Short Sales Drop to 1.9% in Eagle | May 2014

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.

Eagle Foreclosures '12 - May '14

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.

Eagle Real Estate Sales by Type Jan - May '14

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%.

Eagle Median '12- May '14

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.

Eagle Home Sales New vs. Existing Jan - May '14


Eagle Short Sales Hit a Low in 2013

Eagle Short Sales '11-'13

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.

Eagle Foreclosure Rate '12 vs.'13

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 Home Sales_Type '13


Eagle Idaho Short Sales & Foreclosures | 2013

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%.

Foreclosure Rate Eagle '13 vs. '12

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.

2013 Eagle RE Sales by Type


Eagle ID Short Sales Fall 30% in 2012

Eagle ID short sales fell dramatically in 2012.  There were just 59 short sales in the Eagle Idaho real estate market this past year.  In 2011 there were 84 short sales, a 30% difference. The chart below shows the total number of short sales in Eagle ID each month for the past 2 years.

Eagle Short Sales 2011 vs. 2012

Because the sample size is small, no neighborhood had a significant amount of Eagle ID short sales in 2012.  Still, Brookwood subdivision had the most in 2012 with 7.  Banbury Meadows followed with 6.  The median price for short sales in Eagle in 2012 was $223,000.  However, the median price for short sales in Banbury Meadows and Brookwood was higher at $272,000.

While Eagle ID short sales have fallen significantly, there was an even bigger drop in REO properties.  In 2011 there were 100 Eagle ID bank-owned and HUD properties sold.  In 2012, there were just 28, a big 72% drop.  Most of these sales were bank-owned homes, as HUD properties have been in the single digits the past two years.

Eagle ID REO_HUD Sales | 2011 vs. 2012

Overall, Eagle Idaho foreclosures have dropped considerably.  For example, the best month for foreclosures in 2011 was December when the market share was 30.8%.  No stats reached that level in 2012.  In comparison, at its lowest, the foreclosure market share in October 2012 was just 9.6%.


Eagle ID Short Sales Stats | November 2012

Eagle ID short sales hit their lowest point this year during the month of November.  In fact, there was only one.  Still, monthly short sales in Eagle ID have typically ranged between 3 and 7 this year.  There’s also been a drop in short sales from one year ago.  And, while the chart below shows that a few months in 2012 actually posted higher numbers, the overall average for Eagle ID short sales per month this year has been 4.6.  In 2011 there was an average of 6.8 short sales each month (Dec. ’11 numbers included.)

Eagle ID Short Sales 2011 vs. 2012

While the foreclosure rate remained low in November (9.7%), Eagle ID short sales have been the more dominant type of distressed sale this year.  In the past 11 months, there have only been 25 Eagle bank-owned homes sold.  Short sales more than double that number this year.  Still, when comparing foreclosure rates year-over-year, the numbers are drastically different.  Last year, the foreclosure market share for November was 46.2%, making it 36.5% higher than Nov. 2012 numbers.

Eagle ID Real Estate Sales by Type 2012 Market Stats

While the numbers are negligible, most of the Eagle ID short sales this year were in the Brookwood subdivision.  There has been a total of 7.  Banbury Meadows, which has the second highest amount, has posted 5 short sales.  The short sale in Eagle ID from November was in the Lexington subdivision.  Lexington subdivision has now had 4 this year, making it the third highest total for short sales in a given subdivision.


Eagle Short Sales Stats | Oct. 2012

The number of Eagle short sales has stayed pretty consistent over the year, but October tied for the smallest number in 2012 with 3.  February and July also had 3.  But, overall, this year there were fewer short sales than in years past.  October, for instance, saw more than a 50% drop this year from the previous year.

Eagle Short Sales 2011 vs. 2012

The median price for Eagle short sales in October was $361,000, while the overall median price was lower at $278,500.  October numbers calculated to be the second highest median price for short sales in Eagle this year.  As you can see in the graph below, the only month where the median price for this type of foreclosure exceeded the month of October was March, at $440,000.

Eagle Short Sales Median Price | 2012 Stats

While Eagle short sales were down, overall, Eagle real estate did well this past month.  October started off Q4 strong with 52 home sales, which is the second highest number this year.  As you can see in the graph below, August was the only month where more homes sold.  The last time we saw more than 50 homes sold in one month was in May 2010.

Eagle Real Estate Sales Stats | 2010 - 2012



Eagle Idaho Short Sale Market | Dec. ’09

There were 5 Eagle short sales that closed in December.  That’s equal to the number closed last month and down from the monthly high of May when 17 were closed.  Overall home sales were up 36.9% compared to December of ’08 with 37% of the sales being foreclosures (bank-owned or short sale).  The median home price was $354,900, up from $254,750 a year ago.

Data Source: Intermountain MLS for Single Family Homes.  Information not guaranteed.

Eagle short sales stats- February 10, 2009

As of February 10, 2009 there are 73 homes offered as possible short sales in Eagle Idaho.  This is about 17% of the 438 homes listed on the Eagle MLS (IMLS).  This is one of the lower percentages in the county – Meridian is currently at 21%.  The average short sale asking price is just under $510,000 and the median $450,000.

You can browse Eagle short sales here.

Data Source: IMLS. Information not guaranteed.