July 2008

There are 7 blog entries for July 2008.

Are you looking for short sales in Eagle, Idaho?  As of 7/25/08 the following is a list of homes in Eagle being offered as a possible short sale.  If you want to learn more about short sales, read this short sale article.  If you would like to see these homes you can request showings.  To find more detail on these properties just enter the mls # on my Boise MLS search.

MLS # Asking Price Apx SqFt # Beds # Baths Year Built # Acres Subdivision
98355336 $175,000 1778 4 2 1996 4.89 Hanley D L Trac
98366432 $195,000 1568 3 2 1980 0.31 Eagle Village S
98367418 $199,777 1545 3 2 1959 0.4 0 Not Applic.
98346246 $215,000 1818 3
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Ada County single family home statistics for Q2 '08.

Market summary

Home sales improved in the second quarter but are still down when comparing to the same time period a year ago. There are still a large number of homes for sale, distressed properties coming on the market, and an overall nervousness about the economy that is negatively affecting home sales.

Sales continued to improve in Q2 ‘08

Both existing and new construction home sales continued to improve over Q2 (Fig 1).

Comparing Q2 '08 to Q2 ‘07

The real estate market experiences seasonal changes in both the number of homes for sale and the number being sold. As a result, it is helpful to compare numbers year-over-year. Figure two shows that overall sales were down about 30

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North Face, the outdoor gear maker, will be locating a new retail store in Downtown Boise.  The outlet should be open by thanksgiving and will be located in the historic Mode Building at 8th and Idaho.  North Face, with only 21 stores nationally, will be a welcomed addition to Downtown Boise.  The retailer joins other Mode Building tenants: Anthropologie, Chico's, See Jane Run, and Grape Escape.

802 West Idaho Street Boise, ID 83703 (208) 331-9790 Check out the North Face Web Site

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The following Boise Idaho real estate statistics are for all Ada County single family homes during June 2008.

Home sales in June continued to increase although in comparison to the same time period a year ago sales were down about 26%.  There were a total of 531 homes sold in Ada County and just under 5100 for sale. 

Overall Home Sale Statistics

Total active listings: 5098

Total sold homes: 531 (-26.35% to June 2007)

Median home price: $209,900 (-11% to June 2007)

Average home price: $254,900 (-9.02% to June 2007)

Existing Home Sale Statistics

Total active listings: 3928

Total sold homes: 395 (-25.89% to June 2007)

Median home price: $209,900 (-6.50% to June 2007)

Average home price: $256,759 (-5.07% to June 2007)

New

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The accolades continue for the great state of Idaho.  CNBC recognized Idaho as the 4th best State in the U.S. for business, moving up from #7 in 2007.  Idaho past Georgia and North Carolina to move in the #4 position while Texas, Utah, and Virginia shuffled the top 3 positions.

The study looked at: cost of doing business (Idaho #5), workforce (#7), economy (#5), education (#48), quality of life (#26), technology and innovation (#27) , transportation (#24), cost of living (#14), business friendliness (#33), access to capital (#34).

Read the CNBC article

Find Boise accolades and Boise Idaho info

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I came across Google Trends the other day, very interesting- it shows you the amount of Google search activity for a particular topic. To some degree you can see how "real estate" searches have correlated with actual market activity. The most accurate correlation seems to be in the U.S. Google search for "Real Estate." Other interesting information can be gathered like what cities are generating the most searches and even how that search term correlates to how often it is being used in the news.

Here are some examples:

"Boise Real Estate"

 Google searches for \"Boise Real Estate\"

"Idaho Real Estate"

Google searchecs for \"Idaho Real Estate\"

"Real Estate" search in the U.S.

Google searches for \"Real Estate\" in the U.S.
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As of July 1, 2008 the Intermountain MLS which covers Southern Idaho and Eastern Oregon will enforce the disclosure of sold real estate prices.  Previously, agents could enter a (0) “zero” sold price.   This would sometimes occur if the buyer intended to “flip” the property or a new home builder did not want a low sales price to affect the sale of their next home.  Over the last year, as home values softened, (0) “zero” sale prices were becoming more frequent and the MLS data was getting polluted.  Overall, I think this is a good thing for the real estate industry.  A homes value is determined by sold “comparables.”  Agents, appraisers, and county assessors used sold comparables to determine value.  Having accurate sale data will help these industries

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