February 2011

There are 4 blog entries for February 2011.

It no surprise that with the number of foreclosures in the market, that Boise home prices have continued to be impacted.  However, you may be surprised to learn there's actually an upward pressure on values in certain segments of our local market.

The median home price is what is commonly used by the media & appraisers to calculate appreciation or depreciation.  While I don't agree the median home price accurately reflects appreciation or deprecation, I do think it canoften reflect the market pressures.

I compiled the home sales for Ada County over the last year (2/24/09 to 2/24/10).  Below you can see how the median home price has changed.

Boise Real Estate Prices Prior 7-12 Months Prior 4-6 Months Current-3      Months
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As of today, there's 304 bank-owned properties in Ada County.  With 2534 homes for sale in Boise, Meridian, Eagle, Kuna, and Star Idaho this makes up a 12% market share.

Below, you can see N & NE Boise have some of the fewest percentages of bank-owned properties while Garden City, West Boise, and the Boise Bench have among the highest.

Ada County Bank-Owned Homes

Because the number of homes for sale vary greatly in the markets of Ada County, below are the raw numbers so you can have a more detailed look.

Ada County Real Estate # for Sale Bank-Owned % REO
NE Boise - 0200 63 2 3%
SE Meridian - 1000 120 6 5%
North Boise - 0100 150 8 5%
Star - 0950 82 5 6%
Eagle - 0900 169 14
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The Boise Idaho real estate market was up again in January over the previous year by 28%.  There were 193 home sales compared to 138 the same time last year.  Because real estate activity is cyclical, it’s helpful to compare to sales of similar months to previous years.  The graph below shows the January home sales in Boise since ’02.

Boise Idaho Real Estate ~ January Sales

Fifty-two percent of the home sales were foreclosure properties.  This is up 3% from a year ago.  The majority of the Boise Idaho foreclosures selling are located on the Boise Bench (15%+/-), SW Boise (22%+/-), and far West Boise (21%+/-).

Since about September, there have been a larger number of lower price range foreclosures in the Boise Idaho real estate market.  Many of these properties have been quickly

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According to a recent Wall Street Journal report, cash transactions were up in many major real estate markets across the U.S. in 2010.

The same is true for the Boise real estate market where in 2010 18% of the home sales were cash buyers compared to 7% in 2007.

Percentage of Homes Sales Purchased with Cash

Largely spurring the cash sales are the many Boise bank-owned and short sale properties.

According to the National Association of Realtors, 28% of the national sales were cash transactions in 2010.  Up from 14% in October 2008 when they began keeping track.

In several of the largest real estate markets in the U.S., cash transaction approached 50% in 2010:

  • Miami over 50%+/-
  • Las Vegas 45.9%+/-
  • Phoenix 35.6%+/-
  • Chicago 23.4%+/-
  • San Diego 23.1%+/-
  • Los Angeles
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