Tagged : market stats

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Median home prices continue to rise in the Meridian real estate market.  The median price in October was $185,910, almost $27,000 more than the same time last year.  In fact, nearly every month this year has outperformed the last couple of years, showing a strong trend for real estate in Meridian ID.

Meridian Median Home Prices 2010-2012

The Meridian real estate market is also showing a growing trend in the number of non-foreclosures vs. foreclosures being sold.  For example, of the 167 home sales in October, 133 were non-foreclosures.  That's nearly 80% being non-foreclosures.  As you can see in the graph below, that trend holds true for every month this year, except for January where the numbers were the same.

Meridian Non-Foreclosures 2011 vs. 2012

Now, we'll take a look at the foreclosure market share for Meridian

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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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The Boise Idaho real estate sales market had 349 closings in June '11.  The is up 8% from May and about even with the same time a year ago.  The median home price increased for the 4th consecutive month to $139,700 but is down 7.5% from the same month a year ago ($151,000).  Below you can see the Boise Idaho real estate sales by month for 2011.

Boise Idaho Real Estate Sales

The number of homes selling in Boise Idaho in 2011 has been about even with last year.  Although, I anticipate the next few months to to surpass 2010 levels.   As you can see in the graph below, 2010 sales dropped substantially in July as the tax credit ended.  2011 has not had that type of external factor propping up sales, so real estate activity will likely remain strong in July and then begin to taper

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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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There’s currently a very unique trend in the Boise real estate. Historically, in the spring & summer months the number of homes for sale increases as more people list their home during the busiest selling time of the year.

However, 2011 has bucked that trend as the number of homes for sale in the Boise real estate market has continued down. Below you can the inventory levels in Ada County from January ’07 through April ’11. June ’08 was the peak with almost 5200 homes for sale and April ’11 was the lowest at 2133.

Homes for Sale in Ada County

This can be frustrating trend for some home-buyers with more unique requirements as there are fewer homes to choose from.

There are however many Boise short sales & Boise Bank-Owned Homes to choose from. Although, the overall number

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I often get asked, “what kind of discount can I expect off a bank-owned home?” My answer is often… “it depends.” Most significantly, it depends on how long the property has been on the market and when they last reduced the price.

The reality is most Boise bank-owned homes (REOs) get offers shortly after coming on the market or after a price reduction (which are often substantial).  As a result, most REO properties sell for full price or more.

In the last month there have been 126 bank-owned sales in Boise. Of these, nearly 36% sold for more than asking price and 31% sold for full price. In other words, nearly 67% of the most recent bank-owned sales sold for full price or more. For these 126 sales, the sold price actually averaged 1% over asking

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Real Estate sales in Meridian ID have been relatively strong so far in 2011.  Although, when comparing last month to a-year-ago you'll immediately notice sales were down about 24%.

However, it's important to remember the tax-credit was in full swing and was expected to end 4/30/10 (but then extended to 6/30/10).  As a result, sales were booming at this time last year before drastically dropping off mid-summer (see red line on chart below).

When comparing March sales to '08 & '09, real estate sales were up 15% & 19% respectively.

It's probably safe to assume that the next few months of sales will continue to fall short of last year.  Below you can see the Meridian real estate sales over the last 2.5 years.

Meridian ID Real Estate Transactions

Although the overall number of

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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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In February 2011 there was 216 home sales in the Boise real estate market. This is up about 10% over last month and 20% over the same time last year. With about 1350 homes for sale in Boise the absorption rate is about 6 months- reflecting a balanced supply & demand.

The median home price in Boise increased from $126,000 last month to $139,850. The majority of home sales are occurring between $100,000-$150,000. Home sales under $100,000 have the second largest market share with 22% as more investors are picking up the cheapest foreclosure properties.

Boise Real Estate Sales by Price Class

The number of homes for sale in the Boise real estate market continues to go down. In Ada County there were 2165 homes for sale last month, 29% fewer than a year ago. Below you can see the inventory

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