Market Statistics

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I often get asked, “what kind of discount can I expect off a bank-owned home?” My answer is often… “it depends.” Most significantly, it depends on how long the property has been on the market and when they last reduced the price.

The reality is most Boise bank-owned homes (REOs) get offers shortly after coming on the market or after a price reduction (which are often substantial).  As a result, most REO properties sell for full price or more.

In the last month there have been 126 bank-owned sales in Boise. Of these, nearly 36% sold for more than asking price and 31% sold for full price. In other words, nearly 67% of the most recent bank-owned sales sold for full price or more. For these 126 sales, the sold price actually averaged 1% over asking

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Real Estate sales in Meridian ID have been relatively strong so far in 2011.  Although, when comparing last month to a-year-ago you'll immediately notice sales were down about 24%.

However, it's important to remember the tax-credit was in full swing and was expected to end 4/30/10 (but then extended to 6/30/10).  As a result, sales were booming at this time last year before drastically dropping off mid-summer (see red line on chart below).

When comparing March sales to '08 & '09, real estate sales were up 15% & 19% respectively.

It's probably safe to assume that the next few months of sales will continue to fall short of last year.  Below you can see the Meridian real estate sales over the last 2.5 years.

Meridian ID Real Estate Transactions

Although the overall number of

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As recent studies in Ada County have shown, the higher the price range, the fewer the percentage of foreclosures on the market.

The Eagle ID real estate market is no different.  Near the beginning of April, there was a total of 195 home for sale in Eagle.   Thirty-six percent of these were distressed properties (short sale or bank-owned).   The following graph shows the percentage of foreclosures in Eagle by price class.

Eagle ID Foreclosures

So far in 2011, overall real estate sales in Eagle have been about level with 2010 but up over '08 & '09.

Eagle Id Real Estate

The Eagle ID real estate market had 71 single-family home sales in the first quarter of 2011.  Eight-nine percent of these were existing homes and eleven percent new homes.  The Shores in Eagle ID had the largest

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As of 4/14/11, there's 2413 homes for sale in Ada County.  747 of these are short sales (31.0%) and 211 are Bank-Owned homes (8.7%).

I'd thought see how the percentage of foreclosures on the market correlate with the age of the home.  The real estate boom the Boise area was in '05-'07 with the peak in late '06 & early '07.  I assumed that I would see homes built in this time-frame carry the largest percentage of foreclosures and as you can see below, it does.

Nearly 50% of the homes built in '05-'07, that are currently for sale, are short sales.  While homes built 1920-1939 have the fewest with 18.5% (with the exception of new construction at 0.2%).

Short Sales by Age

For bank-owned properties, the fluctuation is much less, but those '05-'07 homes still carry

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In February 2011 there was 216 home sales in the Boise real estate market. This is up about 10% over last month and 20% over the same time last year. With about 1350 homes for sale in Boise the absorption rate is about 6 months- reflecting a balanced supply & demand.

The median home price in Boise increased from $126,000 last month to $139,850. The majority of home sales are occurring between $100,000-$150,000. Home sales under $100,000 have the second largest market share with 22% as more investors are picking up the cheapest foreclosure properties.

Boise Real Estate Sales by Price Class

The number of homes for sale in the Boise real estate market continues to go down. In Ada County there were 2165 homes for sale last month, 29% fewer than a year ago. Below you can see the inventory

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It no surprise that with the number of foreclosures in the market, that Boise home prices have continued to be impacted.  However, you may be surprised to learn there's actually an upward pressure on values in certain segments of our local market.

The median home price is what is commonly used by the media & appraisers to calculate appreciation or depreciation.  While I don't agree the median home price accurately reflects appreciation or deprecation, I do think it canoften reflect the market pressures.

I compiled the home sales for Ada County over the last year (2/24/09 to 2/24/10).  Below you can see how the median home price has changed.

Boise Real Estate Prices Prior 7-12 Months Prior 4-6 Months Current-3      Months
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As of today, there's 304 bank-owned properties in Ada County.  With 2534 homes for sale in Boise, Meridian, Eagle, Kuna, and Star Idaho this makes up a 12% market share.

Below, you can see N & NE Boise have some of the fewest percentages of bank-owned properties while Garden City, West Boise, and the Boise Bench have among the highest.

Ada County Bank-Owned Homes

Because the number of homes for sale vary greatly in the markets of Ada County, below are the raw numbers so you can have a more detailed look.

Ada County Real Estate # for Sale Bank-Owned % REO
NE Boise - 0200 63 2 3%
SE Meridian - 1000 120 6 5%
North Boise - 0100 150 8 5%
Star - 0950 82 5 6%
Eagle - 0900 169 14
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The Boise Idaho real estate market was up again in January over the previous year by 28%.  There were 193 home sales compared to 138 the same time last year.  Because real estate activity is cyclical, it’s helpful to compare to sales of similar months to previous years.  The graph below shows the January home sales in Boise since ’02.

Boise Idaho Real Estate ~ January Sales

Fifty-two percent of the home sales were foreclosure properties.  This is up 3% from a year ago.  The majority of the Boise Idaho foreclosures selling are located on the Boise Bench (15%+/-), SW Boise (22%+/-), and far West Boise (21%+/-).

Since about September, there have been a larger number of lower price range foreclosures in the Boise Idaho real estate market.  Many of these properties have been quickly

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According to a recent Wall Street Journal report, cash transactions were up in many major real estate markets across the U.S. in 2010.

The same is true for the Boise real estate market where in 2010 18% of the home sales were cash buyers compared to 7% in 2007.

Percentage of Homes Sales Purchased with Cash

Largely spurring the cash sales are the many Boise bank-owned and short sale properties.

According to the National Association of Realtors, 28% of the national sales were cash transactions in 2010.  Up from 14% in October 2008 when they began keeping track.

In several of the largest real estate markets in the U.S., cash transaction approached 50% in 2010:

  • Miami over 50%+/-
  • Las Vegas 45.9%+/-
  • Phoenix 35.6%+/-
  • Chicago 23.4%+/-
  • San Diego 23.1%+/-
  • Los Angeles
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In terms of monthly closings, Ada County posted some huge numbers in December.  There were 525 homes sales, up over 40% from a year ago and the highest for a December since '06.  Helping spur all these sales were the 209 bank-owned properties & 108 short sales, accounting for 60% of the sales.   Below you can see how 2010 real estate sales compared to the previous 4 years.

Ada County Real Estate Sales 2010

What makes these numbers more interesting is the fact that inventory levels are way down.  In December '10, there were 24%+/- fewer homes for sale in Ada County than last year.  Compared to the same time 4 years ago, there's 41%+/- fewer homes on the market.

Ada County Homes for Sale 2010

If it weren't for the number of foreclosures, these strong sales and low inventory would be having a much different

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