This often gets confused with 16% of all properties so let me be clear. This is 16.4% of all resale homes sold and closed in the 2nd Qtr of 2009. 26.4% were bank owned. If you combine the total that would be 42.9% of all residential resale homes were of a distressed nature.
Obviously as a home owner and broker I would prefer this number be much, much lower. However the good news is that for the past three months this number has seen nearly no change. So we are currently hit some stability in the market. My sources at FannieMae also believe the number is stable as well.
This information is for South West Boise (MLS areas 500 & 550) for the 2nd QTR 2009.
Here is the latest report on Short Sales for Ada County in the 2nd QTR of 2009.
To sum up the latest. Over 30% of the properties listed as short sales sold. They sold for nearly 96% of the asking price.
June 584 homes sold.
Within the first two days of July, 43 homes have had offers accepted on them.
All in the cities of Boise, Meridian, Star, Kuna, Garden City and Eagle Idaho.
When looking at all residential re-sales sales since December 1, 2008 through April 31, 2009, 16.7% of all closed sales are short sales. This includes the cities of Boise, Meridian, Eagle, Kuna, Star and Garden City Idaho. This is down slightly from the same study in March 2009.
You see the stats all over the internet and (shudder) the papers about how much home values are down in the Boise area and the U.S. Make no mistake about it, values are down from 2007 BUT what is often overlooked is the separate markets that resale homes and new construction homes occupy. Lets face it the rapid rise in home prices was led by land that was snapped up by developers at higher and higher levels because the demand for new homes was at a frantic pace. This literally doubled lot costs from summer 06 to summer 07, thus adding 40-50k in overall costs to average size lots in Meridian Idaho. Labor costs and material costs also added to the end price. So it only logical that new construction would see the same rapid decrease in values with the retreat of all three of these factors and that’s what this data demonstrates. New construction median home values are down 33% over the last two years and resale homes down 12% over the same period.
Resale Homes Median Price 2 yr Average - Ada County Idaho
New Construction Homes Median Price 2 yr Average - Ada County Idaho