January 2009

There are 7 blog entries for January 2009.

When you're hunting for Boise real estate deals, be sure to understand that price per square foot aloneis not a good estimator of value.  I find that many people too quickly jump to price per square foot without considering the factors that affect a homes value.  Price per square foot is only a reasonable measure to use when:

  • The total square footage is similar. All other things held equal, a 1500 square feet home is not a good comparison to 2500 square foot home.  Smaller homes have a higher price per square foot because the land value has more of an influence and larger homes have economies of scale.
  • Similar quality and finishes. A home with hardwood, granite, tile walk-in shower, etc. is going to have a higher price per square foot than a
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Here's the Meridian Idaho real estate sales for the fourth quarter 2008.  NW & NE Meridian has the largest market share of home sales- not only in Meridian, but also in Ada County (along with area 0550).   SW Meridian has the smallest market share, but also the least number of homes for sale (45 homes).

Based on the sales rate in December, and the current number of homes for sale:

  • SE Meridian has 11.3 months of supply.
  • NE Meridian has 11.2 months of supply.
  • NW Meridian has 14 months of supply.
  • SW Meridian N/A because no sales in December.
SE Meridian Real Estate Oct-08 Nov-08 Dec-08
New Homes Sales 6 7 11
Existing Home Sales 11 2 4
       
SW Meridian Real
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The Eagle Id real estate market had 17 home sales for December '08.  There's currently 338 homes for sale in Eagle, ID resulting in about 20 months of supply.  By comparison, Ada County had about 12.5 months of supply during the same period.

15 of the 17 home sales were under $500,000.  The average new home price was $537,500 and existing $255,306.  Three of the home sales were Eagle Idaho Short Sales.

Eagle ID Real Estate Dec-08
New Home Sales 2
Average Eagle Home Price  $  537,500
Median Eagle Home Price  $  550,000
Existing Homes Sales 15
Average Eagle Home Price  $  255,306
Median Eagle Home Price  $  229,500

Search Eagle Idaho Real Estate using my MLS search.

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The Ada County real estate market had 13% more home sales than last month but still down about 16% from a year ago.  Inventory levels continue to decline and in December reached the lowest point since June 2006 with only 3801 homes for sale in Boise, Meridian, Star, Kuna, and Eagle, Idaho.  With 3801 homes for sale in Ada County and 304 sales, December had a 12.5 month absorption rate.

Most real estate sales continue to be in the lower price ranges:

  • 4.6% under $119,999
  • 32.6% between $120,000 - $159,999
  • 25.7% between $160,000 - $199,999
  • 14.8% between $200,000 - $249,999.
  • 8.2% between $250,000 - $299,999.
  • 9.9% between $300,000 - $399,999.
  • 4.3% over $400,000

South West Boise/Meridian (MLS area 0550) had the largest market

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The Boise real estate market had a 19% increase in home sales over November '08.  There were 181 home sales with an average price of $206,252 and a median of $175,500.

The lowering interest rates and home prices have brought more affordability and activity in the market.  As of today, interest rates for a 30-year fixed-rate are at about 4.875% (APR 5.011%).

The other factor to the increase in Boise real estate sales are the deals.  Home prices have come down and negotiation is in the buyer's favor. Boise short sales and Boise REOs made up about 24% of the real estate sales.

Search all the Boise Idaho real estate on my MLS search.

Boise Real Estate Dec-08
Total Boise Real Estate Sales 181
   
Boise Average
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The Star Idaho real estate market currently has about 17.1 months of supply.   Ada County as whole is sitting at about 15 months.

In November, there was just 1 new home sale and 9 existing home sales.  As far as the overall number of home sales, that's actually even with a year ago while Ada County had about 32% less sales.

Of the 171 single family homes for sale in Star Idaho, about 23% are listed as a possible short sales.

  About 16% of the homes in Ada County are listed as possible short sales. Check for the most recent real estate stats here.

Search Star Idaho Real Estate

Star, ID Real Estate Nov-08 Ada County Market %
Star Idaho New Homes 1 1.54%
Average  Home Price  $ 143,000  
Median 
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According to Freddie Mac's Primary Mortgage Market Survey (PMMS), long term interest rates fell to a new low for the week ending 12/31/08.  The 30-year-fixed rate averaged just 5.10% with .7 points.  The lowest interest rates since the PMMS started in 1971.  Just in the last week, refinance applications jumped over 500%.

A rule of thumb to remember, when it comes to your monthly payment, a 1% change in interest rates is equal to a 10% change in home value.  In other words, If a $200,000 house goes down to $180,000 but interest rates go up 1%, you payment is essentially the same.

31-Dec-08  30-yr    15-yr    5/1-yr ARM   
Average Rates:  5.10% 4.83% 5.57%
Fees & Points:  0.7 0.7 0.7

Source:

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