 79
• Average Asking Price: $141,708
• Median asking price: $129,900
• Short Sale Listings Available: 27
• Real Listings Available: 52
• REO Listings Available: 7
• Months’ Supply (all listings): 2.8
• Months’ Supply (real listings): 1.8

Data extracted from Intermountain MLS on 2/4/12.

Data pertains to single-family homes on lot/acreage; data does not include condo/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

• Total  Available: 52
• Average Asking Price: $188,258
• Median asking price: $160,945
• Short Sale Listings Available: 23
• Real Listings Available: 29
• REO Listings Available: 1
• Months’ Supply (all listings): 1.9
• Months’ Supply (real listings): 1.0

Data extracted from Intermountain MLS on 1/29/12.

Data pertains to single-family homes on lot/acreage; data does not include cond0/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

• Total  Available: 126
• Average Asking Price: $235,189
• Median asking price: $209,445
• Short Sale Listings Available: 25
• Real Listings Available: 101
• REO Listings Available: 5
• Months’ Supply (all listings): 3.5
• Months’ Supply (real listings): 2.8

Data extracted from Intermountain MLS on 1/29/12.

Data pertains to single-family homes on lot/acreage; data does not include cond0/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

• Total  Available: 74
• Average Asking Price: $465,815
• Median asking price: $314,800
• Short Sale Listings Available: 9
• Real Listings Available: 65
• REO Listings Available: 1
• Months’ Supply (all listings): 4.7
• Months’ Supply (real listings): 4.1

Data extracted from Intermountain MLS on 1/29/12.

Data pertains to single-family homes on lot/acreage; data does not include cond0/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

• Total  Available: 114
• Average Asking Price: $412,651
• Median asking price: $294,000
• Short Sale Listings Available: 17
• Real Listings Available: 97
• REO Listings Available: 4
• Months’ Supply (all listings): 4.1
• Months’ Supply (real listings): 3.5

Data extracted from Intermountain MLS on 1/29/12.

Data pertains to single-family homes on lot/acreage; data does not include cond0/townhome properties.

Months’ supply is calculated by dividing the past twelve months’ average number of closed sales per month into the available listings.

Real listings are defined as listings that can be purchased and closed in a reasonable time (excludes short sale listings).

This exhaustive 547-line Excel spreadsheet helps me to understand the details of what is happening in the Boise real estate market.

Starting tomorrow, I will be posting details of our current MLS listing inventory, complete with average/median prices, short sale listings, REO listings, and months’ supply ~ broken out by MLS area.

Enjoy!

Statistics can be easily-skewed, depending upon the mix of data.

For example, in a small statistical area like Eagle, Idaho, the broad range of property values combined with few sales, can result in widely-varying numbers.

A couple of high-dollar or low-dollar sales in an area with little activity can cause a big swing in the numbers, especially in month-over-month comparisons.

Data Extraction Date

My monthly statistics posts use data extracted from Intermountain MLS a few days after the end of a given month to ensure that I have all of the data for the previous month.

Pulling data from MLS too early or too late can skew the results.

Unreported Sales Incentives

Intermountain MLS does not collect data for seller-paid closing costs, bonus commissions to buyer agents, and other seller-paid incentives.

Thus, those concessions are invisible to both real estate agents and the public and “mask” the true value of a property.

Appraisers often take those concessions into consideration as they determine the true value of a property.

In fact, I write about a lot of Boise real estate statistics on this blog.

Along the way, I notice a lot of confusing, and sometimes, flawed data about the Boise real estate market.

Here are some points to ponder about those statistics.

Time Periods

Are the times periods used in a comparison relevant?

For example, yesterday’s post reminded me that comparing the number of pending/closed sales for last June vs. this past December is largely irrelevant due to normal seasonal fluctuations.

Type of Property

Many statistics include all properties ~ single-family homes on lots, single-family homes on acreage, mobile homes, condominiums, townhomes, lots, acreage, farms, etc.

Other statistics (like mine) include only single-family homes on lot/acreage because that is the mainstream of the Boise real estate market.

Others limit their comparisons to only single-family homes on standard-sized lots.

There’s little value in comparing sales data for a farm to a subdivision home.

Geographic Area

Some statistics include “Boise City”, which is the U.S. Census Bureau’s designation for a broad area of Southern Idaho that encompasses far more than the Treasure Valley.

“Boise City” data is much more than data for the City of Boise and may not accurately reflect what is going on in Ada County.

My statistics usually include Ada County (which I call the Boise real estate market), Eagle, and Meridian because those areas are of greatest interest to my readers.

There’s little value in comparing sales data for Burley, Idaho to sales data for Meridian, Idaho.

Please check back tomorrow for Part II

I thought it would be interesting to compare our current (now) Boise real estate market to the middle of last year (then).

Here’s what I found:

Available Listings

• Then: 2,586
• Now: 2047
• % Change: -20.8%

Average Asking Price

• Then: $238,544
• Now: $243,555
• % Change: +2.1%

Median Asking Price

• Then: $179,000
• Now: $179,000
• % Change: None

Pending Sales

• Then: 934
• Now: 713
• % Change: -23.7% (normal seasonal fluctuation)

Closed Sales

• Then: 640
• Now: 487
• % Change: -23.9% (normal seasonal fluctuation)

Average Selling Price

• Then: $184,635
• Now: 178,934
• % Change: -3.1%

Median Selling Price

• Then: $150,000
• Now: $145,500
• % Change: -3.0%

My Analysis

• The Boise real estate market has mostly stabilized, but isn’t rebounding.
• Listing inventory has trended down and is extremely low.
• Average asking prices are up slightly.
• Median asking prices are flat.
• Current pending sales are strong considering the normal seasonal fluctuation.
• Closed sales prices are slightly down.
• The number of current closed sales is strong given our current Winter market.

Remember: Real estate statistics can vary significantly depending upon the “mix” of data during any given time period.

Data pertains to Ada County single-family homes on lot/acreage and does not include condo/townhome properties.

Data for Now = December 2011 data.

Data for Then = June 2011 data.

That’s a nice, steady upward trend compared to the past three years’ closed sales shown here:

• 2010 = 6,266
• 2009 = 5,775
• 2008 = 5,341

I will soon be putting together my 2011 Ada County Real Estate Market Review with detailed statistical data broken out by MLS area.

If you would like to have your own copy, please e-mail me.