November 2008

There are 8 blog entries for November 2008.

The Boise real estate market has some incredible deals right now.  If you've been looking through the Boise short sales, you know what I'm talking about.

However, you may be surprised to hear that Boise short sales only made up 7% of sales in October 2008.  Of the 240 sold homes, approximately 17 were short sales.  Currently there are 267 homes offered as a possible short sale in Boise.

Why do short sales make up such as small percentage of the Boise real estate sales? There are actually quite a few obstacles to buying short sales but here are just a few:

  1. Time.  It generally takes 60 to 90 day's to find out if a bank will approve a short sale.
  2. Unrealistic offers.  The banks make their primary decision on market value and contrary to what
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The City of Meridian held the grand opening of the new City Hall in Downtown Meridian on November 21.  Idaho Power awarded the city $100,000 in incentives for the building's energy efficiency.

Some of the energy efficient features include occupancy sensors, a reflective roof treatment, premium performance windows, efficient complex cooling, and demand controlled ventilation.

The energy efficient measures are estimated to save the city $40,000 per year in electricity costs.

The City of Meridian will be pursuing a Silver Certification by the Leadership in Energy and Environmental Design (LEED).  A designation granted by the U.S. Green Building Council for energy efficient and sustainable building.

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According to the Boise MLS, there are 14 homes listed as possible short sales in the North End.  For all of Boise Idaho, there are 261 as of 11/21/08.

*For more detail on one of these particular short sales, simply enter the MLS # on my Boise MLSsearch.

MLS # Area Address Ask Price Apx SqFt # Beds # Baths
98382440 North Boise N 27th St $82,500 964 2 1
98384190 North Boise Moore $125,000 925 2 1
98384342 North Boise W Idaho $164,900 1700 3 2
98369121 North Boise Madison Ave $179,000 1362 2 1
98383180 North Boise Heron $199,000 1824 4 2
98383779 North Boise W Hansen Ave $239,000
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The Eagle Idaho real estate market had some improvements in comparison to just last month.  As you can see, four new homes sold in October compared to just one in September.  Existing homes sales in Eagle had a 44% increase with 26 sold homes compared to 18 last month.

Eagle Idaho Home Sales Oct-08 Sep-08 % Change
New Home Sales 4 1 300.00%
Median Eagle Home Price  $  490,000  $  515,000 -4.85%
Average Eagle Home Price  $  412,497  $  515,000 -19.90%
Existing Homes Sales 26 18 44.44%
Median Eagle Home Price  $  280,000  $  389,453 -28.10%
Average Eagle Home Price  $  310,784  $  340,000 -8.59%

Compared to a year ago, new

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According to the Boise MLS, 26 Boise short sales have sold in the last two months.  Below you will find the basic detail of each home sale: area in Boise, asking price, sold price, square feet, year built and how much off the asking price was negotiated.

As you can see, most of the Boise short sales were had less than 5% negotiated off the asking price.  The largest percentage off the asking price was 16%.  Six of the Boise short sales sold for more than the asking price.

Find Boise short sales for sale by following this link: Boise short sales.  Don't forget to sign up for email notification!

Area Ask Price Sold Price % off asking Apx SqFt Year Built
SW Boise-Meridian $100,000 $100,000 0% 1064 1974
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Here are the Meridian ID real estate statistics for October 2008.  Overall real estate sales in Meridian are down about 19% from a year ago while Ada County was down about 8%.

The Boise MLS classifies Meridian ID in four quadrants: NW Meridian (1030), NE Meridian (1020), SE Meridian (1000), and SW Meridian (1010).

NE Meridian actually had more home sales in October '08 than October '07.  New construction increased 25% while existing homes increased 14%.

The other areas around Meridian ID had sale declines from 25% to 45%.  It should be noted that South Meridian only has a few sales each month and those percentages fluctuate greatly from month-to-month.

Here are all the real estate stats for Meridian Idaho according to the Boise MLS (IMLS). 

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The Ada County real estate market showed relativity strong home sales compared to a year ago.  Overall home sales were off only 8% despite the financial turmoil and fear in the markets we've seen for the last 6 weeks.

In terms of year-over-year comparison, 8% is actually the second best month we've seen since June 2006.  That follows September were home sales increased from the previous year by 18%.

Inventory continues to shrink, there are about 10% less homes for sale in Ada County than a year ago.  Most of that decrease is due to the new construction market which currently has 28% fewer listings than last year.

Both the average home price and median home price in Ada County are lower than last year.  The largest percentage change is the median

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This post looks at the Boise real estate sales for October compared to a year ago.  Overall Boise home sales were down about 10%.  Please note: these figures only include single family homes, so Boise condos, acreages, and town homes are not represented.

Average sold price in Boise was about $229,000, down about 9% from the previous year.  The median Boise sold price was $190,000, down from about $218,000.

You will also notice that Boise real estate became more negotiable by comparing the list prices verses the sold prices.

  October-07 October-08 Percentage Change
Total Boise Homes Sold 267 240 -10.1%
       
Boise Average List Price $258,016 $239,177 -7.3%
Boise Average
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