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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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.

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.

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.

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.

New construction had 71 sold homes in Ada county while existing homes had 298.  The total number of homes on the market was 3852 representing a 10 month supply of homes, the lowest in about 6 months.

Most of the home sales are occurring in NW Meridian (15.72% Market share), SW Boise/Meridian (13.55%), West Boise/Garden City (9.49%).  These areas also have some of the highest percentage of distressed sales that is likely contributing to the large market share of sales.

For the third month in a row, march set a record for the number of Notice of Defaults, the formal start to the foreclosure process.  Ada County saw a 5.3 percent rise in the number of foreclosures last month with 449 (Source: Idaho Data Providers).

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Data Source: IMLS. Information not guaranteed.

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