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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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.