Boise Area Real Estate Blog

 

Nov. 26, 2018

Statistics Don't Lie: Top Reasons Seniors Move to Boise

Statistics Don’t Lie: Top Reasons Seniors Move to Boise



The numbers don’t lie: Seniors are flocking to Boise for their retirement years, and it all comes down to the many financial advantages of living in Idaho. A forecasting model from the Idaho Department of Labor reports that the over-65 population is an enormous driver behind the state’s population growing at three times the national average. Currently 14.7 percent of the population, seniors will account for 34.4 percent of the population growth between now and 2025, growing to become 17.3 percent of the population.

 

Those figures are impressive, but bring up an important question: What’s attracting seniors to this area? Read on to learn the answer.

 

Senior-Friendly Property Taxes

 

The Idaho State Tax Commission reports that up to 55,000 Idahoans could be eligible for significant reductions in property tax rates, most of them seniors. Taxpayers qualify if their yearly earnings total less than $29,640 (2017 figures) and they are either over 65, a widow or widower or fully disabled. Homeowners can save up to $1,320 per year in property taxes after qualifying for the Idaho Property Tax Reduction Program. Disabled veterans may qualify to save an even greater amount.

 

Additional Senior Tax Benefits

 

Seniors are also drawn to Idaho for additional tax benefits available to those over 65. In Idaho, state income tax isn’t levied on Social Security benefits or many municipal, state or federal government pensions or retirement funds. For seniors who earn other types of earned or retirement income, Idaho boasts reasonable income tax rates that range from 4 to 7 percent. Seniors on the hook for income tax can reduce their obligation through enhanced credits for items such as the Idaho Grocery Tax Credit.

 

Boise’s Cost of Living is Competitive

 

Cost of living, calculated as an index of values versus an average score of 100, determines how financially attractive an area might be. In Boise, the cost of living index is a competitive 106.7. Most factors in Boise’s cost of living index come in under average, including groceries, health care, utilities and transportation. Just one factor in that index is above average: housing costs, coming in at 136. Even so, median home prices remain around $255,000. Seniors can explore a variety of options to attain lower housing costs, including downsizing to smaller homes, living in condo or assisted living communities.

 

Seniors also come to Boise for many non-financial reasons, including the beauty of the area, healthy air quality, four-season living and the ability to live in an urban city surrounded by endless miles of open land. The numbers don’t lie, however, and when they add up to significant annual savings and opportunities, it’s easy to see why seniors love retiring to Boise.

 

For assisted living communities see www.seniorhomes.com/idaho/boise/

Posted in Real Estate News
Feb. 13, 2017

Boise's Ranked #12 by U.S. News

Boise's a wonderful place to live and was just ranked #12 in U.S. News and World Report. They rank the top 100 metro areas based on value, desirability, job market, and quality of life.

The full report is here, check it out: 100 Best Places to Live

 

Posted in Real Estate News
June 11, 2014

Boise Home Value Increased by 10% | May, 2014

Home value has been on the rise in Boise for the past few years. In May of 2014, Boise's median home sales price was $197,800 an increase of 3% from 2013, and an increase of 7% from 2012. Although this may not reflect huge increases, in January of 2014 the Boise median was 12% higher than it was in 2013 and 44% higher than in 2012. 

Typically median home sales prices vary month to month, however in 2014 the average median home sales price (between the months of January and May) are 10% higher than they were in 2013. 

Along with increases in home value in Boise this year, real estate sales are also on the rise. There were 451 homes sold in Boise May of '14; this increased slightly from 2013 and increased by 30% from 2012. The number of real estate sales this year closely reflect sales in 2013, only varying by 3%.

You can see in the graph below that real estate sales start to peak throughout the warmer months of the year; 2013 real estate sales spiked in July, while 2012 reached a peak in the months of June and August.

Of the 451 homes sold in Boise, May of 2014, 422 were non-foreclosures, 19 bank-owned/HUD while there only 10 accounted for short sales. This translates to 93% of real estate sales being traditional, 4% bank-owned/HUD and 3% short sales. In addition, non-foreclosures increased by 31% from the previous month in April and increased by 137% from the start of the year.

As non-foreclosure home sales are on the rise into the summer months, bank-owned/HUD along with short sales are on the decline; there was a 20% drop in foreclosures May of '14 compared to April.

As you can see in the graph below, the Boise foreclosure rate dropped to 6.4% in May of this year; a 20% decrease in just one month (compared to April of '13). The foreclosure rate in Boise May of '14 also decreased by 43% from 2013 and by 67% from 2012. 

The average foreclosure rate in 2014 is 44% lower than the average foreclosure rate between January and May of 2013 and 72% lower than it was in 2012.

Posted in Market Statistics
March 4, 2014

Boise Real Estate Update | February '14

Boise's median home sales price has risen significantly compared to last years numbers. As you can see above, the median home sales price February '14 was $189,000; a 13% increase from last year, also on the incline from the previous months median (price of $186,750). We have seen appreciation in home value this year in Boise compared to last year.

February's median was 36% higher than it was February of 2012. 

The total Boise real estate sales are looking pretty close to last years numbers: 223 homes sold in February 2014. Similar to the trend for home sales prices, real estate sales also seem to rise through the year (reflected in the graph below). In the last few years, real estate sales started out the lowest in January and rose each consecutive month; peaking in the summer months. We saw the highest sales number in years July of 2013 when 501 homes sold. 

Similar to total home sales in Boise, new home sales are also very close to the numbers we saw last year, and are higher than they were in 2012. In January 30 new homes sold in Boise, the same amount sold January of 2013. February's new home sales rose as well with 37 homes sold; slightly lower than the new construction sales last February but still on the incline from the start of the year.

Boise's foreclosure rate has also dropped notably from 2013. You can see below that the foreclosure rate was 5% higher last February, and 31% higher two years ago in 2012. There were 13 short sales in February along with 24 HUD/bank owned property sales. Short sales contributed to about 6% of total sales, and HUD/bank owned properties contributed to about 10% of real estate sales.

Posted in Market Statistics
Jan. 27, 2014

Ada County Real Estate Sales Up 14% in 2013

Real estate sales were up in Ada County by about 14% in 2013. Sales were consistently higher each month with the exception of October and November-- sales were down slightly from one year prior. We saw the most dramatic increase last year through the summer months; May sales were up by 35%, June by 17% and July by almost 40%. In July we saw 883 homes sold which is dramatically higher numbers than what we have seen these last couple of years.

As you can see in the graph below, real estate sales also have a significantly lower number of foreclosures than in 2011 and 2012. The foreclosure rate started off at 25.6% in January 2013 and sloped downward hitting 10.9% in May of last summer. It stayed within about 2% points through the rest of 2013; which shows the consistency in the decreases. In December of 2013 the foreclosure ended at 11.6% of real estate sales; down by 24% from 2012, and down by 76% from December of 2011. On average the foreclosure rate in 2013 was 17.6% lower than 2012. 

The Ada County absorption rate dipped to the lowest we've seen it in three years in June of 2013. This is characterized by the high number of sales we saw that month as well; over 800 homes were sold. Between January and June of '13 the absorption rate dropped drastically by 58%. Between June and November it climbed the opposite direction, but has since then dropped to 5.6 to end the year off. The average absorption rate in 2011 was 8.7, in 2012 it dropped to 5.3 and in 2013 it was at the lowest of 4.8. Between 2011 and 2013 the absorption rate dropped by about 45%.

 

Posted in Market Statistics
Dec. 18, 2013

Ada County Real Estate Sales Improved Again in 2013

Traditional home sales have on average stood for about 84% of real estate sales this year. The other 16% is a combination of both short sales and bank-owned/HUD homes; 9% being short sales and 7% being bank-owned/HUD homes. At the peak of the market in Ada County this year (in August), 785 traditional homes were sold, 53 short sales sold, and 45 bank-owned/HUD. That means in August 88% were traditional home sales.

As you can see in the graph below, the foreclosure rate in general has dropped significantly since 2011 and 2012; throughout Ada County it has dropped by about 55% and by 73% since 2011. Boise is one of the fastest recovering cities in the U.S. This is supported in the market data where we can see an increase in traditional home sales, a decrease in the foreclosures, and an increase in the median home sales price, which was most recently $185,000 in Ada County. This is a 15% increase from the $160,450 median home price from 2012. In 2011 the median home sales price was $139,000 in November. On average in the last two years, the median home sales price has risen by 31%.

Below we can also see another indicator of the recovered market as the absorption rate has dipped all the way down to 3.0% in July. The best way to explain absorption rate would be, if there were 100 homes on the market, it would take 3 months for all 100 homes to sell. A lower absorption rate indicates that it is more of a seller's market. 

Posted in Market Statistics
Jan. 22, 2013

North End Real Estate Sales Increase 18%

Home sales in Boise's North End are up from one year ago.  This past December, for example, saw 31 home sales.  That's a 39% increase compared to December 2011 when there were 19.  The chart below shows that most months in 2012 posted better numbers than the same months in the previous year.  In fact, there were a total of 408 homes sold in the North End real estate market in 2012.  There were 335 in 2011, which is an 18% increase. 

North End Real Estate Sales 2011 vs. 2012

The price of homes in the North End have also gone up.  The median price of homes this past year was $230,475.  In 2011 the median was $217,500.  When comparing the average price of homes for each year the margin is even wider.  In 2012 the average price for real estate in the North End was $275,873. In 2011 it was $249,785.

One of the most popular neighborhoods in the North End real estate market is the Highlands subdivision.  This is true for 2011 and 2012.  In 2011 there were 29 home sales in this neighborhood.  Sales in Highlands Village climbed in 2012 with a total of 44.  In 2012, the median price of homes in Highlands was $359,000. 

 

Posted in Market Statistics
Jan. 15, 2013

Meridian Idaho Real Estate Sales Up 11% in 4Q 2012

Meridian Idaho real estate transactions suprassed 2011 activity.  The chart below shows the sales for both 2011 & 2012 by quarter.  Sales in the 4th quarter of 2012 were up 11% over the same period the previous year.  For this period, 2012 had posted 454 single family transactions while the previous year was 404.

Meridian Idaho Real Estate Sales 2011 vs. 2012

Meridian Idaho real estate prices also went up in 2012.  With the exception of January, each month in 2012 posted a significantly higher median price.  In fact, December 2012 posted the highest median price in the last two years ($196,338).  Compared to the highest median price in 2011, this is more than $25,000 more.  In December '12, home prices were 14% higher than the same time the previous year.

Meridian Idaho, Median Price 2011 vs. 2012

Real estate sales in Meridian Idaho were most dominant in the Northwest part of town.  There were 921 home sales in Northwest Meridian, accounting for approximately 49% of total sales.  Most of the homes sold in NW Meridian were in the Bridgetower Crossing subdivision.  The median price of those 95 homes was $287,652.  Paramount subdivision also had a strong year for sales.  The chart below breaks down the total sales in 2012 by area.

Meridian Idaho Home Sales by Neighborhood 2012 Stats

Disclaimer

Posted in Market Statistics
Jan. 7, 2013

Sale of New Boise Homes Spike in 2012

Sale of Boise homes were strong in 2012, especially new homes.  The average number of new homes sold each month in 2012 was 48.1.  That's a big change for the Boise real estate market considering the average in 2011 was just 27.4.  In addition, the chart below shows that each month this past year saw more new homes sold than one year ago. 

New Boise ID Homes Sales 2011 vs. 2012

There was a 24% spike in new Boise home sales during Dec. 2012 over Dec. 2011. Of the new homes that sold last month, 11 were in Southwest Boise neighborhoods.  The average price for those Boise homes was $204,659.  Northwest Boise had the second highest number of new homes sold with 9. 

The median price of Boise homes is up more than $30,000 from the same time last year.  In December 2012, the median price was $163,450.  In Dec. 2011 the median price was $130,800.  And December isn't the only stand-out in 2012.  As you can see in the chart below, each month this year has outperformed the same month from one year ago with the margin really starting to widen in May 2012. 

Median Sold Price of Boise Homes 2011 vs. 2012

Disclaimer

Posted in Market Statistics
Dec. 24, 2012

Eagle Idaho Real Estate Market Update | Nov. 2012

Foreclosures remain low for the Eagle Idaho real estate market.  In fact, the numbers for the past two months (Nov. & Oct) were nearly identical.  They're also some of the lowest foreclosure numbers we've seen for real estate in Eagle Idaho this year.  In addition, when compared to last year, November 2012 numbers were about 30% lower than the stats collected for Nov. 2011.  The chart below shows the numbers for Eagle foreclosures (REO, HUD, & short sales) in the last two years.

Eagle Idaho Foreclosure Rate 2011 vs. 2012

The price of homes has also gone up in the Eagle Idaho real estate market. With a few exceptions (Jan., March, & Aug.), this year's numbers have posted higher prices when compared to the same months one year ago.  According to Intermountain MLS the overall median price for this year is $285,000.  The average price, however, is higher - $312,174.  Last year, the median price of Eagle Idaho real estate was $260,600, nearly $25,000 less than this year. 

Eagle Idaho Median Home Price 2011 vs. 2012

Intermountain MLS also shows that there were 395 home sales in the Eagle Idaho real estate market in 2011.  The numbers for this year have already exceeded that.  This year there have been 425 home sales.  The margin between 2011 and 2012 will grow once December market stats are collected. 

Posted in Market Statistics