Tagged : Boise Real Estate

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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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As would be expected, Boise real estate sales cooled considerably in July as the surge of tax credit inspired purchases ceased.  Boise real estate sales in July fell by 34% to 231 closings from June's peak of 349.

Compared to the same time last year, Boise sales were 24% lower.  This broke 12 consecutive months of sales surpassing the same month the previous year.  For comparison, June sales were up 16% and in May were up 28%.

Meridian Idaho also had a 34% reduction in closings from June to July.  Eagle Idaho however, only fell 3% and was still up 15% over last year.

For the Boise real estate market, 44.6% of the sales in July were made up of Boise foreclosures.  This is slightly higher than the previous two months but in line for

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As would be expected, Boise Idaho real estate sales surged again in June as the final push for closings came to an end before the tax credit deadline (Note: Congress did approve the closing extension time-frame to 9/30/2010 . The April 30, 2010 deadline for a executed contract is still in place).

Boise Idaho real estate sales were up about 17% with 349 closings in June verses 292 last year.  This is the eighth consecutive month of home sales surpassing the previous year.  Below you can see how monthly home sales in 2010 have compared to 2009.

While there's been more real estate sales in Boise, a larger percentage of those sales have been foreclosures.  In June, 39% of the sales were foreclosures compared to 26% last year.  The graph below charts

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River Heights at Barber Valley is a new development located in NE Boise.  Developed by Brighton Corporation, one of Idaho's largest real estate developers, River Heights offers many unique amenities:  

- Access to the Boise foothills by the nearby Ridge to Rivers trail system (some home-sites back to the foothills. Availability subject to change).

- Idaho Shakespeare Festival is just across the street and is a popular summer attraction.

- The new East Jr. High & Riverstone International School are next to the development.

- Less than 10 minutes to Lucky Peak Reservoir for boating, wake-boarding, and jet-skiing.

- The Boise River is nearby and so is Barber park (the popular starting point to float the Boise river in the summer).

-

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The Boise real estate market, as did the rest of Ada County, had a very strong month in May.  There were 339 homes sales, down slightly from April's 348, but up 28% compared to the same time last year.

The majority of the Boise homes selling are in the lower price ranges.  45% of the Boise real estate sales were between $100,000 and $150,000 while only 2% of the sales were homes over $400,000. The median home price in Boise was up slightly from last month to $148,000.

The market share of Boise foreclosure sales dropped to 34.2% compared to 44.8% last month.  Below you can see monthly sales for Boise bank-owned property & Boise short sales over the last 3 months.

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Boise real estate sales surged in March by 43% compared to February with 311 single family homes sold.  This is a 36% increase over last year an 11% increase two years ago.

The median home price in Boise has continued a downward trend (only a reflection of pressure on prices) and in March was $155,000.  The graph below shows the median sale price for the Boise real estate market over the last year.

Boise real estate foreclosures remain the largest negative factor for values. Last month 43% of the property sales were distressed sales.  Here's the foreclosure market share over the last 4 months.

The deadline for the home-buyer tax credit is scheduled to expire April 30, 2010 (unless you have valid contract closing by June 30, 2010).

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In the last two months there's been about 100 bank-owned home sales in Boise.  I compiled this data to look at latest trends as they pertain to the percent discounted off the asking price.  Contrary to the tone you hear in the national news the local Boise bank-owned properties typically sell very quickly and close to the asking price.

42% of the Boise bank-owned properties sell at asking price or more.  Just 3% sell at more than a 15% discount.  It should be noted that the homes that sold with the larger % discounted were homes close to or under $100,000. It's less likely the get a 20% discount on a $300,000 home as it on a $100,000 home.

There's several factors in determining how much can be negotiated off bank-owned homes: (1) how long has it

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Boise real estate sales were up 25% compared to last month and down 14% compared to a year ago.  The median home price was $168,300 and average $193,790, both up from the previous 4 months.  There were 151 real estate sales in Boise, with the largest market share in SW Boise.

Here you can see the average and median sold price in these Boise real estate areas:

Boise MLS Area # Sold Average $ Median $
North Boise - 0100 15 $253,398 $210,000
NE Boise - 0200 7 $382,143 $335,000
SE Boise - 0300 15 $210,400 $225,000
Boise Bench - 0400 14 $152,374 $138,950
South Boise - 0500 8 $176,238 $153,450
SW Boise-Meridian - 0550 40 $165,153
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Since 11.1.2009 there's been 98 sold Boise Idaho short sales.  The average sold price was $185,951 and median sold price $150,000.  SW Boise had the largest number of sold short sales with 30 while NE Boise had the smallest with 2.

You can search the list of Boise ID Short sales here for free & NO registration.

Data Source: Boise MLS (IMLS). Data not guaranteed.

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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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