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


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


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).

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.

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.

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.


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.

Meridian Short Sales 11/26/08

As of November 26, 2008 there are 210 homes listed as possible short sales in Meridian Idaho.  Meridian short sales are one of the best ways to get a home under market value in today’s market.

If you’re thinking about buying a home in Meridian, make sure you at least know your options with buying a short sale.  Short sales are not easy to close, but if your patient, they have the potential to reward you.

I’m a Realtor in the Meridian area specializing in short sale and bank-owned real estate.