Tagged : Ada County

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The number of Boise real estate sales so far this year closely resembled last year's sales.

There were 357 Boise homes sold in April this year, a 3% rise from 2012 and a 10% decrease from last year. In March, real estate sales rose 5% compared to 2013 and 16% compared to 2012. Overall, Boise real estate sale activity is down 5% compared to 2013. It should be noted, that while this is a slight decrease, sales are still considered very strong.

As real estate sales in Boise have risen in recent years, so have home prices. The median home sales price in Boise in April was up to $191,500. Since the begining of 2012, which is when home prices began to move upward, the median home price has increased by 47%.   

Of the 257 home sales April of 2014 (in…
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Ada County new construction sales in March 2013 were up 54% compared to the same month the previous year.  This is a continuation of the steady improvement we've seen in the new home market for quite some time.  In fact, this is the 21st consecutive month of year-over-year increases in Ada County.  As you can see in the graph below, January & February saw modest (relatively) improvements with 20% and 27% increases.  May and October of last year saw new home sales more than the double previous year.

Year-Over-Year Increase in New Home Sales

One of the driving factors for the increase in demand for new homes in the Boise area is the relatively low supply of homes for sale.  During March 2013, there were just 1,787 homes for sale in Ada County.  Compared to inventory in previous years, this

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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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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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There were 487 real estate sales last month in Ada County (Boise, Meridian, Eagle, Kuna, Star). 47% were either short sale or bank-owned homes (81 short sales & 148 bank-owned).

As you can see below, the foreclosure market is not evenly distributed across Ada County. NE Boise had the smallest number of foreclosure sales that only accounted for 17% of its market activity while the largest influence was 71% in SW Meridian (see which areas had the most home sales last month.)

Foreclosure Market Share in September '10

Browse through the Boise short sales, Meridian short sales, or Eagle ID short sales.  Or, get a list of bank-owned properties and receive email updates on new foreclosures that hit the market.

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Have you wondered where most of the home sales are occurring in the Boise real estate market?  As you can see below, the largest number of sales are in NW Meridian, W. Boise/Garden City, SW Boise, NE Meridian, and North Boise.   These areas are identified by MLS zones 100, 550, 650, 1020, & 1030 on this map.

Number of Homes Sales in September '10 by MLS Area

While the above graph reflects real estate demand, the information more useful when supply is also taken into consideration.  The most effective measure to show that balance of supply vs demand is called an absorption rate (inventory divided by sales).  The following graph shows the absorption rate in September '10 by MLS zone.  The lower the absorption rate, the more demand and less supply.

The average absorption rate for Ada County was

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Currently, there's 3682 homes for sale in Ada County.  1016 are listed as possible short sales (28%) and 366 are listed as bank-owned (10%). The vast majority of the foreclosures are in the entry level market (under $150,000+/-) while the luxury home market has the lowest number of foreclosures. For homes under $100,000, 82% are either short sale or bank-owned homes.  To some degree this would be expected, that the cheapest homes on the market are also the foreclosures, but you'll see examining the graph below there's a direct correlation with the price range and number of foreclosures. And as you get into the most expensive category of the market there's the smallest number of foreclosures.  For homes over $400,000, only 11% of the listings are…
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Have you wondered how the current Boise real estate market compares to when it was at it's peak?  To go to the month with the most home sales, we go back to August of 2005 when there were 1342 home sales in Ada County (August '08 had 472).  The days when all you had to do was stick a sign in the yard and you had multiple offers within days!

After a booming 2005 and most of 2006, the Boise real estate market began to loose some steam and inventory began increasing.  In May 2006, there was only a 2.8 month of supply of homes in Ada County.  Just four months later, the supply more than doubled to 5.9 months (which is actually a balanced market).  But development, spec homes, and optimism carried forward.

While demand can shift rapidly, supply takes

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The first step for a lender starting the foreclosure process is when a "notice of default" (NOD) is recorded with the county.  A local company, Idaho Data Providers, tracks foreclosure filings and reported NOD's in November were down about 30% compared to October (221 compared to 315).

Ada County is comprised of Boise, Meridian, Kuna, Star, and Eagle Idaho.  Canyon County notice of defaults also decreased.

Before homes go to the foreclosure auction, they are known as "pre-foreclosures." Many of the short sales you see are in the pre-foreclosure stage.  You can browse the Boise short sales here.  Also check out the Meridian short sales and Eagle short sales real estate links.  Be sure to sign up for email alerts!

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