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by Jace Stolfo
on Wednesday, December 15th, 2010 at 10:54am.
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.
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 of these sales over the last 6 months. As you can see, the number of foreclosure sales have been relatively level & what has caused the changes in market share % is the activity of non-foreclosure sales.
Here's the percentage of the foreclosure market share for Ada County in 2010.