Tagged : boise bank-owned homes

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Boise real estate sales in 2012 are up from the year before, making it the 4th consecutive year of increasing transactions.  The average number of homes sold on the Boise MLS each month this past year was 323.2, and the total for 2012 was 3878.  This represents a 26% increase over 2009, and an 8% increase over 2011.  The increasing market demand has been realized in most places in Idaho, and especially Ada County.

Boise Real Estate Sales 2009-2012

For the month of December, Charter Pointe subdivision had the most homes sold in a single subdivision with 6.  In fact, they have been one of the more popular subdivisions in the Boise real estate market all year.  Attracting much of the attention to the neighborhood was that of the 96 sales in 2012, 43 were foreclosure sales (44.8%). 

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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 real estate market had another strong month with 321 home sales.  This is 20% more home sales than Oct. 2008 and 13% more than two years ago.  Of course, a major driver of home sales was the scheduled expiration of the tax credit (which has since been extended).  The graph below shows the Boise real estate sales over the last 5 months.

Boise home sales

Boise real estate foreclosures had a declining market share of sold homes. This is especially true of Boise short sales as many buyers opted for homes that had a more predictable closing date. Boise bank-owned homes were down just  slightly from September.

Boise foreclosures 2

When Boise real estate market sales are broken down by MLS area: SW Boise-Meridian led the way in with 75 sales.  This is up substantially from

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I'm often asked if Boise bank-owned homes or Boise short salesare better deals? While it can depend, and I've seen it go both ways, most often bank-owned homes are the better deal.

As some evidence for this, I pulled 11 Boise bank-owned homes that have sold since 8/11/09 and researched their marketing history.  All 11 of these Boise REO's attempted to complete a short sale prior to becoming bank-owned. As you'll see below, every home sold for less than what they had been marketed for as a short sale.

Boise Idaho Bank-Owned Sold Reo Price Short Sale Price % Difference
10747 W. Parker Ave. $93,000 $105,000 -11%
3975 S. Rushmore Way $129,900 $149,000 -13%
7487 W. Snohomish $145,000
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The Boise Idaho real estate market had another strong month in July with 309 homes sales.  This is about twice the number of homes that were selling 6 months ago and slightly more than a year ago.  Boise short sales and Boise bank-owned homeshad the 4th consecutive month of decreasing market share (25.6% verses 38.5% in April).  The number of Boise Idaho foreclosure sales has stayed about the same but there's been a large increase in "non-distressed" sales.

Below is a breakdown for the Boise Idaho real estate market by Boise MLS area.  The largest increase was in West Boise were home sales surged from 11 last month to 27 in July.

Boise Idaho Real Estate May-09 Jun-09 Jul-09
North Boise - 0100 29 34 30
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