Tagged : boise short sales

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Boise bank-owned homes dropped dramatically in 2012 when compared to 2011.  December 2012, for instance, saw just 15 REO sales.  The year before there were 66 in December.  In all, there were 1,109 bank-owned homes sold in 2011.  That's approximately 54% more than in 2012, when there were just 513.  When referring to data about bank-owned homes in Boise, HUD properties are included.

Boise Bank-Owned & Hud Sales 2011 vs. 2012

In 2011 REO sales outnumbered short sales.  But, because fewer Boise bank-owned homes are available, short sales were the more dominant type of distressed sale in 2012.  When looking at the total distressed market in Boise (short sales, bank-owned homes, HUD homes), Boise foreclosures have dropped considerably from 2011, nearly 31% in fact.  In 2012, there were 1,189

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Boise foreclosures continued to drop off even more since November numbers came out.  The foreclosure market share was 24.7% for the month of November, slightly smaller than the 25.4% posted the month before.  Overall, there's been a big drop in foreclosures this year.  Especially when you look at January, when Boise foreclosures were at 59.2%.  Those numbers have declined considerably over the year, even reaching 20.5% in August.  In 2011 there was not as a significant decline in foreclosures, with the range being 40.6%-55.6%.

Boise Foreclosures 2011 vs. 2012

Boise bank-owned homes have fallen over the year, while short sales have stayed fairly consistent. In fact, November posted the second lowest number of sales for bank-owned properties in a given month (28).  This is a 47%

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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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Boise real estate sales remain strong through the end of the 1st half of 2012.  There were 394 recorded sales of single family homes in the Boise Idaho real estate market in June 2012.  This total represents a 69% increase in single family home sales since January 2012.  As shown on the graph below, there were 342 sales of existing single family homes in the Boise real estate market in June 2012, an increase of 134 home sales (64.4%) since the beginning of the year.

Boise Real Estate Sales | 1st Half of 2012

The increase in new home sales in the Boise Idaho real estate market for the 1st half of the year proved to be even more impressive.  There were 25 new single  family homes sold in January of this year and 52 in June.  This equates to a 108% increase in 6 months.

Boise Real Estate Sale Type | 1st Half of 2012

During this same

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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
NE
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According to the Boise MLS, there are 14 homes listed as possible short sales in the North End.  For all of Boise Idaho, there are 261 as of 11/21/08.

*For more detail on one of these particular short sales, simply enter the MLS # on my Boise MLSsearch.

MLS # Area Address Ask Price Apx SqFt # Beds # Baths
98382440 North Boise N 27th St $82,500 964 2 1
98384190 North Boise Moore $125,000 925 2 1
98384342 North Boise W Idaho $164,900 1700 3 2
98369121 North Boise Madison Ave $179,000 1362 2 1
98383180 North Boise Heron $199,000 1824 4 2
98383779 North Boise W Hansen Ave $239,000
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According to the Boise MLS, 26 Boise short sales have sold in the last two months.  Below you will find the basic detail of each home sale: area in Boise, asking price, sold price, square feet, year built and how much off the asking price was negotiated.

As you can see, most of the Boise short sales were had less than 5% negotiated off the asking price.  The largest percentage off the asking price was 16%.  Six of the Boise short sales sold for more than the asking price.

Find Boise short sales for sale by following this link: Boise short sales.  Don't forget to sign up for email notification!

Area Ask Price Sold Price % off asking Apx SqFt Year Built
SW Boise-Meridian $100,000 $100,000 0% 1064 1974
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Below is a chart showing the number of single family homes being offered as a possible short sale throughout Ada & Canyon County.  Homes that are contingent or sale pending are not included in these numbers.

Star ID has the largest percentage of short sale homes for sale at 21.1%.  Boise ID has the least amount of short sales at 9.3%.

Date: 10.31.08 Homes for Sale Short Sales % Short Sales
Boise Short Sales 2167 201 9.3%
Eagle Short Sales 378 53 14.0%
Meridian Short Sales 1189 145 12.2%
Kuna Short Sales 251 32 12.7%
Star Short Sales 194 41 21.1%
Nampa Short Sales 1240 176 14.2%
Caldwell Short Sales 708 95 13.4%
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