Boise Regional Realtors reported these three main takeaways in regard to this month’s market analysis:

-          The median sales price for Ada County reached a new record in August 2018, of $334,400 for existing and new homes combined. This was up 20.3% over the same month last year, and up 4.8% from July.

-          Local home prices are being driven by the persistent and historically low inventory of existing homes compared to demand, and more new homes selling at overall higher prices, primarily due to rising construction costs.

-          In August 2018, the median sales price of existing homes in Ada County reached $309,200 — a new record — up 9.0% over August 2017. This number mostly reflects homes that went under contract in June and July — when we had the fastest market times on record — indicating that many buyers offered higher prices to be competitive in the face of high demand for the persistent low inventory.

Though the market remains strong and swift moving, every house and every person’s situation is still unique.  If you’re considering making a move in real estate, we hope you will give us a call so we can assist you in properly navigating the waters of the current market and how it might play into your particular situation.  We have a great deal of resources and information to assist you in making the best decisions for YOU when buying and selling!

Below are the current Ada County market statistics for July 2018 compared to July 2017:

Existing/Resale...

• Closed sales – 823 (down 8.5%) 
• Median Sales Price - $309,200 (up 19%)
• Days on the Market - 20 (down 23.1%) 
• Inventory: 843  (down 17.8%)
• Months of Supply: 1.1 (down 21.4%) 

• $159,999 or less: 1.4 month
• $160,000 - 199,999: 0.6 month
• $200,000 - $249,499: 0.6 month
• $250,000 - $299,999: 0.7 month
• $300,000 - 399,999: 1.1 months
• $400,000 - 499,999: 1.1 months
• $500,000 - $699,999: 1.7 months
• $700,000 - $999,999: 2.4 months
• $1,000,000 or more: 6.2 months

• Closed sales – 301 (up 20.9%) 
• Median Sales Price - $386,470 (up 8.6%)
• Days on the Market - 43 (down 23.2%)
• Inventory: 790  (up 8.7%)
• Months Supply of Inventory: 2.7 (down 15.6%)

• $159,999 or less: 0
• $160,000 - 199,999: 0
• $200,000 - $249,499: 2.1 months
• $250,000 - $299,999: 2.3 months
• $300,000 - 399,999: 3.2 months
• $400,000 - 499,999: 2.8 months
• $500,000 - $699,999: 1.9 months
• $700,000 - $999,999: 4 months
• $1,000,000 or more: 0

Boise has long been a regional hub for jazz, theater, and indie music, but our city seems to have “come of age” with the introduction of the Treefort Music Fest.  Taking place in late March, Treefort is a five day festival held in many venues throughout downtown Boise.   

The original idea started with a small two day festival featuring 60 bands.  By the time the inaugural festival was held in 2012, it had become an eight stage event with 137 bands and over 3,000 people attending.  The next year, the initial batch of early bird wristbands sold out in 17 minutes.  Tree Fort 2013 featured a much more diverse set of 260 acts from all over the country performing on 13 stages.  The third annual festival, in 2014, booked 350 bands and rejected over 1,000 others due to the sheer volume of talent that was interested in participating. 

The music genres have expanded to pop, heavy metal, hip hop, electronic, folk, and classic rock.  The festival also branched out to Filmfort (a film festival), Hackfort (a tech festival), Storyfort, YogaFort, and comedy showcases.  It was described as “an extensive community and cultural event where good attitudes all but fell from the sky.”  It has grown year over year, attracting more and more recognizable talent, with higher and higher attendance numbers and recognition from the media. 

The 2018 Treefort Music Fest was headlined by well known singer and songwriter, George Clinton & P-Funk, and hosted 462 acts.  Newsweek reported on the wide range of activities occurring across 16 blocks of downtown Boise, with 24,000 people from around the world enjoying the festival.  Treefort was hailed this year as “the greatest music festival in the country” and truly amplifies the musical soul of Boise!
 

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.”

Content from Keeping Current Matters

Last weekend, I had the joy of attending an annual women’s retreat.  The speaker used Psalm 23 to paint a picture of the many ways in which our Lord is like a Good Shepherd to us (his sheep).  The message was life giving to me. I took several pages of notes, so, I can’t share everything here.  But, I wanted to share at least one thing that really stuck with me.  It was the picture above.  This picture is of a sheep that is “cast down.”  Before this retreat, when I heard the phrase “cast down,” I associated it with being down in the dumps, sorrowful, or burdened.  It does mean those things, but the speaker shared a deeper meaning.  When a sheep is “cast down” on its back like this, it physically has no way of turning itself over on its own.  The sheep must rely completely on the shepherd to come, roll it over, and get it back on its feet.  If no human comes to its rescue, it will die. 

In American society, and quite possibly in society in general, I think we all too often hold the philosophy that no matter what the circumstances, WE can “pull ourselves up by our own bootstraps.” We try desperately to do so, and we encourage our friends that they can do the same.  I actually imagine the standing sheep in this picture being much like those friends, saying to the cast down sheep, “You can do it man, roll over!”  But, this just isn’t the truth. In many cases, we are just like the cast down sheep--on our backs, trapped, vulnerable, bleating for help, and on our way to death if help doesn’t come soon.  We have no way of saving ourselves, and the other sheep around us can’t save us either.  Like the sheep on its back, we need to cry out to the shepherd for help, and if our friends want to help us, they need to cry out to the shepherd on our behalf as well.   The Good Shepherd always hears when His sheep call, and He promises to come when we do. He will rush to our side, gently turn us over, and give us His strength to help us to our feet. 

We are currently going through a situation with our adoption that makes me feel much like this cast down sheep.  I’ve tried to think of ways “I” can make things go the way I want them to but have realized I am helpless to control the outcome. I am vulnerable, bleating for help, and asking my friends and family to bleat with me as well. I know my only hope is our Good Shepherd, our Lord, who hears me calling out to him and who will come and set all things right.  Only He can get me to my feet and give me the strength to walk through whatever may come.

If you are presently going through something that has left you cast down on your back and unable to turn over, we would be honored if you would share your story with us so we could come alongside you and help in the best way we know how—by bleating to our Father along with you and trusting He will come to your rescue!  He is indeed the Good Shepherd, who promises to restore your soul!      

“The Lord is my shepherd; I shall not want.
He makes me lie down in green pastures.
He leads me beside still waters.
He restores my soul.
He leads me in paths of righteousness for his name’s sake.
Even though I walk through the valley of the shadow of death,
I will fear no evil, for you are with me;
Your rod and your staff they comfort me.
You prepare a table before me in the presence of my enemies;
You anoint my head with oil; my cup overflows.
Surely goodness and mercy shall follow me all the days of my life,
And I shall dwell in the house of the Lord forever.”  ~Psalm 23