Posted by Chase Craig on July 13, 2011 at 9:39 am
Ada and Canyon County Active Listings as of July 12th, 2011
Inventory for Ada and Canyon County real estate is down 4.5% overall from May to June. Dominating the www.chasecraig.com headlines, never in the local or national news media however, has been the ever falling bank owned inventory numbers. This tells you that distressed properties in Ada and Canyon County are selling much faster than they are being replenished. This is due to a number of reasons including increased laws and regulations imposed on the foreclosure process which has halted the sale of many foreclosures as well as the banks resorting to renting properties out to would be short sale and foreclosure candidates. With less than 5 months worth of supply on the market, Ada and Canyon County real estate is a seller’s market. Remember, typically more than 6 months of inventory would be a buyers market and less than 6 months of inventory is a seller’s market. Want to find out what your home is worth and see if now is the right time to sell? Get a no obligation boise market analysis and home valuation today.
4,143 – Active Listings - down 195 (-4.5%) from May 2011
2,552 – Non-Distressed - down 59 (-2%) from May 2011
1,273 – Short Sales - down 80 (-6%) from May 2011
318 – Bank Owned, Auction, HUD Home or REO - down 42 (-12%) from May 2011
Ada & Canyon County May 2011 Closed and Pending Sales
Closings were up 8% in the month of June which is great news that some of the Boise short sales are actually closing. I’m really excited to see the number of non-distressed closings to increase over 23% month over month in June. Believe it or not, there are equity seller’s that are actually selling their homes in this market without foreclosing or short selling. As I said in last months stats, look for June REO closings to be down, due to the lack of replenishment of REO inventory. I don’t know whether that is good news or bad news at this point. If my theory is right, REO listings being down due to recent laws and regulations, we could be dealing with significant back log in ada and canyon county bank owned real estate. Even if there is a back log, the current market has a very strong appetite for $300,000 and under real estate, which is the majority of foreclosures. Frankly, we could use the additional inventory at this point. You can see that June pending’s are down sharp in large part due to the lack of inventory.
1,043 Closings – up 75 (+8%) from May 2011
458 Non-Distressed – up 85 (+23%) from May 2011
407 Bank Owned, Auction, HUD Home or REO - down 25 (-6%) from May 2011
178 Short Sales – up 16 (+10%)from May 2011
704 Pending - down 158 (-18.3%) from May 2011
318 Non-Distressed – down 89 (-22%) from May 2011
252 Bank Owned, Auction, HUD Home or REO - down 90 (-26%) from May 2011
134 Short Sales - up 25 (+19%) from May 2011
Short Sales - One thing to note about June pending’s is that short sales are up more than 19% from May. If you haven’t heard, the short sale process is significantly easier today than it has ever been. Bank’s have streamlined the process for a couple of reasons. It is much cheaper for a bank to short sale a home than it is to foreclose on that same home. The foreclosure process costs the bank a lot of time and money. The other reason that banks are eager to short sale properties and not let them foreclose is because someone who is short selling a home is much less likely to damage the home they are living in. This not only keeps the bank from having to take less money on a foreclosed home that is tore apart, it also helps keep market values higher in a real estate market where banks own many homes. Have questions about the short sale process or want to know if it would be appropriate for your situation? Call or e-mail me today.
Have any questions or comments about the June statistics for Ada and Canyon County real estate? Please leave a comment or contact me directly.
Have a wonderful day!
Chase Craig
Boise Real Estate Agent
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Posted by Chase Craig on July 1, 2011 at 7:00 am
South East Boise Idaho Real Estate Market Statistics
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South East Boise Active Listings:
- Total Active Listings: 179
- Total Bank Owned or REO: 11
- Total Short Sales: 47
- Low List Price: $33,900
- High List Price: $1,100,001
- Average List Price: $243,194
- Months of Supply: 5.6
South East Boise Pending Sales:
- Current Pending Sales: 71
- Low Pending Price: $69,900
- High Pending Price: $899,000
- Average Pending Price: $217,517
South East Boise Closings:
- Sold transactions in the last 12 months: 385
- Closed Bank Owned or REO in the last 12 months: 100
- Closed Short Sales in the last 12 months: 56
- Low Sold Price: $29,500
- High Sold Price: $658,750
- Average Sold Price: $193,442
- Total Sold Lifetime: 5,952
Information Courtesy of Intermountain MLS 06/30/11 – Active Listings and sales less condo’s, townhouses and mobile homes.
South East Boise has been a very active area over the last 12 months. Averaging 33.1 sales per month, that leaves a current supply of under 6 months of supply which is what would be considered a healthy market. There are some distressed properties as you can see but foreclosures have almost disappeared with only 6% of the active listings in South East Boise being REO properties. When it comes to the active short sale listings in South East Boise, 25 of the 47 are actually contingent short sale status, which basically means that they are awaiting bank approval. If you factor those out of the active listing inventory, you actually have less than 5 months of active supply listed in South East Boise. With less then 5 months of actively listed supply, it is a great time to list and sell your home in South East Boise. Feel free to contact me to day for a free listing consultation.
Chase Craig
Boise Real Estate Agent
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Posted by Chase Craig on June 28, 2011 at 8:36 pm
North End Boise Idaho Real Estate Market Statistics
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North End Boise Active Listings:
- Total Active Listings: 154
- Total Bank Owned or REO: 6
- Total Short Sales: 21
- Low List Price: $61,000
- High List Price: $1,850,000
- Average List Price: $354,153
- Months of Supply: 5
North End Boise Pending Sales:
- Current Pending Sales: 47
- Low Pending Price: $74,150
- High Pending Price: $318,640
- Average Pending Price: $890,000
North End Boise Closings:
- Sold transactions in the last 12 months: 368
- Closed Bank Owned or REO in the last 12 months: 68
- Closed Short Sales in the last 12 months: 39
- Low Sold Price: $49,900
- High Sold Price: $1,650,000
- Average Sold Price: $262,436
- Total Sold Lifetime: 4,105
Information Courtesy of Intermountain MLS 06/28/11 – Excludes Townhouses, Condo’s and Manufactured Homes.
Boise’s coveted North End has seen many distressed properties come on the market in the last 12 months, like many areas around Boise. The good news is that Boise’s North End has sold through the majority of those distressed properties. With less than 4% of the North End’s current listings being bank owned and a total of only 17% of the listings being distressed, the North end is ahead of the curve compared to most area communities. Now would be a good time to list and sell your North End home if you were thinking of moving up or out as the market supply is at 5 months which leans towards a seller’s market (obviously not a seller’s market when it comes to price). Are you looking to buy a home in the North End? Feel free to contact me any time by clicking the link to the left to schedule a private tour.
Chase Craig
North End Boise Real Estate Agent
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Posted by Chase Craig on June 28, 2011 at 1:21 pm
Columbia Village Boise Idaho Real Estate Subdivision Market Report
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Columbia Village Active Listings:
- Total Active Listings: 22
- Total Bank Owned or REO: 2
- Total Short Sales: 13
- Low List Price: $85,000
- High List Price: $486,700
- Average List Price: $184,364
- Months of Supply: 3.4
Columbia Village Pending Sales:
- Current Pending Sales: 12
- Low Pending Price: $105,000
- High Pending Price: $399,500
- Average Pending Price: $194,965
Columbia Village Closings:
- Sold transactions in the last 12 months: 75
- Closed Bank Owned or REO in the last 12 months: 26
- Closed Short Sales in the last 12 months: 12
- Low Sold Price: $61,550
- High Sold Price: $339,900
- Average Sold Price: $155,775
- Total Sold Lifetime: 1,345
Information Courtesy of Intermountain MLS 06/27/11
Columbia village is located conveniently near Micron in Southeast Boise. With less then 50% of the sales over the last 12 months non-distressed, Columbia Village is in good shape compared to other subdivisions in the Boise area. The 3.4 months of supply is also ahead of the average for this price point in Boise. If you were looking to sell your home in Columbia Village, now would be a good time to list it as there is very little supply. Click the contact me button on the left to List your Columbia Village home or receive a list of active homes in Columbia Village and the surrounding areas.
Chase Craig
Your Columbia Village Specialist
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Posted by Chase Craig on June 27, 2011 at 7:24 pm
Welcome to Harris Ranch featuring Homes Available in Boise Idaho
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Harris Ranch Active Listings:
- Total Active Listings: 32
- Total Distressed Properties (Bank Owned and Short Sales): 0
- Low List Price: $229,900
- High List Price: $495,000
- Average List Price: $323,683
Harris Ranch Pending Sales:
- Current Pending Sales: 10
- Low Pending Price: $219,900
- High Pending Price: $478,900
- Average Pending Price: $344,072
Harris Ranch Closings:
- Sold transactions in the last 12 months: 51
- Closed Bank Owned or REO in the last 12 months: 3
- Closed Short Sales in the last 12 months: 3
- Low Sold Price: $215,000
- High Sold Price: $820,000
- Average Sold Price: $321,716
- Total Sold Lifetime: 612
Located just 5 miles east of Boise, Harris Ranch is an actively growing community. With over 51 homes sold in Harris Ranch in the last 12 months with the average sales price well into the $344,000 range, it’s hard to think recession. With a close proximity to Micron and downtown, Harris Ranch is conveniently located for most. Enjoy Hiking, Biking, Fishing and Boating all within a short walk, bike or drive of your front door. Would you like to live in Harris Ranch? Click the contact me button today to schedule a private tour and find the home of your dreams. Place your trust in my experience with well over 400 new construction transactions, I’ll make it easy!
Chase Craig
Boise Real Estate Agent
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