I was in a Surround Sound meeting in Boise, Idaho today when a few questions were raised about the strength of our market compared to the national averages. Since there was a number of different opinions as far as where the market really was, I pulled some statistics to see for myself.
I searched all of Ada County (Boise, Meridian, Eagle, Star and Kuna) and only looked at Single Family Residential Listings, Townhouses and Condos. I was pleased to see that through July 15, we had already closed 3,506 properties (I didn't include a few properties that didn't report a sold price in the MLS since they skew that statistics).
Here is a breakdown of those sales:
- 566 were cash;
- 1312 conventional;
- 1169 FHA;
- 200 VA;
- 133 IHFA;
- 1 contract for deed;
- 8 owner finance;
- 5 private;
- 1 lease purchase
- 111 other
3,011of the 3,506 were coop sales! We have roughly 3,000 Realtors in Ada County so since each sale is a listing contract and a sales contract, that means that each agent has only averaged about 2 transactions though July 15th!
Average sales price was $181,526 and median price was $154,900. Average days on market was 90.
Currently, there are 3,635 Active Listings (excluding Pending and Contingent Sales) effective 8/31/2010 so we have about 7.5 months of inventory based on current absorption rates.
These numbers reflect a much better story than the national numbers for real estate. Even if you look at the localized numbers for our area, it looks worse since our Standard Metropolitan Statistical Area covers many counties surrounding Ada County who's sales have been hit harder.
Please realize that you should have your Realtor fine tune these numbers even further to compare your specific home to others that are comparable in your area!
As the owner/broker of Progressive Realty Corporation in Boise, Idaho, I would be honored to help analyze your real estate needs.
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