Boise Real Estate | October ’10 Update

Posted by Jace

November 13, 2010

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%