Category: Market Statistics

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Meridian Idaho Short Sale Update | 2013

Short sales have dropped significantly this year in Meridian by about 49%. In total, there were 306 short sales last year compared to only 144 sold to date in 2013. Short sales peaked last year in May at 38, and then dropped to their lowest in the last couple of months; 6 in October and 7 in November. The significant decline started last fall and continued to decrease with various peaks, but started to fall dramatically in the late summer of ’13.

Meridian Short Sales '13vs.'12

Not only have the number of short sales declined in Meridian this year, but we are also seeing the same drop in the number of bank-owned and HUD home sales. As you can see in the graph below, in the last two years, bank-owned and HUD homes peaked at 35 in March of 2012, however in just one year they dropped to just 2 in March of this year. That is a 94% decline in 12 months short months. On average this year, bank-owned and HUD homes have dropped by 39%. This is slightly lower than the drop in short sales which have dropped by 49%.

Meridian Bank Owned:HUD '13vs.'12

The graph below gives a snap shot of the drop we’ve been seeing this year on the foreclosure rate in general. The most recent foreclosure rate in November was 10.2% of real estate sales. This reflects a 52% drop in just one year, compared to a 21.7% foreclosure rate in November the previous year. The decline shows the increased stability we’ve been seeing this year in the market not only in Meridian but also through the entire county. Also, the low rate has only varied slightly since early summer, varying between 10.3% and 6.7%.

Meridian ID Foreclosures

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Meridian ID Short Sales Fall 13% in 2012

Meridian ID short sales have fallen 13% compared to one year ago.  In 2012 there were 314 short sales, while there were 360 in 2011.  In addition, of the 1,894 Meridian Idaho real estate sales in 2012, 16.6% of them were short sales.  In 2011 about 21% of total sales were short sales.  The chart below shows short sales in Meridian ID for the past two years.  Most months in 2012 had fewer Meridian ID short sales than the same months in 2011.

Meridian ID Short Sales 2011 vs. 2012

Of all foreclosure sales (short sales, REO, & HUD properties) Meridian ID short sales were the most dominant in 2012, while REO sales were more dominant in 2011.  That’s because Meridian Idaho bank-owned & HUD properties have fallen dramatically from 459 in 2011 to just 176 in 2012.  That accounts for a 62% drop in REO & HUD sales in 2012.

Meridian ID Bank-Owned & Hud Homes 2011 vs. 2012

In 2011, 42% of Meridian ID foreclosures were short sales.  Because fewer REO properties are available, short sales accounted for nearly 60% of total distressed sales in 2012.  Also, in 2012, short sales in Meridian ID were on the market a shorter period of time than in 2011.  The median amount of time on the market in 2011 was 159 days.  Short sales sold nearly a month sooner in 2012 (133 days).

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Meridian ID Short Sales Statistics | October 2012

The number of Meridian ID short sales has gone down compared to one year ago.  In fact, according to the chart below, most months this year have either been under or posted the same number as in 2011, with a couple exceptions.  For example, during the month of July there were 28 short sales; there were 20 in July 2011.  Still, last year there was an average of 30 short sales in Meridian each month.  And while the year isn’t quite over yet, the average for 2012 is 26.

Meridian Short Sales 2011 vs. 2012

While data shows Meridian ID short sales have gone down compared to one year ago, these  types of sales exceed Meridian bank-owned and HUD properties.  The graph below shows that most months had similar numbers, except for the summer months.  It’s interesting to point out, though, that foreclosure sales were significantly down compared to traditional sales.

Meridian ID Real Estate Sales by Type 2012 Stats

The foreclosure market share is also significantly smaller because Meridian ID short sales and bank-owned homes have slowed since 2011.  You can see that since the month of June, foreclosures have consistently made up less than 25% of total sales.  Those are numbers we haven’t seen since IMLS started collecting data in 2009.

Meridian ID Foreclosures 2011 vs. 2012

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Meridian ID Short Sales | Jan. – June 2012

Meridian ID short sales have outpaced bank-owned and HUD properties for the first half of 2012.  As can be seen in the following illustrations, Meridian Idaho short sales have been the same or slightly higher than the sales of bank-owned (REO) or HUD properties since January 2012.  This is in sharp contrast to the first half of 2011 when the sale of bank-owned and HUD properties were higher than short sales, sometimes by as much as 48%.

Meridian Home Sales by Type | Jan. - June 2012

Meridian Idaho Home Sales by Type | Jan.-June 2011

The ratio of bank-owned properties and Meridian Idaho short sales is not the only difference in the Meridian Idaho real estate market for 2012.  The number of non-foreclosure sales compared to foreclosures and pre-foreclosures has seen a major increase.  In January 2012, there were 45 non-foreclosure sales.  Monthly sales have since risen steadily and in June there were 137 non-foreclosure sales in Meridian Idaho.  This is an increase of 204%.  During this same time period, the number of Meridian ID bank-owned, HUD properties and Meridian ID short sales have decreased.

Meridian ID Foreclosure Market Share | Jan.-June 2012

In 2011, the foreclosure market share ranged between 41.8% and 65.2%.  In 2012, the Meridian Idaho foreclosure market share ranged between 22.5% and 45.8%.

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Meridian Idaho Short Sales | Home Sale Update

Meridian Idaho short sales for 2011 were higher than 2010 for most of the year.  The exceptions were June and July when 2011 short sales dropped below 2010 levels for the first time since January; and December 2011, when the number of Meridian Idaho short sales equalled 2010 totals.

Meridian Short Sales | 2011 vs 2010

In 2011, Meridian bank-owned properties declined from a high of 59 in May to a low of 31 in December.  This is vastly different from 2010 when the number of bank-owned properties increased dramatically during the last two months of the year.

Meridian Bank-Owned Properties | 2011 vs 2010

The market share of Meridian Idaho short sales and bank-owned properties (foreclosure properties) for 2011 were above 50% for January through April, dropping below 50% in May  2011 for the first time since November of 2010.  The percentage of foreclosures stayed below 50% from May through the remainder of the year.

Meridian Foreclosure Market Share | 2011 vs 2010

This trend in bank-owned and short sales in Meridian Idaho is dramatically illustrated in the graph below. As can be seen, beginning in May 2011, non-foreclosure sales vastly outnumbered foreclosures, sometimes by more than double.

Meridian Home Sale by Type | 2011

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Meridian Short Sales | Meridian ID Market Update

Meridian short sales & bank-owned homes continue to have a strong influence in the market.  In August, 51.9% of the real estate sales were foreclosure properties.  This is about average for what we’ve seen over the last 8 months.  The graph below shows the market share of Meridian foreclosures for 2010.

Meridian bank-owned sales continue to outpace Meridian short sales.   The graph below breaks down the monthly sales between short sale, bank-owned, and non-foreclosure properties.

Existing home sales make up the bulk of the market activity.  In August ’10, there were 36 new home sales verses 95 existing.

The overall median home price in August $161,004, this is down just slightly from a year ago ($163,099).

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Meridian Idaho Short Sales & Stats in December ’09

Almost 47% of the December home sales in Meridian Idaho were Meridian Short sales or Meridian Bank-Owned Homes.  This is one of the highest months yet and for December surpassed Boise & Eagle’s foreclosure market share (see next 2 graphs).

There were  20 closed Meridian short sales and 39 sold bank-owned homes.   The increase in the market share was not due to more foreclosure sales but a decrease in Non-Foreclosure sales. See next graph.

Overall Meridian real estate sales were up 28% compared to the same time last year but down from November.  November had posted the 2nd best month all year for new home sales but took a big dip in December.

IMLS is the source of this data. Information not guaranteed.

Browse through Meridian Idaho short sales on this site.

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Meridian ID Short Sales | August 09 stats

In August, Meridian ID short sales made a dramatic increase, jumping from 17 sales in July to 33 in August.  Sales for non-distressed, bank owned, and short sales over the past five months are shown below:

Meridian home sales

Out of the 187 homes sold in the Meridian real estate market in August, 44 of them were Meridian bank-owned homes and 33 of them were Meridian ID Short Sales, which made foreclosures 41.2% of Meridian’s total real estate market. The market share for Meridian foreclosures over the last four months is shown below.

Meridian Foreclosures

As shown, there has not been such a high percentage of foreclosed homes sold in the Meridian ID Real Estate market since May of 2009.  The graph below breaks down the homes sold in each area of Meridian, and shows that NW Meridian continues to be where the majority of houses are purchased, with 94 sold out of the total of 187.

Sales by area

Currently, there’s 306 Meridian ID Short Sales listed, which makes short sales 29% of the total real estate market in Meridian, Idaho.

Data Source: Boise MLS (IMLS). Information deemed reliable, but not guaranteed.

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Meridian Idaho Short Sales | Stats July ’09

Non-distressed, bank-owned, and short sales in the Meridian real estate market over the last four months are broken down in the graph below. There were 17 sold Meridian Id short sales in July compared to 29 in June.

Meridian Idaho Home Sales

153 homes sold in the Meridian real estate market during the month of July, of those, 40 were Meridian bank-owned homes and 17 were Meridian short sales, making foreclosures in Meridian 37% of the town’s total home sales. The Meridian foreclosure market over the last four months is shown in the graph below.

Meridian Idaho Foreclosures

The median home sold price in Meridian during July was $178, 200, and the average home sold price was $190,644.

The North West area of Meridian is where the majority of homes are selling. As the graph below illustrates, NW Meridian made up 56% of the total market share, while SW Meridian accounted for the smallest amount of home sales at 5%.

Meridian Idaho Homes Sold In July

Currently, there are 303 Meridian Idaho short sales listed, making short sales 28% of the total listings in the Meridian real estate market.  Search Meridian Idaho short Sales now.

Data Source: Boise MLS (IMLS). Information deemed reliable, but not guarenteed.

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Meridian short sale stats | 2/10/09

The Meridian MLS (IMLS) currently has 242 homes listed as possible short sales.  This is up from about 210 on 11/28/08.  The Meridian real estate market has 1153 homes for sale so about 21% are short sales.

LIST PRICE:
HIGH LOW AVERAGE MEDIAN TOTAL PRICE LISTING COUNT
$799,000
$95,000
$229,572
$199,950
$55,556,581
242

45 of the Meridian short sales are listed as “contingent” which means an offer has been submitted for lender approval.  This process usually takes about 8 weeks.  Most short sales have the right to continue to market so other offers can be made on these properties.

Data source: IMLS. Information not guaranteed.