The foreclosure rate in Eagle has stayed below 12% this year, however in February it hit a historical low of 0% of all real estate sales, and in May of 2014 it hit another low of 3.8%. You can see from the graph below that last May the foreclosure rate was only a couple percentage points higher, yet it was 14% higher in 2012. The foreclosure rate is the lowest in Eagle among all Ada County cities, nonetheless we’ve seen a decline everywhere in the county.
The foreclosure rate has dropped 42% since the beginning of 2012, reflecting the continued health of the market and economy.
There was one short sale sold in Eagle, May of 2014 along with one bank-owned/HUD home sale,while there were 50 traditional home sales. This means that the total 3.8% foreclosure rate means only a 1.9% were short sales. May of 2013 also had the same number of short sales in Eagle, yet a higher bank-owned/HUD home sales rate.
These consistencies and slight increases really reflect a stable market that has recovered from massive foreclosure rates throughout the country.
Not only were short sales the same in May ’13 but you can see below that the median home sales price in Meridian is slightly higher than last May of 2013 at $335,000. From April to May of this year the median home sales price increased by 23%.
Eagle’s median home sales price was $358,500 the start of the year, 28% higher that the median home sales price January of last year (in 2013). The median always fluctuates month to month however that is a notable increase. The median has since cooled off a bit averaging out to almost the same exact median home sales price between January and May of last year, increasing slightly by only 1%.
Along with a very similar median home sales price (so far this year compared to 2013) and low short sale numbers- reflecting last years data, new construction sales are pretty close as well. In May of 2014 there were 17 new home sales and last May in ’13 there were 18.
New home sales have stayed very consistent in Eagle this year as you can see in the graph below, while traditional/existing home sales have increased over the months. Traditional home sales have increased by 118% since the start of the year, while new home sales have stayed pretty consistent.