I received a comment on a blog post last week, asking about the current market in Eagle. "Eagle" has some of the widest variation in different real estate possibilities of any municipality in the Treasure Valley. I asked the commenter if he would narrow it down a bit for me, and he said the Lexington Hills area would be representative of the type of properties he was interested in. He was curious about how the market is these days.
Currently, there are 373 Single Family properties for sale in Eagle. 24 of those are in Lexington Hills, with prices from $264K up to $864K, which illustrates my point about varied properties. I don't have any comparison numbers from last year, for actives, so I won't make a comment about that being a high or low number of active listings. I have no reason to believe that Lexington Hills is anything but similar to the Valley as a whole, which means lots of available inventory, although dropping from the summer peak.
Now, "solds" we can compare. Between the beginning of June and the first week of November, there have been 162 contracts closed (and reported to the MLS) in all of Eagle. That looks like a rough 30 per month, so we have just over a year's supply of homes on the market. Lexington Hills has seen 15 sales in that time, or 3 per month average. That means we have about an 8 month supply. Interesting.
How do those sales compare to last year? Well, for Eagle as a whole, the same period a year ago showed 238 sales. And for Lexington Hills, last year there were 21 sales in the same time. Similar trend. How about prices? In Eagle last year, the median price was $376,000, with a high of $1.9M. This year, the median is $370,000, and a high of $1.18M. Just on raw numbers like that, that seems pretty good to me, for a market that the newspapers keep telling us in the pits. Lexington Hills? Ok, the median in the same period last year looks like it was $359,000 with a high sale at $592,000. This year, the median looks to be $377,500 during that period, with a high of $725,000.
One last thing I looked at was a quick comparison of list prices to actual sales prices. A year ago in Eagle, the homes that sold closed for an average of 96% of list price. This year, the buyers are being a little tougher, or the sellers aren't being realistic when they start, because the closed sales are only %90% of list as an average. A similar trend shows in Lexington Hills. Last year I see 94% of listed price, and this year I see 91% of listed price. Pick a solid neighborhood!
I can't say what individual house prices did. This only looks at averages and medians for a big piece of our market. But it shows that in the Treasure Valley, and Eagle in particular, homeowners have been spared the horrible markets that some areas of the country are going through. If you are interested in this kind of closer look, I did a similar look at a neighborhood in Meridian. It too proves my point that well presented, well kept, and well priced homes are selling in the Treasure Valley, and providing good value for buyers and realistic sellers.
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