The Annual review of Real Estate sales in Wilderness Ranch and East Boise County for the 2014 year and the 2015 Forecast.
By: Paul Heim & Darcelle Sander of The New View Team at Silvercreek Realty Group
News and Headlines: Boise has made the top ten for best places to live in many polls, forums and magazines over the years and this year Boise wasn’t left out. Time rated Boise #1 out of Nine cities. The criteria for cities to make the list included a thriving economy, a booming cultural scene, quality health care, and a growing university.
Year at a Glance: The first two quarters of the year had a lot of momentum but things across the valley seemed to go into a small lull late July through early November. Value increases in the Treasure Valley spiked the first half of the year then we saw some decline in prices the second half, but overall finished about 2013 values.
Oddly enough, just following the midterm elections the market picked up considerable speed and Nov and Dec finished pretty strong. In fact most Agents and Title Companies said it was one of the busiest Decembers they had seen. Low gas prices and a drop in interest rates may contribute to a strong spring.
East Boise County Statistics
• There were 74 home sales in 2014 out of 136 listings. Close to a 50% absorption rate and on par with 2013
• Of which 4 were Short Sales
• 13 of the homes sold were Foreclosed Home sales (distressed)
• 13 Current Pending Sales as of Jan 8th 2015
• Highest priced sale $479,000 in Osprey and lowest priced $30,000 with 204 sq ft
• Currently 40 active listings as of this report
• Average Days on Market (DOM) 100 days
• Average list price to actual sale price was only 5% difference
We were privileged to be a party to 8 of the sales transactions in Wilderness Ranch in 2014 and we have two current pending sales from 2014 slated to close mid Jan 2015.
Wilderness Ranch Statistics
• There were 14 Home Sales out of a Total of 23 Listings. Counting pending sales that is an 80% absorption rate.
• Zero Short Sales.
• 4 of the homes sold were Foreclosed (distressed).
• 4 Current Pending Sales as of Jan 8th 2015.
• Highest Priced sale was $309,900 and lowest priced sale was $100,000 (bank owned).
• Average non distressed home value was $236,356 .
• With a average price per square foot of $118.36.
• Average list price to sale was 4%.
• Currently there are 5 active home listings.
• Average DOM, 98 days.
• What a year 2014 was, a bit of a roller coaster at times it seemed. Overall growth in values in the Treasure Valley increased from 5 to 7% on average depending on location. The biggest gift of the year was the falling gas prices. How and when this will this affect the economy and Real Estate is yet to be seen.
• Sustained lower interest rates will hopefully make for a solid Spring. However the low interest rates can’t last forever, sooner or later they will start to climb.
• Boise has seen a lot of commercial growth in expectation of its influx of population. This will continue to help the Boise area market.
• Expect New Construction to pick up this year as the price gap between existing homes and new homes narrow.
There is much rumor that HUD, Fannie and Freddy may loosen some on lending standards and qualifications this year.
• They are also lowering PMI fees (Post Mortgage Insurance) from 1.35 to .85 as it was a very high cost on FHA loans. This may increase the median sales price as more people will be able to qualify for a slightly higher priced home. However here is hopping they don’t let lending become too loose again. But it is the government so I guess we can trust them right? As an example: on a 200k loan that would be equivalent to a monthly savings on your mortgage of $83.00.
• There may be attempts (as rumor goes) to try to repeal or amend all/or parts of the Frank Dodd Act. If that does occur then only time will tell how that will ripple over to the housing market. It could create a slightly more speculative real estate market which could be a blessing or a curse depending on your situation.
General News and Local Economic Forecast:
We saw some long time residents move on this year like Tim & Fran Schaaf, Rich and Kari Doran, Steve and Karen Byrne, Tracy and Kevin Hocevar and they will be missed. But we also received a number of new residents that will add to the overall community and become new friends and neighbors.
Late in the Spring we will be scheduling/planning a welcoming party for new residents. Everyone will be invited to attend. This will allow you a chance to get to meet them and them you. Stay tuned for details!
If you ever have any questions or care to know where your value is currently, please always feel free to contact us anytime. Always happy to help!
To stay up to speed remember to visit www.WildernessRanchHomes.com and for Boise County in general visit www.BoiseCountyHomes.com and if you get a chance stop in and please give us a like on facebook www.facebook.com/WildernessRanchHomes .