October 2008

There are 11 blog entries for October 2008.

Below is a chart showing the number of single family homes being offered as a possible short sale throughout Ada & Canyon County.  Homes that are contingent or sale pending are not included in these numbers.

Star ID has the largest percentage of short sale homes for sale at 21.1%.  Boise ID has the least amount of short sales at 9.3%.

Date: 10.31.08 Homes for Sale Short Sales % Short Sales
Boise Short Sales 2167 201 9.3%
Eagle Short Sales 378 53 14.0%
Meridian Short Sales 1189 145 12.2%
Kuna Short Sales 251 32 12.7%
Star Short Sales 194 41 21.1%
Nampa Short Sales 1240 176 14.2%
Caldwell Short Sales 708 95 13.4%
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Want to see the cheapest single family home in Ada County price per square foot? As of 10/29/08, here it is...

A Bank-Owned Home in Boise priced at $54.20/PSF

  • 5718 Square Feet
  • 4 Bd/3.5 Ba
  • $309,900
  • 4.05 acres (1272' x 165')
  • Built 2003 (kind of)

For the right person, this might be a great property.  Although the 4 acres is very narrow (165' x 1272'), most of it does appear usable for horses.  I did not check into zoning,  but it looks like the previous owners used it for that.

While it was built in 2003, the quality seems questionable.  It looks like the homeowner(s) built it themselves and perhaps were not skilled in all areas of construction.  I would recommend having a thorough home inspection done.  The challenges to this

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Real estate becomes bank-owned after no one bids on it at the foreclosure auction. This is usually because the starting bid is too near, or even above market value.

After the bank puts in their "credit bid," they become the owners of the real estate and the REO department gets it ready to sell. They hire a real estate broker to list the property and generally, little or no repairs are made. They determine the asking price based on appraisals and BPO's (broker price opinions).

There are many bank-owned homes in the Boise, Meridian, and Eagle ID area. You can request bank-owned real estate here. Bank-owned properties are generally priced to sell and can be a very good opportunity to get a deal.

Six things to know if you're thinking about buying

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Quarterly Market Commentary

Ada County Single

Family Homes

Quarter 3 2008

Market summary

The 3rd quarter showed some very positive signs in comparison to the previous quarters. The number of homes for sale began to decrease and for the first time since May 2006 and sales actually increased year-over-year by 18.2% in September.

Q3 '08 compared to Q3 ‘07

Overall home sales in the third quarter were only down 12.68% compared to a year ago (Figure 1).

The previous two quarters for 2008 were down 38% (Q1) and 24% (Q2).

Inventory Stabilizing

Since the market began to slow down in May 2006 the number of homes for sale continued to grow when comparing year-over-year. In July, August, and September that trend was finally broken.

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As of 10/17/08 there are 138 homes being offered as possible short sales in Meridian ID.  Due to the number of short sales, below is the list of homes up to $180,000. 

To get more detail on a specific home: Enter the mls number on my Boise MLS search.  Or, for an up-to-date list of available short sales and bank-owned property simply fill out a property request.

Please let me know if I can be of any assistance in any way.  If you would like more information about short sales, REO's, or other investment property please contact me.  If you would like to see these homes you can request showings.

For the most current list of Meridian Idaho Short Sales click here.

MLS # Ask Price Apx SqFt Year Built # Acres Subdivision
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All across Ada County home sales surged in September 2008 compared to the previous year.  Meridian Idaho was no different.  Both new and existing home sales had year-over-year increases up to 400%.  Below is the Meridian real estate statistics according to the Boise MLS (Intermountain MLS).

Find more Market Statistics

Search Meridian Idaho Real Estate

SE Meridian Home Sales Sep-08 Sep-07 % Change
New Homes Sales 15 3 400%
AverageHome Price $256,199 335033 -24%
MedianHome Price $257,579 500000 -48%
Existing Home Sales 13 7 86%
AverageHome Price $282,588 $283,157 0%
MedianHome Price $250,000 $284,900 -12%
       
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Eagle Idaho existing homes sales increased 64% in September 2008 compared to September '07.  That far surpassed the overall Ada County average of 18%. 

Only one new home sold in September, the same as a year ago. The median home price for existing homes increased by 5% while the average home price decreased 13%. These real estate stats are from the Boise MLS (IMLS) and are for single family homes. 

If you would like to see the September '08 stats for Ada County click here. Search Eagle Idaho Real Estate

Eagle Idaho Home Sales Sep-08 Sep-07 % Change
New Home Sales 1 1 0%
Median Eagle Home Price  $  515,000  $  375,722 37%
Average Eagle Home Price  $  515,000  $  375,722 37%
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The Boise Real Estate market showed very encouraging signs in September 2008.  Home sales in Ada County were up over 18% compared to September '07.  We had been seeing year-over-year declines between 25% to 45% for over the last two years.  Below are the declines by month since last September.

Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08
-46.45% -33.93% -37.02% -40.50% -32.47% -36.62%
Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08
-41.36% -35.06% -30.57% -25.21% -23.77% -21.85% 18.18%

The total number of homes for sale also came down another 11% from a year ago, marking the 3rd consecutive month of decline.  September averaged 4489 homes for

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Boise's North End was just recognized as one of the top 10 best neighborhoods in the U.S. by the American Planning Association (APA). The APA annually recognizes places of exceptional "character, quality, and planning." Among the criteria used in determining Americas top places are the: cultural and historical interest, amenities, safety, and community involvement.

The North End became Boise's first suburb in the late 19th century and today is one of the most desirable areas for Boise real estate. It has not always been so, after World War II, the North End had many problems and began to get run down. However, through community involvement and planning it now promotes a very desirable lifestyle with close proximity to downtown, tree-lined streets, Hyde

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The HOPE for Homeowners program will help borrowers refinance mortgages who are having difficulty making their payments but can afford a new fixed rate, FHA insured loan.   The program begins October 1, 2008 and ends September 30, 2011.

The program is voluntary for both the borrower and lender is and designed to lower payments so homeowners can keep their homes.  The banks will write down the existing mortgage to 90% of the new appraised value of the home.  A bank may choose to do this do avoid the costly foreclosure process.  The borrower will have to pay the upfront mortgage insurance premium (3%) and the annual mortgage insurance premium (1.5%).  The borrower will also share equity with FHA that was created at the beginning of this new mortgage and

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