Tagged : ada county real estate

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In Ada County, 2014 has marked the lowest foreclosure rate in the market share seen in several years (compared to the beginning of previous years). As you can see in the graph above, February's foreclosure rate dropped 10% from the year prior. The highest foreclosure rate in the last couple of years (shown in the graph above) was in 2011 at 59.8% and has since then dropped dramatically and stayed between 10 and 14% in the last several months.   As you can see in the graph below, the absorption rate also has been the lowest this year compared to many years prior. Both January and February had the same absorption rate of 5.0 reflecting the stability of the market. In January 2012 the absorption rate was 8.8 and has since dropped down to 5.0. This…
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Real estate sales started off on a strong note in Ada County this year. As you can see in the graph above 406 homes sold in January 2014, a 12% increase from January of last year.   Historically, January is noted for one of the lowest sales of the year; usually rising until it peaks through the summer months. Last year, July had the highest sales; right at the peak of the heat summer of '13. It will be exciting to see how 2014 reflects new increases in real estate sales as the season transitions through spring and summer.
The Ada County foreclosure rate is also continually dropping. As you can see in the graph below foreclosures dropped 14% from last year; foreclosures only accounted for 11.6% of total real estate sales. The…
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There were 615 homes sold in Ada County in October of 2013. This is down slightly from September, which is normal, heading into the winter months. Historically, December & January post the fewest sales. This is partly due to people beginning to focus more on the holiday season rather than making a location change. That trend normally reveres in about February. In 2013, February sales had a 22% increase over January as you can see in the graph below.

Ada County Home Sales Oct. 2013

Of the 615 Homes sold in October, 137 of them were new construction, and 478 of them were existing homes. In other words, 29% of sold homes were new, and 71% were existing homes. During 2013, on average, 26% of the monthly sales were new and 74% were existing. This proportion stays pretty consistent

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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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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.

Ada County real estate home sales

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.

Ada County Foreclosure Market

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

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It's interesting to look at the number of foreclosures currently for sale as well as how many have been selling.  And more specifically, how that data fluctuates across the Boise real estate market.

The first graph you see below looks at sold homes in May '11.  There were a total of 584 real estate sales in Ada County.  94 were short sales and 225 were bank-owned homes.

Percentage of Sold homes that were foreclosures in Boise

Overall, these short sale & bank-owned homes comprised 55% of the market.  NE Boise had the smallest market share with just 13% while Kuna had 90%.  Garden City had 100% but that only comprised 1 sale.  Star & SW Meridian also top the charts with 79% & 80% respectively.

Interestingly, just because some of these areas had the largest percentages of foreclosure sales, doesn't

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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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The Ada County real estate market (Boise, Meridian, Eagle, Kuna, & Star) posted 442 home sales last month.  This is down from the 533 sold the same time last year (although last year the tax credit was set to expire).

However, the number of homes for sale in Ada County was also down.  Last year, there were 3182 homes for sale & this year just 2490 (the lowest in more than 5 years).

When looking at the absorption rate (monthly sales divided by supply)  November was at 5.6 months compared to 6.0 a year ago.  Below you can see the absorption rate since the peak of the market in 2006. Ada County Real Estate Absorption Rate

The Ada County foreclosure market share rose slightly last month to 54%+/-as the number of non-foreclosure sales lowered & bank-owned rose.  Below is the distribution

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Ada county real estate sales slowed in July as the majority of tax credit spurred sales ended the previous month.  Overall home sales dropped from 630 in June to 392 in July.  It's normal for sales to slow in July, but compared to the same time last year they were still down about 25%.

New home sales in Ada County had a much larger decline than existing homes.  From June to July, sales dropped from 146 to just 55. The neighborhoods that had the most activity were Bown Crossing in SE Boise, Harris Ranch in NE Boise, Bridgetower & Paramount in NW Meridian, Tuscany Messina Hills in SE Meridian, Rivendell Estates in West Boise, and Saguaro Canyon in NE Meridian.

If you'd like to find homes for sale in specific neighborhoods, you can search by

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I thought it would be interesting to take a look at the homes currently for sale in Ada County and see what kind of percentages the foreclosures make up.

There's 3551 homes for sale in Ada County (Boise, Meridian, Eagle, Kuna, Star).  1029 are short sales (29%) and 348 are bank-owned (10%).

Of that 29% that make up the short sales in Ada County, 31% are "contingent".  That means they have at least one offer on the property and are in the several month time-frame for lender approval.

This first graph shows the percentages of homes that are short sales by MLS area.  The areas with the lowest percentages of short sales are Garden City, NE Boise, N Boise, and SE Boise.  The highest areas are Star, Kuna, and SW Meridian.

Percentage of Homes for Sale that are Short Sales

For bank-owned (REOs)

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