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 7, 2011 at 7:28 am
Kuna Idaho Real Estate Market Statistics
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Kuna Idaho Active Listings:
- Total Active Listings: 153
- Total Bank Owned, HUD Home, Auction or REO: 8
- Total Short Sales: 59
- Low List Price: $33,000
- High List Price: $795,000
- Average List Price: $178,755
- Months of Supply: 4.8
Kuna Idaho Pending Sales:
- Current Pending Sales: 56
- Low Pending Price: $41,820
- High Pending Price: $599,900
- Average Pending Price: $124,585
Kuna Idaho Closings:
- Sold transactions in the last 12 months: 379
- Closed Bank Owned, HUD Home, Auction or REO in the last 12 months: 193
- Closed Short Sales in the last 12 months: 81
- Low Sold Price: $22,500
- High Sold Price: $397,000
- Average Sold Price: $115,239
- Total Sold Lifetime: 5,168
Information Courtesy of Intermountain MLS 07/07/11 – Active Listings and Sold’s less condo’s, townhouses and mobile homes.
In the last 12 months, Kuna real estate has been dominated by distressed sales with over 72% consisting of short sales, foreclosures, HUD homes and auctions. The good news is that while 51% of the entire Kuna real estate sales in the last 12 months were some form of bank owned properties, Only 5% of the active listings are bank owned. Short sales were 21% of the market share for the past 12 months while they are currently 38% of the active listings which is probably a pretty similar number as not all short sales close successfully.
The silver lining for the Kuna real estate market is that there is less than 5 months of supply. Most experts determine whether a real estate market is a buyer or sellers market based on the months of inventory supply. Kuna is actually considered a seller’s market because there is less than 6 months of supply (more than 6 months would be a buyers market). What’s even more exciting is that if you removed the contingent short sales (short sales that already have an accepted offer and are awaiting bank approval) it lowers the inventory level to 121 active listings or 3.8 months of supply. Take my word for it, as a Kuna real estate expert, it is difficult to find the right home in Kuna and even more difficult to get the bid as there are multiple offers on most homes that are priced right. While you may not make as much money in this market selling your Kuna home, there are definitely buyers out there looking to take advantage of low rates and aggressive pricing.
I hope that you were able to find this information useful. Questions, comments or interest in finding out about specific neighborhoods in Kuna? Click the contact me button and let me know or comment below.
Chase Craig
Kuna Real Estate Agent
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Posted by Chase Craig on July 6, 2011 at 10:03 am
Silverleaf Meridian Idaho Subdivision Market Report
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Click on the interactive map above for street view – There is now a pool here 
Silverleaf Active Listings:
- Total Active Listings: 8
- Total Bank Owned or REO: 0
- Total Short Sales: 3
- Low List Price: $125,000
- High List Price: $199,149
- Average List Price: $159,201
- Months of Supply: 8
Silverleaf Pending Sales:
- Current Pending Sales: 2
- Low Pending Price: $146,900
- High Pending Price: $153,696
- Average Pending Price: $150,298
Silverleaf Closings:
- Sold transactions in the last 12 months: 12
- Closed Bank Owned or REO in the last 12 months: 2
- Closed Short Sales in the last 12 months: 1
- Low Sold Price: $130,000
- High Sold Price: $200,000
- Average Sold Price: $165,224
- Total Sold Lifetime: 133
Information Courtesy of Intermountain MLS 07/05/11
Over the last 12 months, 8 of the homes sold in Silverleaf (66%) were brand new and had never been occupied which leaves the other 33% as resales. The listing prices has obviously decreased significantly year over year to the point that it is at. With 8 active listings in Silverleaf and an average of 1 sale per month over the last 12 months, we have 8 months of supply. But don’t let the 8 months of supply scare you too much as 3 of the active listings are actually contingent short sales awaiting bank approval which really only leaves us with 5 active listings or 5 months of supply. The typical thresh hold for supply and demand determining a buyer or seller’s market is 6 months. Over 6 months of inventory is considered a buyers market and under 6 months of inventory is considered a seller’s market. So if you rule out the contingent short sales which most reasonable people would, Silverleaf would be considered a seller’s market. It’s obvious that values are down which make it difficult to consider anything a seller’s market but the facts are that homes that are priced right are selling in today’s real estate market. Silverleaf in Meridian has also been ahead of the curve regarding distressed properties. If you are looking to sell your home in Silverleaf feel free to contact me today. You can also view active Silverleaf Listings in Meridian, ID here as well.
Chase Craig
Meridian Idaho Realtor
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Posted by Chase Craig on July 6, 2011 at 8:30 am
Lochsa Falls Meridian Idaho
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Lochsa Falls Active Listings:
- Total Active Listings: 22
- Total Bank Owned or REO: 2
- Total Short Sales: 12
- Low List Price: $129,000
- High List Price: $365,000
- Average List Price: $230,141
- Months of Supply: 5
Lochsa Falls Pending Sales:
- Current Pending Sales: 8
- Low Pending Price: $129,900
- High Pending Price: $289,900
- Average Pending Price: $221,950
Lochsa Falls Closings:
- Sold transactions in the last 12 months: 53
- Closed Bank Owned or REO in the last 12 months: 22
- Closed Short Sales in the last 12 months: 18
- Low Sold Price: $110,000
- High Sold Price: $352,500
- Average Sold Price: $213,892
- Total Sold Lifetime: 711
Information Courtesy of Intermountain MLS 07/05/11
Lochsa Falls neighborhood in Meridian Idaho is an absolutely beautiful community! With water features at nearly every entrance and a seemingly endless amount of common area, basketball courts, bike and walking paths and even a covered eating area near the play ground Lochsa Falls has something for everyone. Lochsa Falls is also located within walking distance of Meridian’s coveted Hero’s Park ran by PAL. As far as the statistics go, Lochsa Falls has been overwhelmingly distressed listings and sales for the past 12 months. Lochsa Falls current inventory consists of more than 50% short sales which has played a pivotal role in the pricing for the area. The good news is that the inventory levels have shifted to below 6 months (5 months of supply to be precise) which typically reflects a seller’s market as far as supply and demand is concerned. Look for the distressed properties to continue, but to clear out fast as this is still a very desirable community to live in Meridian, ID. Contact me today for a free market analysis and home valuation for your specific home.
Chase Craig
Meridian Idaho Real Estate Agent
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Posted by Chase Craig on July 3, 2011 at 8:11 am
NorthWest Meridian Idaho Active Listings and Market Statistics
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NorthWest Meridian Idaho Active Listings:
- Total Active Listings: 298
- Total Bank Owned or REO: 9
- Total Short Sales: 104
- Low List Price: $58,000
- High List Price: $880,000
- Average List Price: $184,325
- Months of Supply: 4.2
NorthWest Meridian Idaho Pending Sales:
- Current Pending Sales: 120
- Low Pending Price: $59,900
- High Pending Price: $403,371
- Average Pending Price: $183,056
NorthWest Meridian Idaho Closings:
- Sold transactions in the last 12 months: 858
- Closed Bank Owned or REO in the last 12 months: 304
- Closed Short Sales in the last 12 months: 183
- Low Sold Price: $36,950
- High Sold Price: $805,000
- Average Sold Price: $162,324
- Total Sold Lifetime: 11,377
Information Courtesy of Intermountain MLS 06/30/11 – Active Listings and Sold’s less condo’s, townhouses and mobile homes.
NorthWest Meridian is a unique market in that scale has definitely tipped from a buyer’s market to a seller’s market. Obviously the prices and the rates are still very aggressive and make it very helpful for buyers in this market, but the supply and demand definitely favor the seller’s in Northwest Meridian. With just over 4 months of active inventory listed, it’s no wonder that homes priced right are getting multiple offers and often times getting bid up. Are you looking to sell your home in Meridian? Click the link for a free home valuation and market analysis or click the contact me button on the left. If you are looking to buy a home in Meridian, click the link to find the home of your dreams.
Chase Craig
Meridian Real Estate Agent
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