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.

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.

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.

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.

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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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.

Data Source: Intermountain Multiple Listing Service.

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

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.

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.