September 2009

There are 5 blog entries for September 2009.

Over the last 4 months, the Eagle Idaho real estate market has had a consistent number of sales of about 40 per month.  Compared to a year ago, home sales were up about 74% in August (23 sales in 8/08).  The graph below shows the Eagle Idaho real estate sales over the last 5 months.

Eagle Idaho Real Estate Sales

As you can see below, the Eagle Idaho real estate foreclosure market has had more fluctuation.  In August, about 53% of the homes sold were foreclosures verses 36% in June.

Eagle Idaho Foreclosures

During August, there were 11 sold eagle short sales and 10 sold Eagle bank-owned homes. The graph below shows the break down of non-foreclosure, Eagle short sales, and Eagle bank-owned real estate over the last 5 months.

Eagle Idaho Home Sales - August

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Data Source: Boise MLS.

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Home sales cooled slightly for the Boise real estate market with sales down about 12% compared to last month.   However, Ada County sales overall all were up 10% from last month and 16% from a year ago.  The graph below shows the Boise real estate sales over the last 5 months.

Boise Real Estate Sales

Currently, there's 2168 homes for sale in Boise.  At the August sales rate, that's about an 8 month supply.  A balanced market would be reflected by a 5 or 6 month supply.  The Boise foreclosure market made up 29% of home sales in August.   See graph below:

Boise Idaho Foreclosure Market

As you can see in the chart below, most of the Boise real estate sales were in SE & SW Boise.

Boise Real Estate Chart

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Data

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The Eagle Idaho real estate market has 83 homes listed as a possible short sale out of 378.  This 22% market share of Eagle Id Short Sales is comparable to other areas around Ada County.  In August, Eagle foreclosures accounted for 53% of home sales with 11 sold short sales and 10 sold bank-owned homes.

Below is a list of Eagle Idaho short sales sorted by subdivision.  For more detail on one of these particular short sales, simply enter the MLS # on my Boise MLS search.

If you’re looking for short sales in Eagle Idaho, please also visit these links:

  • Eagle Idaho Short Sales
  • Boise Idaho Short Sales
  • Meridian Idaho Short Sales
  • Bank-Owned Real Estate
  • To be notified of new foreclosure listings you can fill out a property criteria form on
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[UPDATE: TAX CREDIT EXTENDED] Time is nearing an end to take advantage of the first-time home buyer tax credit scheduled to expire December 1, 2009.  If you intend to take advantage of this opportunity and you're looking for a great buy, don't wait too long.

Many of the best deals out there such as the bank-owned homes are getting multiple offers.  It can take several (or more) offers on different properties before you end up with the winning offer.  This process can take anywhere from a few weeks to even a few months if you have you're very particular on what you're looking.

After your offer is accepted, you'll need about 30 days to close.  During that time you'll get your home inspection, appraisal, and final loan approval.  You'll want to have

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I'm often asked if Boise bank-owned homes or Boise short salesare better deals? While it can depend, and I've seen it go both ways, most often bank-owned homes are the better deal.

As some evidence for this, I pulled 11 Boise bank-owned homes that have sold since 8/11/09 and researched their marketing history.  All 11 of these Boise REO's attempted to complete a short sale prior to becoming bank-owned. As you'll see below, every home sold for less than what they had been marketed for as a short sale.

Boise Idaho Bank-Owned Sold Reo Price Short Sale Price % Difference
10747 W. Parker Ave. $93,000 $105,000 -11%
3975 S. Rushmore Way $129,900 $149,000 -13%
7487 W. Snohomish $145,000
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