Meridian Idaho Real Estate Market Condition Report

I have just researched the market in the MLS for Meridian Idaho. With the new tax credits and incentives, it is a great time to consider real estate again. It is still a buyer's market with lots of choices, for example, there are 1,184 single family residential choices in Meridian alone right now! Of those homes, the median price is $214,900. The median price of the 210 homes that have closed in Meridian so far in 2009 is $179,199. There are currently 214 home pending in the MLS and another 62 that have contingent offers on them. 322 of the active listings are new construction homes with a median price of $199,900. Of the 73 new homes that have closed in Meridian this year, their median price was $179,398 (almost identical to resale). Based on the year to date closings we are finally under a year of standing inventory in new home construction again. Considering the fact that January and February are typically two of the slowest closing months of the year, and the 3-4 month delay in building new inventory, I expect the inventory to be in balance this summer again. Most economists I talk to believe a 3 - 6 month inventory of new homes is healthy. There are great new loan options available to make better use of the tax credits that were just rolled out so call me if you are looking to buy or sell so we can put this data to work for you! Jim Paulson, CRS, GRI Owner/Broker - Progressive Realty Corporation