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.

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.

Idaho Real Estate – Ada County July ’09

The Ada County real estate market had another strong month in July with home sales slightly outpacing last year by 3%.  Real estate sales dipped slightly from last month from 559 to 510 sold homes.

The ratio of homes for sale verses the number selling (absorption rate) was still good at a 7.4 month supply.  This is second best supply rate we’ve seen in the last 2 years.

There’s still a high, but shrinking, number of foreclosures in Ada County with short sales making up about 20% of the market and Bank-Owned homes making up 4%.  These Idaho real estate foreclosures made up 33% of the July sales in Ada County.

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Data Source: Idaho MLS (IMLS).

Information not guaranteed.

Ada County Real Estate Stats | June 2009

The Ada County real estate market continued to improve in June ’09.  The most significant improvement is reflected in the 6.7 month absorption rate.  An absorption rate shows the supply of homes at a given sales rate.  This ratio is the best the Ada County real estate market has seen since April of 2007.  Below you can see the Ada County absorption rate since February.

Sales where up 23% in June from May with 559 homes sold.  The graph below shows the Ada County real estate sales by month since 2/09.

There were about 3700 homes for sale in Ada County verses about 5000 this time during the last two years.

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Data Source: Intermountain MLS (IMLS).  Information not guaranteed.

Idaho Real Estate ~ Ada County Stats April ’09

The Ada County real estate market had a 12% increase in home sales compared to March.  This is the fourth straight month of increasing sales.  Compared to a year ago, sales are down 7%.  Forty-four percent of the Ada County home sales were foreclosure properties (short sale or bank-owned real estate).

The overall number of homes for sale (3900+/-) has stayed about the same allowing the absorption rate  (supply at current sales rate) to decrease.  The overall absorption rate in January was 16.2 months and in April 9.3 months.  The graph below shows the Ada County real estate absorption rate for the last four months for new construction and existing homes.

The median home price for existing homes was $168,000 and for new construction $185,425.  For existing homes, this is 19% below a year ago and for new construction 14% below.  The median home value is the midway point where 1/2 of the home sales occurred above, and half below that point.  It does NOT mean values declined that percentage although does reflect the downward pressure on prices.

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Data Source: IMLS. Information not guaranteed.