Meridian Real Estate Market Update | October 2012
Median home prices continue to rise in the Meridian real estate market. The median price in October was $185,910, almost $27,000 more than the same time last year. In fact, nearly every month this year has outperformed the last couple of years, showing a strong trend for real estate in Meridian ID.
The Meridian real estate market is also showing a growing trend in the number of non-foreclosures vs. foreclosures being sold. For example, of the 167 home sales in October, 133 were non-foreclosures. That’s nearly 80% being non-foreclosures. As you can see in the graph below, that trend holds true for every month this year, except for January where the numbers were the same.
Now, we’ll take a look at the foreclosure market share for Meridian real estate, which has gone down dramatically from one year ago. While October climbed slightly from September, it still showed a 27% drop from the year before. September was the lowest number we’ve seen in years at just 17.9%. In fact, according to the graph below, every month this year shows a drop in Meridian foreclosures when compared to one year ago. That drop is around 20% or more.
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