Tag: Eagle Idaho foreclosures

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.

Short Sales in Eagle, 2013 have dropped to a low; the lowest among Ada County cities. As you can see in the graph above, in December of 2013 there was only one short sale in all of Eagle, a 33% drop from 2012, and an 83% drop from 2011. Short sales started off low this year and ended even lower with slight changes throughout the year, all under 5 sales per month. In 2011 there were an average of 7 short sales per month, 2012 4.8, and in 2013 it dropped to 2.4 per month. In total there were 29 short sales in 2013, about half as many sold in 2012 at 58.

As you can see in the graph below, the foreclosure rate in Eagle ended in 2013 at 7.1% of home sales. It decreased by about 20% from December of 2012; a 27% foreclosure rate one year prior. The foreclosure rate in 2012 started at 46.4% and dropped drastically to 8.8% in July of last year. There were highs and lows throughout the rest of the year, but in 2013 the foreclosure rate hasn’t peaked above 7.1% in 8 months. Between the beginning of 2012 and the ending of 2013 the foreclosure rate dropped by 39%. This is a reflection of the quick real estate recovery we saw in 2013.

The graph below gives us a snap shot of all home sales separated by type in 2013. In December there were 2 bank owned sales, along with the one short sale we previously discussed. That number only varied slightly through the year in comparison to the traditional home sale number. In December, 93% of sales were traditional, 2% were short sales, and 5% were bank owned.

Eagle, Idaho has had a consistently low foreclosure rate this year in comparison to 2012. In November, 6.1% of real estate sales were foreclosures in comparison to 9.7% in November of 2012. As you can see in the graph below, the foreclosure rate started to drop significantly after January of last year. Last January there was a 46.4% foreclosure rate, and  it started to drop dramatically until July when it hit 8.8%. This year in general the foreclosure rate has been down by about 55% on average in comparison to 2012. Between May and November of this year the foreclosure rate has only varied slightly in percentage changes through the months, varying between 5.2% and 6.3%.

As you can see in the graph below in comparison to traditional home sales in Eagle, short sales and bank owned properties are very low. For example, in July of this year, there were 68 traditional real estate sales and only 2 short sales and zero bank owned/ HUD property sales. Not only were there zero bank-owned properties in July, but there has only been 1 sold since. Short sales have also been historically low this year, with only 28 sold for the entire year. When combining the short sales with bank-owned/ HUD, only 9.9% of real estate sales have been foreclosures this year. Traditional home sales are higher this year than they were in 2012. In November 46 non-foreclosures sold in comparison to 28 in 2013. These are all factors to a market that’s re-gained its health in 2013.