Eagle Idaho Real Estate Statistics–March 2010

Below you will find statistics regarding the real estate activity during the month of February:

Closed Sales – February 2009
# Closed: 19
Average Sales Price: $407,505
Median Sales Price: $398,000

Closed Sales – February 2010
# Closed: 29
% Change: +52.6%

Average Sales Price: $380,523
% Change: -6.6%

Median Sales Price: $365,000
% Change: -8.3%%

Pending Sales
# Pending: 77
Average Asking Price: $366,665
Median Asking Price: $335,000

Available Homes
# Available: 330
# Vacant: 120
Vacant Percent: 36.4%
Average Asking Price: $459,420
Median Asking Price: $350,000

Data does not include condominiums or townhomes. Data taken from Intermountain MLS on3/5/10 and pertains to single-family residences on lot or acreage.

source: boiseblog.com

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

Meridian Idaho Real Estate Statistics–2010

Below you will find statistics regarding the real estate activity during the month of February:

Closed Sales – February 2010
# Closed: 108
% Change: +31.7%

Average Sales Price: $185,052
% Change: -8.9%

Median Sales Price: $160,744
% Change: -12.4%

Closed Sales – February 2009
# Closed: 82
Average Sales Price: $203,049
Median Sales Price: $183,400

Pending Sales
# Pending: 250
Average Asking Price: $188,249
Median Asking Price: $169,000

Available Homes
# Available: 1,000
# Vacant: 575
Vacant Percent: 57.5%
Average Asking Price: $198,957
Median Asking Price: $174,900

Data does not include condominiums or townhomes. Data taken from Intermountain MLS on3/5/10 and pertains to single-family residences on lot or acreage.

source: boiseblog.com

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

Boise Idaho Real Estate Statisics–March 2010

Below you will find statistics regarding the real estate activity during the month of February:

Closed Sales – February 2009
# Closed: 290
Average Sales Price: $209,422
Median Sales Price: $181,625

Closed Sales – February 2010
# Closed: 365
% Change: +25.9%

Average Sales Price: $197,431
% Change: -5.7%

Median Sales Price: $165,000
% Change: -9.2%

Pending Sales
# Pending: 877
Average Asking Price: $203,269
Median Asking Price: $164,534

Available Homes
# Available: 3,684
# Vacant: 1,905
Vacant Percent: 51.7%
Average Asking Price: $240,280
Median Asking Price: $174,900

Data does not include condominiums or townhomes. Data taken from Intermountain MLS on3/5/10 and pertains to single-family residences on lot or acreage.

source: boiseblog.com

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

OVER 406 BANK OWNED HOMES FOR SALE IN ADA COUNTY

As you probably know, there is a plethora of bank owned homes for sale in Boise, Meridian, Eagle, Kuna and Star.   Banks are motivated to sell and will typically price these distressed homes 10-30 percent under current market values.  Granted, most do need cosmetic work done prior to move-in such as new carpet, paint, lawn maintenanceand other misc items.  However, there are some bank owned property which the previous homeowner has taken it upon themselves to leave the residence in nasty shape by taking a sledge hammer to walls and doors along with pulling all appliances like the range, dishwasher, disposal and microwave (sometimes water heaters and furnaces, too).  Unless you would like to take on the costs, I suggest bypassing some of the bank owned homes on the market. 

It is also important to not look for only bank owned homes.  There are numerous non-distressed homes on the market (fair market sellers) that must sell.  These homes are priced competitively and do not need the improvements that a foreclosed upon home typically does.  With that, it is important to consider the costs of repairs when deciding whether to purchase a home which needs some love (yet is priced lower than the home down the street) or one that is turn key and ready to be moved into.

Bank owned homes will be prevelant in our market through 2010 and part of 2011.  Would you like a list of bank owned homes forwarded to you?  If so, send me an email with your contact info and I will provide a list of bank owned property currently on the market.

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

Boise metro area above average in terms of negative equity

Below you will find a recent article from the Idaho Business Review which discusses homes “under water” within our community.  In my opinion, the  Boise Metro area is above the national average for negative equity because of  the dramatic increase in market pricing during the “boom time”.   Hence why the “correction” has been so dramatic, as well. 

Negative equity soars in Boise metro area

In the Boise metro area, 34 percent of homes are now worth less than what is owed on the residence.

Homes in this category are referred to as “underwater” or “upside down” properties, and their ranks have been growing as home values have declined.

The Boise area’s performance has been worse than both the national average and the state average, according to national research firm First American CoreLogic. Nationally, 24 percent of all residential properties with mortgages were in negative equity at the end of the fourth quarter of 2009. In Idaho, 23 percent of residential mortgages (53,663 homes) were under water in that quarter.

“Negative equity is a significant drag on both the housing market and on economic growth. It is driving foreclosures and decreasing mobility for millions of homeowners,” saidMark Fleming, chief economist with First American CoreLogic. “Since we expect home prices to slightly increase during 2010, negative equity will remain the dominant issue in the housing and mortgage markets for some time to come.”

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

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