Nampa Idaho Real Estate Statistics for March 2011

The other day we looked at Caldwell real estate stats, now we will look at the other large area of Canyon County- Nampa. This particular area is similar to Caldwell in that it has a mix of old and new homes, as well as homes on acreage. Nampa is located next to Meridian and about 30 minutes west(outside of rush hour) from Boise. The statistics are for single family/single family with acreage.

Available Homes

# Available: 746

#Vacant: 390

# Short Sale: 310

# Bank Owned: 106

Median Asking Price: $104,900

56% of the homes for sale are distressed with the largest percentage being short sales.  The good news is that the short sales are not necessarily what brings the prices down but the bank owned properties. Hopefully many of these short sales will close before they become foreclosed on. That is when the banks usually get them back (not too many who show up at the auctions are wanting to pay what is owed on the property to clear the debt, so the property defaults back to the lender). The bank then prices the properties well below market which is what has been dragging the prices down.


Pending Sales

# Pending: 200

Median Asking Price: $84,450

There is a big difference in the current active list prices versus the pending list price so it will be interesting to see if April pending sales prices inch up a bit.


Closed Sales 2010

# Closed: 148

# Short Sales: 22

# Bank Owned: 87

Median Sales Price: $97,900

Median Days on Market: 46

Closed Sales 2011

# Closed: 182

# Short Sales: 36

# Bank Owned: 104

Median Sales Price: $80,000

Median Days on Market: 55

We can see that the median sales price has dropped over $17k compared to last March but 34 more houses sold in March 2011. But the price drop should come as no surprise since 77% of the homes that sold in March were distressed with the bulk being bank owned properties.  This is a huge percentage and the Nampa real estate market can not begin to correct itself until this percentage drops to less than 20%.  This could still be another  two years out!

If you would like more information regarding the Nampa real estate market or are thinking of buying (very good time to do so) or selling, please go to my website for more information (no sign up required):

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