Market Statistics

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The number of Boise bank-owned homes has dropped considerably from one year ago.  In September 2011, REO homes accounted for 79 homes sales, compared to just 19 in September of this year.  The biggest drop can be seen in the month of May where there was more than a 70% plunge from the year before.  In the graph below, you can see a similar drop when looking at April and June.  When gathering data for bank-owned homes in Boise ID, HUD homes are also included in the total.

Boise Bank-Owned Homes

When concerning the foreclosure market share, we should also look  at short sales.  While the number of Boise bank-owned homes has fallen, short sales have gone up slightly.  This past July there were 61 short sales, compared to 48 in July 2011.  But, over the past couple of months

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The Boise foreclosure market share has continued its steady decline through 2012.  In September, foreclosures accounted for just 22%, which is the second lowest we've seen since the market had its downturn.  The only month that was lower was August at 20.5%. Comparing this to a year ago, this is approximately a 50% reduction in the number of foreclosures in Boise, Idaho.

Foreclosure Market Share 2012

When gathering this Boise foreclosure market data, we are looking at bank-owned homes, short sales, and HUD homes.  Most notably bank-owned and HUD homes have dropped 73% since January.  Short sales have declined slightly.  The graph below shows the trend for those sales in 2012.

Boise Foreclosures By Type 2012

While the number of Boise foreclosures have been going down, overall Boise real estate sales

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The Boise real estate market (Boise-Metro) is the most improving housing market in the United States according to a September 2012 market report by Core Logic.

Core Logic's monthly Real Estate Strength Index (RESi) utilizes house price appreciation, total sales pace, distressed sales and new home sales, and overall balance of supply & demand to determine the most improving markets.

For anyone closely watching the Boise real estate market, this will come as no big surprise.  We've seen substantial house appreciation in 2012, a major decline in foreclosure and short sale properties and a shift in people's confidence about the market.

I hear more buyer's saying they want to buy now as they believe it will cost them more if they wait.  It's a

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Active real estate listings in Ada County are still low for June 2012. Even though active listings have risen slightly since January 2012, inventory is still well below that of the last several years. For example, in June of 2008, there were 5,098 active listings on the Boise real estate market. In June 2009, that number fell to 3,770. June 2010 and 2011 also showed decreases, with 3,323 and 2,597 listings, respectively. In June 2012, there were only 2,054 active listings in Ada County.  This is a 59% decrease since 2008.

Total Active Listings in Ada County | 1st Half of 2012

Existing homes in Ada County still make up the majority of the listings. In fact, approximately 71% of the total listings each month are existing homes. While the inventory of homes on the real estate market in Ada County may be

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Boise Idaho foreclosures have hit the lowest rate since March 2009, when the Intermountain MLS first began keeping track of foreclosure sales. In fact, the market share of these Boise ID foreclosures, otherwise known as bank-owned homes (REO)*, have been steadily declining since the beginning of the year. In January 2012, the foreclosure market share was 35%, the same as January 2011. That, however, is where the similarity ends.

Boise Idaho Foreclosures | Year Over Year Comparison

As can be seen above, February 2012 recorded a market share of 25%, compared to 35.2% in February 2011. This trend continues through the remainder of the first half of the year. In June 2012, 45 out of 406 total sales were bank-owned or HUD properties, representing an 11.1% market share. In June 2011, there were 119

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Boise real estate sales remain strong through the end of the 1st half of 2012.  There were 394 recorded sales of single family homes in the Boise Idaho real estate market in June 2012.  This total represents a 69% increase in single family home sales since January 2012.  As shown on the graph below, there were 342 sales of existing single family homes in the Boise real estate market in June 2012, an increase of 134 home sales (64.4%) since the beginning of the year.

Boise Real Estate Sales | 1st Half of 2012

The increase in new home sales in the Boise Idaho real estate market for the 1st half of the year proved to be even more impressive.  There were 25 new single  family homes sold in January of this year and 52 in June.  This equates to a 108% increase in 6 months.

Boise Real Estate Sale Type | 1st Half of 2012

During this same

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Ada County new construction sales have increased during the first five months of 2012 as compared to the same time period in 2011.  As shown in the following chart, new construction sales for 2012 are well above 2011 sales, sometimes by as much as 103% as recorded in May. Ada County New Construction Sales While this statistic is significant on its own, it should be noted that this increase in Ada County Idaho new construction sales occurred with little or no increase in inventory over 2011. Ada County New Construction - Active Listings We see a similar trend in total Ada County home sales for 2012 over 2011.  Total active listings for January through May 2012 were slightly higher than for the same time in 2011, though certainly not to the degree as the increases in Ada County new construction sales.  As before, these…
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Boise foreclosures (short sales & bank-owned) dropped slightly in the first four months of the year, from 138 in January to 123 in April.  During this same time period, total sales in the Boise Idaho real estate market increased by 48%, from 233 in January to 347 in April. Boise Real Estate Sales - Jan-Apr 2012 As shown on the graphs below, Boise foreclosure sales for March and April 2012 were fairly steady, with 125 in March and 123 in April.   The difference is the type of foreclosure sale.  In April there were 47 bank-owned and HUD properties sold, down from 73 in March;  there were also 76 short sales in April, up from 52 in March.  In comparison, there were 159 non-foreclosure sales in March 2012 and 224 in April, an increase of 40%. Boise Real Estate Sales by Type | April 2012   Boise Real Estate Sales by Type | March 2012 As previously mentioned, foreclosures…
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With the Boise Idaho real estate market well into its second quarter,  we see that the first quarter of 2012 was stronger and more consistent than the same time period in 2011 and 2010.  There were 789 total sales for January through March 2012 -- this is  60 (8%) more the total home sales in Boise for the same time period in 2011 and 169 (27%) higher than the first quarter total for 2010.  And it appears it is not just resales driving this increase.  As can be seen in the graph below, the sale of new homes in the Boise real estate market for the first quarter of 2012 are also higher than the last two years. Boise New Home Sales | 2010-2012 Comparison In fact, the sale of new homes in the Boise Idaho real estate market for 2012 have steadily increased and since the first of the year.  New…
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The Boise real estate market in February 2012 was much stronger when compared to 2011 and 2010.  North Boise home sales showed one of the most significant increases with an increase in sales of 58%.  Below is the graph for real estate sales in Boise, month-over-month, for the last 3 years. Home Sales in Boise by Area | February Comparisons for 2010, 2011 and 2012 As seen below, Ada County home sales for February have increased slightly since 2010.  Sales for February 2010 totaled 296; there were 344 sales in February 2011 and 357 sales in February 2012.  These increases may not be significant on their own; however, it must be noted that these increases occurred during a time of declining inventory.  For example, in February 2012 there were 1,365 homes on the market in all of Ada County, the second lowest number recorded in…
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