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.
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%.
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 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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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%.
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.