Posts Tagged ‘ January 2011 ’

Boise Real Estate Market Stats-Eagle-July 2011

Below are the Real Estate Market Statistics for Eagle – July 2011. These numbers reflect single family/single family with acreage and are taken from the data on the Multiple Listing Service.

Available – July 2011

# Available: 265

# Vacant: 99

# Short Sales: 56

# Bank Owned: 6

Median Asking Price: $348,900

The number of Available homes is down from June (280) and the Median Asking Price is relatively the same ($349.9K -June).

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Pending Sales – July 2011

# Pending: 81

Median Asking Price: $351,186

Pending sales are up (71 in June) as is the Median Asking Price ($319.5k in June). We will hope that this translate into higher Closed Sales volume and an increase in the Median Asking Price.

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Closed Sales – July 2011

# Closed: 42

#Short Sales: 9

# Bank Owned: 8

Median Sales Price: $289,652

Median Days on Market: 38

Good news/bad news: Well the good news is that the Median Days on Market went down but , well, okay there really wasn’t any good news in the Eagle numbers for Closed Sales. The number that Closed is down from June (49) and the Median Sales Price is down from June’s $295K. Eagle is still struggling a bit to get their Median Sold Price up to  the year over year number ($315K in July 2010). We will see how this months Pending Sales turn out for August.

If you would like to see what Eagle homes are currently selling for and to see active listings, please go to my web site (no sign in required): www.BoiseRealEstateChick.com

 

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Boise Real Estate Sales Slump in March-Say What???

Did you hear that thump? That was the sound of my head hitting the keyboard on my computer as I finished reading yet another Statesman article filled with misleading headlines and misinformation within. On Thursday, the Statesman had a front-page headline “Valley home sales slump in March”.  This is the kind of headline that makes my head spin!

What the newspaper was trying to show as a slump was to compare March 2010 to March 2011 in ADA County. Well that is another “duh” moment, since this time last year there was an $8K home buyer credit in play. But even comparing 2010 to 2011 the numbers are not that far apart with 601 properties closed in 2010 and 537 closed in 2011. But if we look at the first three months of 2011 we will see the continued upswing of homes sold: January-381, February-393, and March-537. Does that look like a sales slump to you?

Now if the Statesman had written that the median sales prices had dropped in March 2011 that would have been an accurate statement. Although, the prices are still on a rollercoaster and are down one month and up the next, only to come back down the next month. (January median sales price-$135.5k, February-$145.7k, and March-$135k).

The real estate market both in ADA and Canyon County are slowly but surely recovering. The median sales prices (sold) will continue to go up and down until the majority of distressed properties have moved out of the market. In the meantime, the good news is that homes are selling and they are starting to sell quickly (particularly in the $250K and under price range). I look forward to seeing what our totals will be for the month of April because so far they are looking very good. I will be posting those results during the first week of May.

If you would like additional information regarding the  Boise real estate market or the Canyon County area, please go to my web site (no sign up required): www.BoiseRealEstateChick.com

article referenced: “Valley Home Sales Slump in March”- Idaho Statesman, April 21,2011, written by Joe Estrella

New Homes Sales Plunged in February,hmm…

There was yet another doom and gloom real estate story in my favorite local newspaper. Its headline was, “New-home Sales Plunged in February to Record Low”. Now the ordinary reader who is not a Realtor would read that and think,” Wow the real estate market is still really bad”.

One of those ordinary readers was my husband who read the headline and asked me, “Are things really that bad?” I told him, read the rest of the article and you will see that the story is for  the national new-home sales, and not the local Boise real estate area, which has actually been seeing a consistent upward trend.

A few things about the national picture first. Weather has been absolutely horrible in most parts of the country. Winter weather and heavy rains have delayed many new-homes from being completed, therefore, no closing.  If you look at their chart they show sales going back to 1963 till present.  Today’s national numbers are about half of what they were in 1963 but  are about what they were in the late 1960’s and again in the mid 1980’s. But if you look at the numbers from 2005 (height of the market) it looks like a heart monitor that suddenly has no beat. Anything that you compare in the real estate market from 2005 to 2011 is going to look bad. Actually I think that 2010 was the polar opposite of 2005 and as I continue to watch the statistics, 2011 is actually looking very good.

Here in the Boise area, the real estate market is looking very, very good. Existing home sales jumped in February (by 24%) and so did the pending sales which indicates that March sales are going to be even better. I know as a Realtor my phone has started to ring quite a bit from buyers who realize now is the time to buy. Talking with other Realtors in my office and around the Boise area, they are all saying the same thing, “Business is picking up and it is not the spring market yet”. We all feel the same way, this is going to be a good year!

If you are a buyer or a seller and want additional information regarding the Boise real estate market, please go to my website (no sign up needed): www.BoiseRealEstateChick.com

Real Estate Statistics for ADA County-February 2011

Today we will look at the Real Estate Statistics in ADA County for February 2011. ADA county covers all of Boise, Meridian, Kuna, Star and Eagle areas. These numbers will represent single family and single family w/ acreage.

Available Homes

# Available: 2661

# Vacant: 1451

# Short Sale: 837

# Bank Owned: 260

Median Asking Price: $165K

Number of distressed properties still dominates the market  with 41% of homes either a short sale or bank owned. The median asking price did rise by $10K over January. Inventory levels rose by almost 400 properties but is at the same level it was at in December of 2010 which was still lower year over year.

Pending Sales:

# Pending: 692

Median Asking Price: $150K

Pending sales are way up from January’s 584 and that is several months straight of increasing pending sales. The median price has remained the same from January. 

Closed Sales:

#Closed: 393

# Short Sale: 89

# Bank Owned: 145

Median Sales Price: $145,700

Median Days on Market: 70

ADA County’s sold prices increased by over $5K and should remain pretty stable since the pending prices are pretty flat.  Almost 60 % of homes sold were distressed which is a good thing/bad thing. Good being that distressed properties are moving through the system but the bad news is that they are taking the prices down with them.

Overall, ADA County showed some hopeful signs in February and this is considering that it was a shorter month. I think that spring is going to prove very interesting for real estate! If you would like additional statistics for the Boise Real Estate Market please go to the “Boise Real Estate Statistics” category menu or go to my website (no sign up required): www.BoiseRealEstateChick.com

Real Estate Statistics for Meridian, Idaho-February 2011

Today’s post we will look at the February 2011 numbers for Real Estate in Meridian, Idaho. These numbers will cover active listings, pending, and sold with my commentary following each grouping.  Please note that the numbers are based on MLS data for single family and single family w/ acreage.

Available Homes

# Available: 688 (as of 3/5/2011)

# Vacant: 399

# Short sales: 223

# Bank Owned: 57

Median Asking Price; $167K

Number of homes on the market is down from January’s 606 and the median asking price went up very slightly from January’s $165K.

Pending Sales:

# Pending: 170

Median Asking Price: $156K

Pendings are up from January’s 152 and the median price dropped from $162,400.

Closed Sales:

# Closed: 105

# Short Sale: 27

# Bank Owned: 35

# of Days on Market: 73

Median Sold Price: $154,875

February closed sales for Meridian actually looks pretty good considering this was a shorter month. Closed sales were up from January’s 97 and the Median Sold Price was almost identical ($155K in January).  59% of the homes sold were distressed which is still way too high. Although the good news is that we are getting those properties moved through the system.

I wanted to point out that I have removed average sales prices.  They just do not reflect prices because we have too much swing in the high and low ends, making the median prices more reliable. I also have started adding in the number of distressed properties (short sale and bank owned) for the available and sold homes. This is because just listing the vacant homes does not give a full picture of what is going on. Not all vacant homes are distressed and not all occupied homes are okay. I have also added Median Days on Market because that is also an important number to watch. This helps homeowners to get a better perspective of how long it may take to move their home if it is reasonably priced. 

Tomorrow I will give the ADA county statistics which will have all of the Boise Real Estate Market as well as Meridian and Eagle. If you would like to see more statistics for the Boise Idaho area please see my posts under the Boise Real Estate Statistics category or go to my website (no sign in required); http://www.BoiseRealEstateChick.com

Foreclosures Tripled in Idaho since 2008-Really?!

I love when my local newspaper gives me something to write about! The Idaho Statesman so consistently gives half a story I wonder how they get away printing them as news.

If you happened to catch the article about Foreclosure sales having tripled in Idaho, let me give you the “rest of the story” as Paul Harvey used to say.

This article compares foreclosed property sales (bank owned)  in 2008 with 2010 in Idaho. Well, duh, there was an increase in foreclosed properties!  Let me show you the numbers to better illustrate the “duh” moment:

2008 ADA County

Total Sold: 5359

Short Sale: 253

Foreclosed/Bank Owned: 0

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2009 ADA County

Total Sold: 5752

Short Sale: 852

Foreclosed/Bank Owned: 1205

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2010 ADA County

Total Sold: 6254

Short Sale: 1066

Foreclosed/Bank Owned: 1866

Observe the Foreclosed number in 2008(and no, I was not making an emoticon face there!).  That’s right! It was zero! This is not a shocker because short sales were just getting started with the housing market decline that did not officially start until late 2007. Therefore foreclosed properties would not start for another 6 months at least. So to compare 2008 to 2010, the article might as well have compared 2003 with 2010 and they would have had the same outcome.

But look carefully at all the sold numbers, because this is the good news. In 2008, 5359 homes sold and in 2010, 6254 homes sold. That is a pretty significant increase. So how come the article did not highlight this aspect? 

But here are some even more interesting numbers to me that give me hope that the market truly is turning around:

January 2008- ADA County

Total Sold: 324

Short Sale: 44

Foreclosed/Bank Owned: 0

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January 2009 – ADA County

Total Sold: 245

Short Sale : 30

Foreclosed/Bank Owned: 14

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January 2010 – ADA County

Total Sold: 305

Short Sale: 60

Foreclosed/Bank Owned: 101

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January 2011 – ADA County

Total Sold: 381

Short Sale: 69

Foreclosed/Bank Owned: 150

Look carefully at the Sold numbers.  January 2011 had 381 solds while January 2008 had 324.  Yes, more than half of the homes sold in January 2010 and 2011 are distressed properties but these two years reflect the mortgage and housing collapse of 2008.

Two sold numbers that I find promising are the total in 2010 and the January 2011.  We have increased sales and a shrinking inventory which will help lead us back to a healthy balance in the real estate market.

One more item in the article that always makes me crazy is the talk of “shadow inventory” that has not been put on the market yet. This is fear mongering plain and simple. This “shadow inventory being dumped on the market” theory has been around for a few years now.

 Two things about this theory: One, the banks are not going to dump all their inventory at one time. They are already discounting their properties well below market value so to dump them all at once would further devalue their properties. Two, you can consider all homes that are not on the market as shadow inventory. My house, your house and anyone else who has not put their house up for sale are technically “shadow inventory”!

Please note that these statistics are based on Single family and Single family with acreage in ADA County from the Intermountain Multiple Listing Service.

If you would like additional statistics for the Boise Real Estate market area please go to my website: http://www.BoiseRealEstateChick.com

Article referenced: Foreclosure sales in Idaho have tripled since 2008; Joe Estrella; Idaho Statesman.com 2/24/2011

More Media Bad News

Today was the Idaho Statesman’s turn to let you know that homes prices are plummeting. They even called the four paragraph article, “A Sinking Feeling”.

Once again they compared home sales of January 2010 to January 2011. They ask “How can prices be down if sales are up?” As I pointed out in yesterday’s post, with the large number of bank owned properties being sold in January 2011 it is only natural that the median price would be lower.

No where in the article do they mention that the inventory is also at a four-year low. Once again the media only tells part of the story. For the full story please refer to my post dated February 11, 2011 – “January Statistics Boise-2010 vs 2011”.

If you have any questions or comments please feel free to contact me: mary@heritagewifi.com or www.boiserealestatechick.com

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