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.
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.
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).
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.
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.
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 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%.
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.
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%.