Boise Idaho Real Estate » Market Statistics

Boise Home Sales | 2011

boiserealestateplus — Thu, 26 Jan 2012 22:10:01 +0000

Boise home sales for 2011 were slightly above 2010 levels in most areas of Boise. The exceptions were North Boise and Garden City, where 2011 home sales measured slightly lower than 2010. The largest increase in home sales in the Boise area for 2011 were found in Boise Bench, with NE Boise following close behind, as can be seen in the graph below.

As shown in the following graph, the largest number of Boise home sales were in West Boise, SW Boise, Boise Bench and SE Boise with sales for 2011 totaling 688, 601, 547 and 527, respectively. Garden City had the fewest number of sales for 2011 with a total of 44, about the same as its total for 2010.

As can be seen in the graph below, even though Garden City had only 44 sales in 2011, 0r 1% of the total Boise home sales, the foreclosure rate was 45%, similar to NW and West Boise. NE Boise had, by far, the lowest foreclosure rates for 2011 with 11%. In comparison, South Boise, having total home sales similar to NE Boise in 2011, saw a foreclosure rate of 53%, almost 5 times higher.

Boise Real Estate Sales Increase Over 2010

boiserealestateplus — Thu, 05 Jan 2012 18:59:55 +0000

The end of 2011 brought some good news to the Boise real estate market. The second half of 2011 showed a marked increase in the sale of real estate in Boise when compared to the same time period of 2010. In fact, the sale of new homes in Boise increased by 50% from July through December compared to 2010. In addition, existing homes sales increased by almost 16% over the same time period. The graph below charts the monthly home sales for Boise for the last 6 months of 2011 & 2010.

The Boise real estate market also saw a decrease in the number of Boise foreclosures for the last half of 2011 compared with 2010. The chart below shows a steady decrease in the number of foreclosures beginning in August 2011 and continuing through the end of the year.

The majority of the Boise Idaho real estate activity continues to be the sale of existing homes. The sale of existing homes accounted for almost 90% of all sales in the last half of 2011.

Ada County Real Estate Sales Up 43%

Jace — Wed, 17 Aug 2011 19:01:24 +0000

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.

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.

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 sales.

When looking at the homes currently for sale in Ada County there’s a total of 2343 as of today. Of those, just 5% are bank-owned and 29% are short sales. Of those 684 short sales, 430 are “contingent short sales” which means they have an offer (62.8%). That should indicate to you the competitiveness of the foreclosure market.

R. Grey Loft Condo Auction Results

Jace — Fri, 05 Aug 2011 19:36:12 +0000

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	$ 172,500	$ 181,125	1143	$ 158
303	$ 135,000	$ 141,750	936	$ 151
203	$ 157,500	$ 165,375	962	$ 172

*unit 212 was a shell (unfinished)

You should be aware that these units were offered in groups.
Group 1: Only one unit would be sold in this group. Buyer could select unit 206, 306, or 302.
Group 2: Two units would be sold. Buyer could select units 201, 202, 209, 212, 301, or 309.
Group 3: Two units would be sold. Buyer could select units 203, 204, 205, 303, 304, or 305.

When comparing the sold price per sq/ft to other downtown Boise condos (non-auction properties), the prices were substantially less (which I expect at these auction events).

In the last 6 months, the Aspen Lofts have sold 3 units ranging from $354 sq/ft to $383 sq/ft. The Jefferson also had one sale at $323 sq/ft. Other sales have ranged mostly in the $250 sq/ft+ range (and a few existing/foreclosures for less).

Important note for home-buyers: If you’re thinking of comparing price per sq/ft make sure you always comparing “apples-to-apples”. Same location, bed/bath, garage, etc. The numbers above are just for general reference. If you’re thinking of making a purchase and would like specific “comps”, please contact me.

Disclaimer: Information deemed reliable but not guaranteed. Auction sale prices were gathered at the auction. Other sale data compiled by MLS.

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