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by Jace Stolfo
on Thursday, December 27th, 2012 at 7:44am.
The median price of homes has gone up in the Meridian Idaho real estate market, especially when compared to one year ago. For instance, the median price during the month of November was $185,000. During Nov. 2011 the median price was $157,590--nearly $30,000 less than this year. What's more, this year the median price for real estate in Meridian Idaho has been climbing since January. In comparison, in 2011 the median price was relatively steady throughout the year. The chart below also shows that 10 out of 11 months this year have outperformed the same months from one year ago.
Likewise, most months this year also had more home sales in the Meridian Idaho real estate market compared to last year. And even though 4 months underperformed compared to the same months in 2011, overall there have been more properties sold in 2012. So far there have been a total of 1,750 home sales this year. Last year, through November, there were 1,632 Meridian Idaho real estate sales.
In terms of sale type, traditional real estate sales continue to grow while foreclosure sales (bank-owned, HUD, and short sales) decline in the Meridian Idaho real estate market. The chart below shows the significant growth in traditional sales compared to one year ago. With the exception of January, each month this year there were more of these types of sales compared to the same month in 2011. And, for a better picture, the foreclosure market share for Nov. 2012 was 21.7%. Last year Meridian foreclosures accounted for 45.2% of sales in November.