Percentage of Bank-Owned & Short Sale Homes in Ada County

Currently, there’s 2534 homes for sale in Ada County.  Of those, 830 are listed as short sales (33%) and 304 are listed as bank-owned (12%).  The distribution of these distressed properties across the county are not even, as you can see from the following graphs.

Generally speaking, the more established areas around downtown Boise have fared better than average.  North & North East Boise are among the least impacted by the foreclosure properties.

2010 Real Estate Sales in Ada County

2010 real estate sales in Ada County ended up 7% higher than 2009.  December ’10 in particular had one of the best months with sales up 41% over last year.  In fact, last month was the best month for December sales since since ’06.  The graph below charts Ada County real estate sales for the last 5 years.

Along with the increasing demand, supply is drastically down compared to recent years.  Below you can see the supply for Ada County over the last 5 years.

Driving most of the demand are the foreclosure properties.  On the average, Ada County foreclosures accounted for 48%+/- of the sales.

Ada County Absorption Rate | May ’06 to Nov ’10

The absorption rate looks at how many homes are for sale verses how many are selling.  This ratio, expressed in months, indicates the supply & demand of the market.  For example, if there’s 1000 homes for sale, and 100 sell in a given month, the absorption rate is 10 months (1000 divided by 100).

The lower the absorption rate, the more demand and less supply.

I’ve been tracking the monthly absorption rate for Ada County since May 2006.  Here’s how the absorption rate has trended over the last 4.5 years.  As you can see, it was the lowest in May of ’06 at about 3 months which was during the real estate boom.  Ada County peaked in January of ’09 at 16.2 months.  Last month, Ada County was down to 5.6 months.

While this is a very useful measure to follow, the number of foreclosures is equally important.  If it were not for the number of foreclosures, the supply & demand are extremely balanced…. in fact even beginning to lean towards the sellers favor.  However, as you can from the following graph, foreclosures continue play a major influence in the market accounting for about 50% of the homes sales.

Prices continue to soften (although at a very slow rate).  You can start your search for Idaho foreclosures by looking for short sales & bank-foreclosures on my website.  If you have any questions about the market, buying foreclosures, or anything else don’t hesitate to let me know.

Ada County Real Estate Market | Sep ’10

Ada County real estate sales rose again in September to 493.  Existing homes accounted for about 87% of the market activity (428 sales) while new construction was up slightly from last month with 64 sales.  Compared to the same time last  year, sales were down 9.71% (inventory was also down 9.9%).

Last month, 46.5% of the real estate sales were either short sale or bank-owned homes. This market share is about level to what we’ve seen over the last 6 months (+/- about 5%).

Below you can see the total real estate sales (blue), bank-owned (red) & short sale homes (green) for 2010 in Ada County.

As you can see below, SW & NW Meridian had the largest market share of foreclosures in Ada County.  N & NE Boise, followed by Eagle, had the lowest percentage of foreclosure sales.

Idaho Real Estate – Ada County Market Stats – June 2010

Idaho real estate sales posted another strong month in June as the tax-credit spurred sales winded down (the deadline for closings was June 30 until recently extended to September 30, 2010. However, the April 30 deadline for a valid contract was unchanged).

In Ada County, Idaho there were 3323 homes for sale with 630 closings. This is up 12% from the same time last year and 16% from two years ago. The majority of the sales were existing homes (484 sales) while new construction posted the single strongest month since May 2007 (146 sales). The median home price for existing homes was $155,900 and new construction $159,927.

The graph below charts Ada County, Idaho real estate sales in 2010 vs. 2009.

Overall real estate sales in Ada County have continued to outpace sales during the previous two years and have fallen just shy of 2007 levels.

In addition to sales outpacing 2008 & 2009, the overall number of homes has come down drastically.  In June ’08 there were 5098 homes for sale, in ’09 3770, and in ’10 3323.  This ratio of supply to demand (Absorption rate) has been very strong and in June was 5.3 months.

Although the median home price in Ada County, Idaho has risen over the last 3 months, foreclosures continue to be the drag on values.  Last month, 40.5% of the sales were foreclosures.

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Ada County Real Estate Market Stats

The Ada County real estate market in April had the highest monthly home sales since June 2007 with 659 sales.  Home sales surged as the window for the federal tax credit closed.  Below, you can see how real estate sales have performed in Ada County over the last 4 years.

As you can see, home sales have outpaced the same months in 2009 and last month almost matched sales in April ’07 when the market was still near peak prices.

Year-over-year Ada county real estate sales have outpaced the prior year since June ’09.  Below you can see the percentage increase in sales for the last 12 months.  In November, sales more than doubled the previous year (when the tax-credit was originally set to expire) and in April again surged to 57% more sales than April ’09.

Forty five percent of the home sales in Ada County were either short sale or bank-owned properties (search Idaho foreclosures).  Below you can see the breakdown for the foreclosure market share by MLS area.  Please be aware there was only 1 home sale in Garden City (=100%).  The areas with the smallest market share of foreclosures was again in North & NE Boise.

2009 Ada County Real Estate Market Charts

Ada County real estate sales ended strong in 2009 with the 4th quarter sales the highest they’ve been since 2006.  The number of homes for sale in Ada County has also improved with about 20% less homes on the market than a year ago.  Idaho foreclosures continue to be the major problem.  According to Idaho Data Providers, foreclosure filings were up 66% over 2008 in Ada & Canyon County.  Currently, on the Boise MLS (IMLS), almost 40% of the homes for sale are listed as a possible short sale or bank-owned.

Data Source: Intermountain Multiple Listing Service.

Ada County Real Estate Graphs | November ’09

The Ada County real estate market had another strong month in November with 533 home sales.  This is a 50% increase in sales over the same time last year.  Foreclosures accounted for 38% of the market share (short sales 15% and bank-owned 23%).  The supply of homes in Ada County has been hovering around a 6 month supply since about August.  This is about a 1/3 of what it was in November of last year (15.4 months).

Data Source: Intermountain MLS. Information not guaranteed.  Search Ada County real estate.

Ada County Real Estate | September 2009 Market Statistics

The Ada County real estate market had a 20% increase in sales in September compared to the previous year.  In fact, this was the 2nd highest month of home sales since August 2007.  This of course was largely due to first-time home-buyers trying to get in before the end the tax credit program (currently scheduled to expire 11/30/2009).   The graph below shows total home sales for the past five months in the Ada County real estate market:

The last four months have all had sales higher than the previous year. The graph below shows how the monthly sales in the Ada County real estate market have changed from the same month the previous year.

The following graph compares new and existing home sales for the past five months in the Ada County real estate market.  New home sales in September were the highest they’ve been in over a year.

Data source: MLS (IMLS).  Information not guaranteed.

Ada County Real Estate | Aug. ’09 | Foreclosures

Foreclosures in the Ada County real estate market rose slightly from 33% in July to 35% in August. Bank-owned homes made up 20% of sales, and short sales made up 15%.

In the Ada County real estate market, Eagle had the highest foreclosure percentage at 53% and Kuna had the lowest at 24%.

In August, the average home price in the Ada County real estate market was $204,200 and the median home price was $172,500. Home sales in the Ada County real estate market dipped from 559 in  June to 510 in July, but have come back up a bit  with 567 sales in August.

Information deemed reliable but not guaranteed.

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