Idaho Real Estate Report for July 1, 2010 Idaho Real Estate

What has been happening in the Idaho Real Estate market?

Being in the middle of 2010 for the Idaho real estate industry is still quite an uphill road to run. With foreclosures and short sales being a large portion of our market, it is difficult for sellers who bought at higher prices, but an incredible opportunity for buyers!

At a glance: Treasure Valley Single-Family Home data as derived from the Intermountain MLS from Jan, 1, 2010 to July 1, 2010:
     Inventory is up nearly 8%
     Average sales price is down almost 10%
The good news:
The number of Homes sold is up 58% from 1 year ago

Current Absorption Rates:  (This is the average number of homes sold each month divided into the current number of homes for sale, giving us # of month's supply of homes for sale)
      Nampa   7+ months                       Meridian  -6.5 months
      Caldwell   -7 months                     Boise  8+ months  
      Canyon County  7+ months        Ada County  -7.5 months
The good news: These absorption rates are down by about 4 months as compared to 1 year ago. Homes are selling faster! (Each price range will have it’s own absorption rate. Contact me for specific data for your home)

Distressed Properties: (Idaho Short Sales and Idaho Foreclosures)
                                         Active Inventory                 SOLD Inventory
Nampa                                     50%                                      67%       
Caldwell                                   49%                                      64%       
Canyon County                        47%                                      65%    
Meridian                                   39%                                      45%
Boise                                        34%                                      39%
Ada County                              36%                                      44%
The good news: Distressed properties are selling faster than coming onto the market

Get a complete copy of the  Mid-Year Idaho Real Estate Report