August 2011

There are 4 blog entries for August 2011.

Ada County real estate sales were up 43% in July over the same time last-year.  This was to be expected as Federal Government tax-credit ended June 30, 2010.  Nonetheless, with 563 home sales that's the strongest July since 2007.

You can see the graph below plots the Ada County real estate sales since 2006.  Ada County is comprised of Boise, Meridian, Eagle, Kuna, and Star Idaho.

Ada County real estate home sales

The market share of foreclosures has been decreasing in Ada County.  In July, 44% of the sales were short sales or bank-owned homes; down from almost 60% in March.

Ada County Foreclosure Market

Declining foreclosure market share during the summer months is a common trend so they may again increase in this fall/winter.  Compared to the same time a year-ago, foreclosures accounted for 46.9% of

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Corbett Bottles Real Estate Marketing auctioned off five R. Grey Loft condos in downtown Boise yesterday.  The 16-unit project was built several years and was recently purchased by an investor who offered a minimum of 5 units to be sold absolute with no minimum or reserve price.  With an estimated 100-150 people in the room, the units went quickly.

Unit #206 went first for $262,500.  You can see the all sale data below, in the order in which they sold. (A 5% buyer's premium was added to live bid to arrive at the final sales price)

Unit# Live Bid Sales Price Sq/ft Price/SF
206  $  250,000  $   262,500 1358  $      193
212*  $  172,500  $   181,125 1803  $      100
202  $ 
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Mortgage Interest Rates dropped significantly this week with the 15 year fixed-rate (FRM) & 5-Year ARM hitting record lows (1).

According to the Primary Mortgage Market Survey (PMMS), the 15-year FRM averaged 3.54% this week while the 5-year ARM averaged 3.18%.  The  30-year FRM hit its lowest level in 2011 averaging 4.39%.

Idaho Central Credit Union was offering a 15-year fixed rate mortgage today & yesterday for 3.25% which is the lowest I could find locally.  Call Sean Palmer at Idaho Central Credit Union for a quote of today's rates: (208) 846-7109.

(1) Source: http://freddiemac.mediaroom.com/index.php?s=12329&item=48837

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The Boise Idaho real estate sales market had 349 closings in June '11.  The is up 8% from May and about even with the same time a year ago.  The median home price increased for the 4th consecutive month to $139,700 but is down 7.5% from the same month a year ago ($151,000).  Below you can see the Boise Idaho real estate sales by month for 2011.

Boise Idaho Real Estate Sales

The number of homes selling in Boise Idaho in 2011 has been about even with last year.  Although, I anticipate the next few months to to surpass 2010 levels.   As you can see in the graph below, 2010 sales dropped substantially in July as the tax credit ended.  2011 has not had that type of external factor propping up sales, so real estate activity will likely remain strong in July and then begin to taper

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