December 2010

There are 4 blog entries for December 2010.

The strongest segments of the Boise real estate market continue to be N & NE Boise.  These established areas of Boise have consistently had the fewest number of foreclosures in Boise.  As you can see below, N & NE Boise have less than 1/2 the foreclosure sales as the other areas of Boise Idaho.

Boise Foreclosure Maket Share Nov 2010

Below you can see the absorption rate, average days on market (DOM), and the median home price for the Boise real estate market.  Once again, North & North East Boise reflect some of strongest numbers.  These areas offer many unique amenities such as proximity to downtown, the foothills, mature landscaping, city parks, green belt, and more.  These amenities do come at a cost as reflected in the median home price that is almost double the Boise average.

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The Meridian Idaho real estate market had 124 home sales last month compared to 175 last year.  Keeping in mind that Nov' 09 the tax credit was set to expire before but was later extended.

While the majority were existing homes sales last month there were also 19 new home sales.  The Meridian neighborhoods that accounted for the majority of the new home sales were Alpine Pointe (3 sales), Bridgetower (4 sales), and Paramount Subdivision (3 sales).

The majority of Meridian homes being purchased are foreclosures. Last month, 57% percent of the real estate sales were either Meridian short sales or Meridian bank-owned homes.  This is about average for what we've seen over the last year.  Here's the Meridian foreclosure market share since March '10.

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The Ada County real estate market (Boise, Meridian, Eagle, Kuna, & Star) posted 442 home sales last month.  This is down from the 533 sold the same time last year (although last year the tax credit was set to expire).

However, the number of homes for sale in Ada County was also down.  Last year, there were 3182 homes for sale & this year just 2490 (the lowest in more than 5 years).

When looking at the absorption rate (monthly sales divided by supply)  November was at 5.6 months compared to 6.0 a year ago.  Below you can see the absorption rate since the peak of the market in 2006. Ada County Real Estate Absorption Rate

The Ada County foreclosure market share rose slightly last month to 54%+/-as the number of non-foreclosure sales lowered & bank-owned rose.  Below is the distribution

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There's currently 194 homes for sale in Eagle with 35 sales being recorded last month.  Eagle real estate sales were up slightly over last year (28) and more than double from 2008 when there was just 16. Here's the monthly real estate sales for Eagle Idaho in 2010.

Eagle Idaho Real Estate Closings

With the current inventory levels and last months sales Eagle's absorption rate of 5.5 months is very strong. The majority of sales were existing homes (32) while all three new home sales were concentrated in Lakemoor subdivision. Fifty-four percent of the Eagle Idaho real estate sales were foreclosure properties (short sale or bank-owned).  This is a larger market share than over the summer but lower than early 2010.  Below you can see the breakdown of closings by sale type since May

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