Boise Real Estate | October '10 Update | Boise Home Sales

Posted by Jace Stolfo on Saturday, November 13th, 2010 at 10:10am.

The Boise real estate market had 266 home sales last month.  248 were existing homes and 18 were new construction.  The majority of the sales were occurring in N Boise (31), SE Boise (40), the Bench (32), far W. Boise (50), and SW Boise (41).

The graph below shows the Boise real estate sales in 2010 vs 2009.   As you can see, the first part of '10 surpassed '09 but this fall that has shifted.  The swing can be attributed the tax credit deadlines & extensions.  Originally in 2009, the tax credit was set to expire 11/30 so sales were surging last fall.  Congress then extended the tax credit deadline to 6/30/10 which accounted for the surge in the spring of '10.  Aside from last year, the 266 home sales was the most recorded in the month of October since 2006.

Boise real estate sales '10 vs '09

The median home price in the Boise real estate market fell to $137,061 last month.  The median price is the midway point where 1/2 of the sales occurred above and 1/2 below that price.   The median price is largely pulled down from the high percentage of foreclosures in the lower price ranges.  For the Boise homes that sold last month under $100,000, 85%+/- were Boise foreclosures.  However, only 12% of homes that sold over $300,000 were foreclosures.  You can read more about foreclosures by price range in a previous blog I wrote.

Overall, 50% of the Boise real estate sales last month were foreclosures.  This is about average for what we've seen through 2010 as you can see below.

Boise foreclosure percentages

Here's the numbers for the Boise Idaho real estate sales over the last 3 months.

Boise Real Estate Aug-10 Sep-10 Oct-10
North Boise - 0100 28 43 31
NE Boise - 0200 17 12 10
SE Boise - 0300 27 26 40
Boise Bench - 0400 23 24 32
South Boise - 0500 5 18 16
SW Boise-Meridian - 0550 45 48 41
West Boise - 0600 20 28 17
W Boise-Garden City - 0650 45 50 50
Garden City - 0700 1 2 1
NW Boise - 0800 21 33 28
Total Boise Real Estate Sales 232 284 266
       
New Homes 18 24 18
Existing Homes 214 260 248
Non-Foreclosures 117 164 133
Bank Owned 72 83 98
Short Sales 43 37 35
Foreclosure Sale % 49.6% 42.3% 50.0%
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