December 2009

There are 4 blog entries for December 2009.

M3 Eagle, a proposed 6005 acre master planned community in the foothills north of Eagle, was granted limited water rights by the Idaho Deptartment of Water Resources in a decision on 12/21/09.

M3 had requested it be allowed to tap 15 million gallons of water per day from the aquifer below the foothills but was instead granted 2.6 million gallons of water per day.

M3 Eagle is generally located in the foothills north Beacon Light Rd, between Hwy 16 & Willow Creek Rd.  According to the M3 Eagle website, the master plan for the community envisions 7153 homes, 245 acres of mixed use/commercial space, and up to 2402 acres preserved as open space. Another 880 acres would become part of the planned 2715 acre City of Eagle Regional Park. The M3 Eagle

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Boise Idaho real estate sales dipped slightly from October but were up 48% compared to a year ago.   There were 293 home sales in November '09 compared to 152 of November of '08.  Much of this increase can be attributed to the first-time home buyer tax credit (72% of sales were below $200,000).  The graph below shows the total home sales by month for the Boise real estate market.

Total Sales in Boise Real Estate Market

Home prices in the Boise Idaho real estate began to level off over the summer but over the last 3 months are reflecting a downward pressure.  Please be aware, when you hear in the news, home prices fell "x" percentage they are using the median sold price to come up with those numbers.  However, those are not accurate statements.  If it were, as you can see in the following

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For the week ending 12/3/09, the average interest rate for 30-year mortgages fell to the lowest level since Freddie Mac began compiling its weekly survey in 1971.   The Primary Mortgage Market Survey (PMMS) recorded the 30-year fixed rate at 4.71 percent.  Rates for the 15-year fixed rate mortgage fell to 4.27 percent, down from 4.29 percent last week.

The graph below charts the PMMS weekly survey year-to-date.

Interest Rates

If you're thinking of buying a home and you'll be getting financing, the first thing you want to do is get pre-approved.  A few great lenders that I've worked with can be found on the "helpful links" page of my website.

Search the Boise MLS for homes for sale, land, and more.

Information deemed reliable but not guaranteed.

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Ada County real estate sales in October posted the highest monthly home sales since August of 2007.  There were 585 single family homes sales this year verses 399 a year ago, a 46% increase.   The graph below shows the monthly home sales for Ada county over the last 12 months.

Ada County Real Estate - Monthly Sales

October was the 5th month in a row where the Ada County real estate sales surpassed those from a year ago.  This is all very positive news.  Another interesting measure to look at is the months of supply in Ada County.  The graph below charts this for both new construction and existing homes for the Ada County real estate market.

Supply in the Ada County Real Estate Market

As you can see, there's been as much as 16 to 18 months of supply during last winter. Compared to a year ago, October's overall supply rate

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