Boise Idaho Real Estate | Market Stats November '09

Posted by Jace Stolfo on Saturday, December 12th, 2009 at 11:53am.

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 graph, prices would have "appreciated"  from June to August in Boise.  What the median sold price does tell us is the pressure on prices but not the "x" percent appreciated or depreciated.

Boise Idaho Real Estate Price Graph

The ratio of supply and demand in the Boise Idaho real estate market has been looking very good (currently 6.5 months of supply which is about 50% what it was a year ago).   The main problem continues to be the number of foreclosures.  Currently, of the 1903 homes for sale in Boise, 555 are short sales (29%), and 110 are bank-owned (6%).  It should be noted that of those 555 short sales, 37% have an offer on them and are waiting for the lender to authorize the sale.  If the banks could get a handle on processing these short sales in a timely manner it would greatly reduce the number of foreclosures on the market.

The graph below shows the Boise Idaho foreclosure market share over the last 7 months.  As you can see, Boise foreclosures have accounted for about 30% of the home sales.

Boise Idaho Foreclosure Market Share

On this website you can search the entire Boise MLS with no registration required. If you need any assistance, feel free to contact me.

Data Source: Boise MLS (IMLS). Disclaimer: No guarantee or warranty of any kind is made.

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