The KEY to All Your Real Estate Needs |
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Happy New Year! Wow - it's hard to believe that the month of January is almost over!
The new year brings with it a time of looking back at the past year, and looking forward to the year to come. As a Realtor, I reflect back on all the awesome people I had the opportunity to work with when buying or selling a home. I sure did make my way around the Treasure Valley! And while I enjoy reflecting back on 2021, I look forward to the new year with anticipation of what's to come. In the housing market, it's a time of forecasting and predictions. On a national level, I've include some from some of the experts.
And, how about this year's winter weather... check out how it stacks-up to past Treasure Valley winters.
And finally, I want to introduce or reacquaint everyone with the Homes for Heroes program. Our Heroes have definitely been working overtime these past couple years! I'm honored to be part of a program that gives back to those who give so much of themselves to our communities and country.
Wishing you all the best in 2022 and beyond...
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December 2021 Market Report |
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Key Market Takeaways...
When summing up the 2021 Ada County housing market, one could easily argue that this past year brought the most fast-paced market we’ve ever seen, particularly in the first half of the year. The market conditions were incredibly competitive.
- In Ada County, the overall median sales price (existing and new construction combined) in December 2021 was $546,000, a new record high. This is likely due to the large share (35.1%) of the typically higher priced new construction home sales that closed in December.
- There were 582 homes available at the end of the month — 75.8% more than in December 2020.
- The overall (new and existing combined) Months Supply Inventory was 0.7 months. For the existing segment, it was 0.5 months, or approximately two weeks.
- In Canyon County, the overall median sales price (existing and new construction combined) in December 2021 was $419,480. The share of new home construction home sales that closed was 43.3%.
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A Look Back at Some Key Market Statistics |
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Ada County has faced limited housing inventory for years now. This lack of supply has been insufficient compared to the persistent demand for housing, which has driven up prices and caused a home buying frenzy earlier this year. Here are a few metrics that tracked the pace of the market — how quickly homes went under contract, the share of sales that sold over list price, and for how much they sold over list price.
The Days on Market (DOM) metric measures the time between when a property is listed and when it has an accepted offer. Overall, DOM for existing homes trended down, reaching a historic low of just nine days in May 2021. Since then, the DOM metric has increased and normalized, reaching an average of 30 days in December 2021 — 18 days longer than in December 2020, and more in line with pre-pandemic levels from early 2020.
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Not only were existing homes selling at a faster rate, but a larger share of total sales sold for more than their asking price, usually the result of multiple offer situations. The share of homes that sold over list price passed 50.0% in September 2020 and reached a peak of 75.9% in March 2021. By December 2021, it dropped to 22.6%, possibly indicating that list prices have become more aligned with what buyers are willing or able to pay.
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On the Road Throughout the Treasure Valley
I love looking back on the previous year and seeing all the buyers and sellers I had the privilege to work with. 2021 found me all over the Treasure Valley exploring new neighborhoods, revisiting known neighborhoods and continually increasing my familiarity with the Treasure Valley.
Let me share my experience with you!
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Winter... some of us love it; others, await the signs of spring with great anticipation. Here's a look at winter weather in the Treasure Valley, and some of the cold and snow records. |
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Earliest Snow Fall
On average, Boise sees its first snowfall just before Thanksgiving but in 2008, we were shocked with 1.7” of snow on October 10.
Snowiest Day on Record
The National Weather Service has been keeping track of the highest daily snowfall totals since 1940. December 21, 1996 dumped 9.8” of the white stuff on Boise.
Most Consecutive Days of Snow Cover
There’s nothing better than waking up and seeing a fresh coat of white in the front yard. It’s so peaceful and pretty (until you have to drive in it.) More than an inch of snow on the ground was something Boise experienced for 63 days straight November 16, 1985-January 17, 1986.
Snowiest Winter
Was it Snowmageddon 2016-2017? Nope! In fact, that winter didn’t even make the Top 10 list. Winter means December, January and February and in 1916-1917, Boise had to dig its way out of 50” over the course of those three months.
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Most Consecutive Days of Temperatures At or Below 0º
Since 1879, there have been six times where temperatures were at or below 0º in Boise for at least a week. The record stands at 15 set during the winter of 1985. The streak began on December 11 and continued through December 30 with the lowest recorded temperature at -9º.
Longest Cold Spell
The National Weather Service defines a cold spell as an unbroken series of daily minimum temperatures equal to or below daily normals, if at least one of the temperatures is equal to or below 0º. The longest cold spell went on for 41 days beginning on December 30, 1948. The lowest temperature during that cold spell was -4º.
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Boise's Coldest Day Ever
To be honest, the temperatures in the Treasure Valley are more dramatic than the snow fall. Just how cold has it gotten in Boise? The coldest day on record was December 22, 1990. At some point during the final Christmas shopping days of the season, the mercury plummeted to -25º.
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What is Home for Heroes?
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While many of you are familiar with the Homes for Heroes program, I thought I'd start the year by familiarizing those who are not with some details about the program. To those of you who are familiar with it, or have even used the program, here's a reminder - share it with family and friends.
Homes for Heroes, Inc. was created shortly after the tragic events of 9/11 as a way to say “Thank you” to those who serve and sacrifice so much. Its mission is to provide extraordinary savings to heroes who provide extraordinary services to our nation and its communities every day.
Are YOU a Hero? Do YOU Know a Hero?
Heroes are part of our everyday lives. They include:
- Firefighters / EMS
- Healthcare Professionals (including Veterinary Professionals)
- Military (Active, Reserve & Veterans)
- Law Enforcement
- Teachers and Educational Support Staff
You and the heroes in your life can save on your next real estate transaction when you select a Homes for Heroes affiliated agent. We give back 25 percent of our commission at closing. Doing the math, that can result in big savings to you.
Contact me and we can help you with buying and selling - we are full service agents that love to give back to our community Heroes!
Not a Hero yourself?? Well pass it on to one you might know - so many Heroes don't know this program is out there to help them - spread the word!
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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